Brick 6-Unit Apartment
For Sale
$499,000
1721 Tempest Way, Louisville, KY 40216
MULTI_FAMILY - Other - Louisville, KY
Property Size4,100 SF
Price / SF$121.71
Days on Market127
Property Features for 1721 Tempest Way
General Information
Property type
Residential Multi Family
Property subtype
Apartment
Bedrooms
6
Bathrooms
6
Full bathrooms
6
Rooms
Bedroom 3, Bedroom 4, Bathroom 6, Bedroom 5, Bathroom 5, Bathroom 1, Bathroom 4, Bathroom 3, Bedroom 6, Bathroom 2, Bedroom 2, Bedroom 1
Directions
Dixie Highway to Bonnyville Blvd, Right on Valiant Dr. then left on Tempest Way.
Subdivision
04-Pleasure Rdg/Valley Station/Shively
Standard status
Active
APN
24131800310000
Size
4,100 SF
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Amenities
washer/dryer hookups
Building Details
Year built
1966
Number of units
6
Building materials
Brick
Roof type
Shingle
Architectural style
Other
Listing Agency:
Schempp Realty Company
(502) 562-0016
Listed By:
Katie L Lawson
(502) 562-0016
Added: Apr 6
Changed: Aug 1
Last Checked: Aug 10 at 5:06AM
MLS# 1713550
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.
This brick apartment building is a fully occupied six-unit property featuring six 1-bedroom units. Each unit has 1 full bathroom and convenient washer/dryer hookups, with all units separately metered for LG&E. The owner covers water and trash, helping simplify tenant utilities.
The building is served by public water and public sewer and features forced-air heating with central air conditioning. The roof is shingle, and the property was built in 1966.
1721 Tempest Way in Louisville, KY 40216 offers a straightforward multi-unit layout well suited for investors seeking a maintained, income-producing asset with practical in-unit amenities.
The building is served by public water and public sewer and features forced-air heating with central air conditioning. The roof is shingle, and the property was built in 1966.
1721 Tempest Way in Louisville, KY 40216 offers a straightforward multi-unit layout well suited for investors seeking a maintained, income-producing asset with practical in-unit amenities.
Key Highlights
- Six fully occupied 1‑bedroom units, each with 1 full bathroom
- Washer/dryer hookups in every unit
- All units separately metered for LG&E; owner pays water and trash
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
$37,140
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
7.44%
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%
$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
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
$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 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%
$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 7.44%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.05M
$920.0K – $1.23M
NOI $73,603 @ 7.0% cap · market cap 14.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
644
Businesses Nearby
Explore this area
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
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 - Six fully occupied 1-bedroom units with separate LG&E metering, washer/dryer hookups, and central air.
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 $499,000.
What are key features of this property?
This property features: Six fully occupied 1‑bedroom units, each with 1 full bathroom; Washer/dryer hookups in every unit; All units separately metered for LG&E; owner pays water and trash
