5-Unit Apartment Building with Basement
For Sale
$625,000
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$111.45
Days on Market47
Property Features for 1936 Gardiner Ln
General Information
Standard status
Active
Size
5,608 SF
Property subtype
Multi-Family
Occupancy
100%
Site & Location
Neighborhood
Hayfield Dundee
Additional Details
Multifamily Units
5
Building Details
Year Built
1960
Listing Agency:
United Real Estate Louisville
Listed By:
Mike Hall
(502) 509-5131
Source:
Mlsky
Added: Sep 11
Changed: Oct 27
Last Checked: Oct 26 at 3:48PM
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 United Real Estate Louisville
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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 / Yr
$38,165
Cap Rate
6.11%
Suggested Prices Based on Cap Rates
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
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 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 6.11%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.45M
$1.27M – $1.70M
NOI $101,752 @ 7.0% cap · market cap 16.28%
Zoning and permitted uses should be independently verified with authorities.
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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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Market
Vacancy Rate% for Multifamily in South region
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 $625,000.
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
