Brick Apartment Building Near
New
For Sale
$419,000
1703 S 4th St, Louisville, KY 40208
Multi Family, Louisville, KY
Property Size4,323 SF
Lot Size0.08 Acres
Price / SF$96.92
Days on Market3
Property Features for 1703 S 4th St
General Information
Property type
Residential Multi Family
Property subtype
Apartment
Bedrooms
9
Bathrooms
8
Full bathrooms
8
Rooms
Bedroom 1, Bedroom 5, Bathroom 3, Bedroom 4, Bathroom 5, Bedroom 8, Bedroom 9, Bedroom 6, Bathroom 1, Bathroom 6, Bedroom 3, Bathroom 7, Basement, Bedroom 7, Bathroom 2, Bathroom 4, Bedroom 2, Bathroom 8
Patio and Porch features
Porch, Deck
Directions
From downtown, take Broadway to 4th St. Property is on your left before the University of Louisville.
Subdivision
01-Dtwn Old Louisville/Shively/West Lou
Standard status
Active
Size
4,323 SF
Lot size
0.08 Acres
Utilities
Sewer type
Public Sewer
Heating system
Radiant
Cooling system
Wall/Window Unit(s), Window Unit(s)
Water source
Public
Building Details
Year built
1900
Number of units
8
Building materials
Brick
Roof type
Shingle
Listing Agency:
Weichert Realtors-ABG
(502) 893-1900
Listed By:
John Finnegan · License #210523
(502) 442-1995
Added: Aug 31
Changed: Sep 1
Last Checked: Sep 2 at 3:06AM
MLS# 1727807
Copyright © 2026 Greater Louisville Association of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Built in 1900, this 4,323-square-foot, three-story brick residence has been converted into an apartment property and includes a basement. The building retains original brass hardware, architectural exterior stonework, a porch, and a deck. Copper gutters and a copper porch roof have been updated, and the shingle roof is brand new. Apartment interiors include a mix of updated spaces and units undergoing renovation, with appliances remaining in place. Heating is provided by radiant systems, while cooling is served by wall and window units.
The property is located two blocks from the University of Louisville. Louisville International Airport, downtown Louisville, St. James Court, and major shopping centers are each described as approximately 10 minutes away. Public water and public sewer serve the building, which occupies 0.08 acres.
The property is located two blocks from the University of Louisville. Louisville International Airport, downtown Louisville, St. James Court, and major shopping centers are each described as approximately 10 minutes away. Public water and public sewer serve the building, which occupies 0.08 acres.
Key Highlights
- 4,323‑square‑foot, three‑story brick apartment property built in 1900
- Two blocks from the University of Louisville
- Brand new shingle roof with updated copper gutters and copper porch roof
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
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Three-story residential income property with updated apartments, retained appliances, and period architectural details.
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, three‑story brick apartment property built in 1900; Two blocks from the University of Louisville; Brand new shingle roof with updated copper gutters and copper porch roof
