Condominium-Style Apartment
For Sale
Contact for pricing
1630 S SECOND ST, Louisville, KY 40208
Condominium-style multifamily community with 24 units, courtyard setting, and private balconies for residents.
Property Size21,243 SF
Price / SF$135.34
Days on Market52
Property Features for 1630 S SECOND ST
General Information
Standard status
Active
Size
21,243 SF
Property subtype
Multifamily, Land
Occupancy
96%
Additional Details
Multifamily Units
24
Amenities
private balconies
courtyard
Building Details
Year Built
1983
Stories
2
Listing Agency:
Marcus & Millichap - Louisville
(502) 329-5900
Listed By:
David Badgett · License #215224
Source:
Crexi
Added: Jun 16
Changed: Jul 23
Last Checked: Aug 5 at 3:17PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Marcus & Millichap - Louisville
Investment Insights
Based on property information with market context.
This multifamily community consists of 24 apartment units in a unique condominium-style layout with a central courtyard setting. Residents have private balconies overlooking the courtyard. The property includes three two-story residential buildings constructed in 1983, with approximately 21,243 square feet of gross building area.
The community is located in Old Louisville and is described as being within walking distance to the University of Louisville. The area is characterized as a dense employment corridor supporting rental demand, and the Old Louisville submarket is noted as supply-constrained.
At the time of listing, the property is reported to be 96 percent occupied, with strong in-place cash flow. The remarks also note potential additional revenue growth through unit renovations, with over $62,000 identified in potential annual revenue growth.
The community is located in Old Louisville and is described as being within walking distance to the University of Louisville. The area is characterized as a dense employment corridor supporting rental demand, and the Old Louisville submarket is noted as supply-constrained.
At the time of listing, the property is reported to be 96 percent occupied, with strong in-place cash flow. The remarks also note potential additional revenue growth through unit renovations, with over $62,000 identified in potential annual revenue growth.
Key Highlights
- 24‑unit condominium‑style multifamily community in Old Louisville
- Built in 1983 with 3 two‑story residential buildings
- Approximately 21,243 SF gross building area
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$144,570
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.03%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,891,400
$2.9M
Cap Rate 7%
$2,065,286
$2.1M
Cap Rate 9%
$1,606,333
$1.6M
Market Conditions
NOI Build-Up for 21,243 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$277.9K $13.08/SF
− Vacancy
−$15.0K −$0.71/SF
EGI
$262.9K $12.37/SF
− OpEx
−$118.3K −$5.57/SF
NOI
$144.6K $6.81/SF
Area
Louisville, KY
Vacancy
5.40%
Lease Rate
$13.08 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,891,400
Cap Rate 7%
$2,065,286
Cap Rate 9%
$1,606,333
Alternative Uses
Best Use
Apartment 5plus
$2.07M
$1.81M – $2.41M
NOI $144,570 @ 7.0% cap · market cap 5.03%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.51M
$4.82M – $6.42M
NOI $385,433 @ 7.0% cap · market cap 13.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
24
Residential units
96%
Occupancy
Location Intelligence
Trade Area within ½ mile
872
Businesses Nearby
Explore this area
Business Placement
Demographics for 40208, KY
17,048
Population
6,675
Households
2.6
Avg Household Size
27
Median Age
34%
College-Educated
88%
High-School Grad
2.6 sq mi
ZIP Area
6,557
Density / Sq Mi
$37,714
Median Household Income
$17,255
Median Earnings
$914
Median Rent
$153,100
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Condominium-style multifamily community with 24 units, courtyard setting, and private balconies for residents.
Where is this apartment building located?
The property is located at 1630 S SECOND ST Louisville, KY.
What is the asking price?
The asking price for this property is $2,875,000.
What are key features of this property?
This property features: 24‑unit condominium‑style multifamily community in Old Louisville; Built in 1983 with 3 two‑story residential buildings; Approximately 21,243 SF gross building area
