6-Unit Apartment
For Sale
$450,000
1721 Tempest Way, Louisville, KY 40216
Multi Family, Louisville, KY
Property Size4,100 SF
Price / SF$109.76
Days on Market58
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 5, Bathroom 2, Bathroom 6, Bedroom 6, Bathroom 1, Bedroom 1, Bedroom 3, Bedroom 4, Bathroom 3, Bathroom 4, Bathroom 5, Bedroom 2
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
Listed By:
Katie L Lawson
(502) 562-0016
Added: Aug 19
Changed: Oct 8
Last Checked: Oct 15 at 3:06AM
MLS# 1726708
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 6-unit apartment building contains six 1-bedroom residences, each with 1 full bathroom and washer/dryer hookups. The 4100-square-foot property was built in 1966 and has brick construction, shingle roofing, forced-air heating, and central air conditioning. Units have updated vinyl plank flooring, while public water and public sewer serve the property.
Each residence is separately metered for LG&E. The owner covers water and trash service. The property is currently fully occupied and located at 1721 Tempest Way in Louisville, Kentucky, within Jefferson County.
Each residence is separately metered for LG&E. The owner covers water and trash service. The property is currently fully occupied and located at 1721 Tempest Way in Louisville, Kentucky, within Jefferson County.
Key Highlights
- Six 1‑bedroom units, each with 1 full bathroom
- 4100 square feet on a 6‑unit apartment property
- Fully occupied at the time of listing
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.
How Realmo checks its estimates
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
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Apartment building - Fully occupied units feature updated flooring, 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 1‑bedroom units, each with 1 full bathroom; 4100 square feet on a 6‑unit apartment property; Fully occupied at the time of listing
