Turnkey Eight-Unit Multifamily
For Sale
Contact for pricing
1646 BEECHWOOD AVE, Louisville, KY 40204
Eight-unit investment property with separate gas/electric metering and updated roof, HVAC, windows, and parking lot.
Property Size6,909 SF
Price / SF$156.30
Days on Market99
Property Features for 1646 BEECHWOOD AVE
General Information
Standard status
Active
Size
6,909 SF
Property subtype
Multifamily, Mixed Use
Zoning
OR1
Additional Details
Multifamily Units
8
Building Details
Year Built
1905
Year Renovated
2020
Stories
3
Units
8
Tenancy
Multi
Listing Agency:
Weichert Commercial Brokerage Inc Louisville
Listed By:
William Friel · License #KY 57228
(502) 609-4778
Source:
Crexi
Added: Jun 1
Changed: Aug 22
Last Checked: Sep 3 at 1:50AM
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 Commercial Brokerage Inc Louisville
Investment Insights
Based on property information with market context.
This turnkey multifamily property features eight well-appointed units configured as four 3-bedroom units and four 1-bedroom/studio units. The building is designed for manageable operating costs with separate gas and electric metering. Recent capital improvements include a roof and HVAC replacement in 2018, along with window updates, a water heater replacement, and an asphalt parking lot update in 2020.
The property is located directly behind Mid City Mall. This positioning places it within close proximity to major employment and education areas including Bellarmine, UofL, and Downtown, supporting convenient access for future tenants.
For buyers seeking a hands-on, ready-to-operate rental asset, the mix of unit sizes offers flexibility for tenant demand across households. The separately metered setup can simplify utility billing, while the documented improvements reduce near-term maintenance demands associated with major building systems.
The property is located directly behind Mid City Mall. This positioning places it within close proximity to major employment and education areas including Bellarmine, UofL, and Downtown, supporting convenient access for future tenants.
For buyers seeking a hands-on, ready-to-operate rental asset, the mix of unit sizes offers flexibility for tenant demand across households. The separately metered setup can simplify utility billing, while the documented improvements reduce near-term maintenance demands associated with major building systems.
Key Highlights
- Eight‑unit multi‑family property (7 plex also mentioned as available for assemblage): (4) 3BR units and (4) 1BR/studios
- Separately metered gas/electric with low overhead
- Recent updates include roof and HVAC (2018)
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
$47,019
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
4.35%
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%
$940,380
$940.4K
Cap Rate 7%
$671,700
$671.7K
Cap Rate 9%
$522,433
$522.4K
Market Conditions
NOI Build-Up for 6,909 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
$90.4K $13.08/SF
− Vacancy
−$4.9K −$0.71/SF
EGI
$85.5K $12.37/SF
− OpEx
−$38.5K −$5.57/SF
NOI
$47.0K $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%
$940,380
Cap Rate 7%
$671,700
Cap Rate 9%
$522,433
Alternative Uses
Best Use
Apartment 5plus
$671.7K
$587.7K – $783.7K
NOI $47,019 @ 7.0% cap · market cap 4.35%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.79M
$1.57M – $2.09M
NOI $125,357 @ 7.0% cap · market cap 11.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
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 - Eight-unit investment property with separate gas/electric metering and updated roof, HVAC, windows, and parking lot.
Where is this apartment building located?
The property is located at 1646 BEECHWOOD AVE Louisville, KY.
What is the asking price?
The asking price for this property is $1,079,900.
What are key features of this property?
This property features: Eight‑unit multi‑family property (7 plex also mentioned as available for assemblage): (4) 3BR units and (4) 1BR/studios; Separately metered gas/electric with low overhead; Recent updates include roof and HVAC (2018)
