Six-Unit Apartment
For Sale
$450,000
1721 Tempest Way, Louisville, KY 40216
Fully occupied property with one-bedroom units, washer/dryer hookups, and separate LG&E metering.
Property Size4,100 SF
Price / SF$109.76
Days on Market59
Property Features for 1721 Tempest Way
General Information
Standard status
Active
Size
4,100 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
6 x 1BR/1BA
Multifamily Units
6
Amenities
washer/dryer hookups
Building Details
Year Built
1966
Buildings
1
Listing Agency:
Exit Realty Choice
Listed By:
Key Associates Signature Realty
(812) 686-3268
Source:
Keyassociates
Added: Aug 21
Changed: Oct 16
Last Checked: Oct 16 at 8:26AM
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 Exit Realty Choice
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Investment Insights
Based on property information with market context.
This 4,100-square-foot apartment property contains six one-bedroom units, each with one full bathroom and washer/dryer hookups. The building dates to 1966 and has been updated with vinyl plank flooring throughout the units. Separate LG&E metering serves each unit, while water and trash service are paid by the owner.
The property is fully occupied and includes practical features suited to multifamily operations. Its six-unit configuration provides a consistent residential layout, with identical bedroom and bathroom counts across the units. Located in Louisville, Kentucky, the building offers a straightforward apartment format with separately metered electric service and established unit improvements.
The property is fully occupied and includes practical features suited to multifamily operations. Its six-unit configuration provides a consistent residential layout, with identical bedroom and bathroom counts across the units. Located in Louisville, Kentucky, the building offers a straightforward apartment format with separately metered electric service and established unit improvements.
Key Highlights
- Six one‑bedroom apartment units
- 4,100 square feet of property area
- Each unit includes 1 full bathroom
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$37,140
Cap Rate
8.25%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$742,800
$742.8K
Cap Rate 7%
$530,571
$530.6K
Cap Rate 9%
$412,667
$412.7K
Market Conditions
NOI Build-Up for 4,100 SF
Gross rent
$73.8K $18.00/SF
− Vacancy
−$6.3K −$1.53/SF
EGI
$67.5K $16.47/SF
− OpEx
−$30.4K −$7.41/SF
NOI
$37.1K $9.06/SF
Area
ZIP 40216
Vacancy
8.50%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$742,800
Cap Rate 7%
$530,571
Cap Rate 9%
$412,667
Alternative Uses
Best Use
Apartment 5plus
$530.6K
$464.3K – $619.0K
NOI $37,140 @ 7.0% cap · market cap 8.25%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.05M
$920.0K – $1.23M
NOI $73,603 @ 7.0% cap · market cap 16.36%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
6
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
644
Businesses Nearby
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Business Placement
Demographics for 40216, KY
43,434
Population
19,257
Households
2.3
Avg Household Size
40
Median Age
14%
College-Educated
87%
High-School Grad
15.7 sq mi
ZIP Area
2,766
Density / Sq Mi
$50,211
Median Household Income
$35,503
Median Earnings
$883
Median Rent
$154,500
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - Fully occupied property with one-bedroom units, washer/dryer hookups, and separate LG&E metering.
Where is this apartment building located?
The property is located at 1721 Tempest Way Louisville, KY.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: Six one‑bedroom apartment units; 4,100 square feet of property area; Each unit includes 1 full bathroom
