Seven-Unit Apartment
For Sale
$824,900
1642 Beechwood Ave, Louisville, KY 40204
For sale seven-unit multifamily with five one-bedrooms and two two-bedrooms in the Highlands area behind Mid-City Mall.
Property Size3,764 SF
Price / SF$219.16
Days on Market97
Property Features for 1642 Beechwood Ave
General Information
Standard status
Active
Size
3,764 SF
Property subtype
Residential Income
Additional Details
Multifamily Units
7
Building Details
Tenancy
Multi
Listing Agency:
Weichert Realtors - ABG
(502) 893-1900
Listed By:
William M Friel · License #57228
(502) 893-1900
Source:
Exprealty
Added: May 27
Changed: Aug 28
Last Checked: Aug 30 at 6:38PM
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 Weichert Realtors - ABG
Investment Insights
Based on property information with market context.
This seven-unit apartment building offers five one-bedroom units and two two-bedroom units, providing a balanced unit mix for residential income. The property is presented as a single asset for purchase and features a configuration designed for straightforward multifamily operations.
1642 Beechwood Ave is located in Louisville’s Highlands area, directly behind Mid-City Mall. The listing also references an immediate neighbor, 1646 Beechwood, an eight-plex offered separately, which may appeal to buyers seeking side-by-side ownership opportunities.
For investors and owner-operators, this building’s unit mix can support tenant leasing across different household types while keeping management centered on one property. Its placement behind Mid-City Mall and the availability of the adjacent 1646 Beechwood listing may also be relevant for buyers comparing single-building acquisitions versus acquiring both nearby multifamily assets.
1642 Beechwood Ave is located in Louisville’s Highlands area, directly behind Mid-City Mall. The listing also references an immediate neighbor, 1646 Beechwood, an eight-plex offered separately, which may appeal to buyers seeking side-by-side ownership opportunities.
For investors and owner-operators, this building’s unit mix can support tenant leasing across different household types while keeping management centered on one property. Its placement behind Mid-City Mall and the availability of the adjacent 1646 Beechwood listing may also be relevant for buyers comparing single-building acquisitions versus acquiring both nearby multifamily assets.
Key Highlights
- 7‑plex multifamily in the Highlands area, located directly behind Mid‑City Mall
- Unit mix includes five 1‑bedroom units and two 2‑bedroom units
- Built in 1900
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
$25,616
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
3.11%
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%
$512,320
$512.3K
Cap Rate 7%
$365,943
$365.9K
Cap Rate 9%
$284,622
$284.6K
Market Conditions
NOI Build-Up for 3,764 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
$49.2K $13.08/SF
− Vacancy
−$2.7K −$0.71/SF
EGI
$46.6K $12.37/SF
− OpEx
−$21.0K −$5.57/SF
NOI
$25.6K $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%
$512,320
Cap Rate 7%
$365,943
Cap Rate 9%
$284,622
Alternative Uses
Best Use
Apartment 5plus
$365.9K
$320.2K – $426.9K
NOI $25,616 @ 7.0% cap · market cap 3.11%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$975.6K
$853.7K – $1.14M
NOI $68,294 @ 7.0% cap · market cap 8.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
7
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,085
Businesses Nearby
Explore this area
Business Placement
Demographics for 40204, KY
14,600
Population
8,759
Households
1.7
Avg Household Size
38
Median Age
63%
College-Educated
97%
High-School Grad
3.2 sq mi
ZIP Area
4,563
Density / Sq Mi
$70,706
Median Household Income
$50,246
Median Earnings
$1,225
Median Rent
$314,700
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 - For sale seven-unit multifamily with five one-bedrooms and two two-bedrooms in the Highlands area behind Mid-City Mall.
Where is this apartment building located?
The property is located at 1642 Beechwood Ave Louisville, KY.
What is the asking price?
The asking price for this property is $824,900.
What are key features of this property?
This property features: 7‑plex multifamily in the Highlands area, located directly behind Mid‑City Mall; Unit mix includes five 1‑bedroom units and two 2‑bedroom units; Built in 1900
