Three-Story Brick Apartment
New
For Sale
$419,000
1703 S 4th St, Louisville, KY 40208
Historic full-brick property with updated apartments, retained appliances, and proximity to the University of Louisville.
Property Size4,323 SF
Price / SF$96.92
Days on Market3
Property Features for 1703 S 4th St
General Information
Standard status
Active
Size
4,323 SF
Property subtype
Multi-Family
Units
Unit Mix
6 x 1BR, 1 x 2BR, 2 x efficiency
Multifamily Units
8
Building Details
Year Built
1900
Buildings
1
Stories
3
Construction
brick
Listing Agency:
RE/MAX Five Star Properties
Listed By:
Key Associates Signature Realty
(812) 686-3268
Source:
Keyassociates
Added: Sep 1
Changed: Sep 3
Last Checked: Sep 2 at 5:06PM
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 RE/MAX Five Star Properties
Investment Insights
Based on property information with market context.
Built in 1900, this 4,323-square-foot, three-story apartment property occupies a full-brick Victorian-era structure. The building features original brass hardware, copper gutters, a copper porch roof, chimney details, and architectural exterior stonework. A new roof has been installed, while apartment interiors include a mix of completed updates and ongoing renovation work. Appliances remain with the units.
The property is located at 1703 S 4th St, two blocks from the University of Louisville. Louisville International Airport, downtown Louisville, St. James Court, and major shopping centers are each approximately 10 minutes away.
The property is located at 1703 S 4th St, two blocks from the University of Louisville. Louisville International Airport, downtown Louisville, St. James Court, and major shopping centers are each approximately 10 minutes away.
Key Highlights
- 4,323‑square‑foot apartment property built in 1900
- Three‑story full‑brick Victorian‑era structure
- Two blocks from the University of Louisville
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
$29,420
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
7.02%
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%
$588,400
$588.4K
Cap Rate 7%
$420,286
$420.3K
Cap Rate 9%
$326,889
$326.9K
Market Conditions
NOI Build-Up for 4,323 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
$56.5K $13.08/SF
− Vacancy
−$3.1K −$0.71/SF
EGI
$53.5K $12.37/SF
− OpEx
−$24.1K −$5.57/SF
NOI
$29.4K $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%
$588,400
Cap Rate 7%
$420,286
Cap Rate 9%
$326,889
Alternative Uses
Best Use
Apartment 5plus
$420.3K
$367.8K – $490.3K
NOI $29,420 @ 7.0% cap · market cap 7.02%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.12M
$980.5K – $1.31M
NOI $78,437 @ 7.0% cap · market cap 18.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
904
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 - Historic full-brick property with updated apartments, retained appliances, and proximity to the University of Louisville.
Where is this apartment building located?
The property is located at 1703 S 4th St Louisville, KY.
What is the asking price?
The asking price for this property is $419,000.
What are key features of this property?
This property features: 4,323‑square‑foot apartment property built in 1900; Three‑story full‑brick Victorian‑era structure; Two blocks from the University of Louisville
