5-Unit Apartment Building with Basement
New
For Sale
$635,000
1936 Gardiner Ln, Louisville, KY 40205
Fully occupied multifamily property with hardwood flooring, carpet, private finished basement areas, and laundry hookups.
Property Size5,608 SF
Price / SF$113.23
Days on Market2
Property Features for 1936 Gardiner Ln
General Information
Standard status
Active
Size
5,608 SF
Property subtype
Multi-Family
Occupancy
100%
Additional Details
Multifamily Units
5
Building Details
Year Built
1960
Listing Agency:
Sell With Hale Realty & Auction
Listed By:
Mike Hall
(502) 509-5131
Source:
Mlsky
Added: Sep 11
Last Checked: Sep 11 at 7:21AM
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 Sell With Hale Realty & Auction
Investment Insights
Based on property information with market context.
Built in 1960, this fully occupied apartment property contains five units, including a studio-style unit positioned in the basement. Interior finishes include hardwood flooring and carpet. Units 1 and 2 each have basement stair access to a large finished area reserved for that unit, adding functional private space within the building.
Washer and dryer hookups for the units are located in the basement. The property is at 1936 Gardiner Ln in Louisville, Kentucky, within ZIP code 40205.
Washer and dryer hookups for the units are located in the basement. The property is at 1936 Gardiner Ln in Louisville, Kentucky, within ZIP code 40205.
Key Highlights
- Five‑unit apartment property with full occupancy
- Basement studio‑style unit included
- Hardwood flooring and carpet throughout the units
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
$38,165
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
6.01%
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%
$763,300
$763.3K
Cap Rate 7%
$545,214
$545.2K
Cap Rate 9%
$424,056
$424.1K
Market Conditions
NOI Build-Up for 5,608 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
$73.4K $13.08/SF
− Vacancy
−$4.0K −$0.71/SF
EGI
$69.4K $12.37/SF
− OpEx
−$31.2K −$5.57/SF
NOI
$38.2K $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%
$763,300
Cap Rate 7%
$545,214
Cap Rate 9%
$424,056
Alternative Uses
Best Use
Apartment 5plus
$545.2K
$477.1K – $636.1K
NOI $38,165 @ 7.0% cap · market cap 6.01%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.45M
$1.27M – $1.70M
NOI $101,752 @ 7.0% cap · market cap 16.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
5
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
847
Businesses Nearby
Explore this area
Business Placement
Demographics for 40205, KY
24,077
Population
11,021
Households
2.2
Avg Household Size
43
Median Age
65%
College-Educated
97%
High-School Grad
6.9 sq mi
ZIP Area
3,489
Density / Sq Mi
$98,990
Median Household Income
$54,604
Median Earnings
$1,095
Median Rent
$361,900
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
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Frequently Asked Questions
What type of property is this?
Apartment building - Fully occupied multifamily property with hardwood flooring, carpet, private finished basement areas, and laundry hookups.
Where is this apartment building located?
The property is located at 1936 Gardiner Ln Louisville, KY.
What is the asking price?
The asking price for this property is $635,000.
What are key features of this property?
This property features: Five‑unit apartment property with full occupancy; Basement studio‑style unit included; Hardwood flooring and carpet throughout the units
