Three-Unit Multifamily Condo
For Sale
$750,000
1971 Bardstown Rd, Louisville, KY 40205
Individually deeded condominium units offer leased occupancy, updated interiors, and designated parking.
Property Size3,855 SF
Price / SF$194.55
Days on Market123
Property Features for 1971 Bardstown Rd
General Information
Standard status
Active
Size
3,855 SF
Property subtype
Multifamily
Zoning
OR1
Occupancy
100%
Units
Unit Mix
3 x 2BR/1.5BA
Multifamily Units
3
Additional Details
Road Access
Yes
Amenities
in-unit laundry
hardwood flooring
sunroom
breakfast bar
Power
Water
Sewer
Natural Gas
Building Details
Year Built
1927
Buildings
1
Construction
brick
Tenancy
Multi
Listing Agency:
Homepage Realty
Listed By:
Amanda Helfrich · License #222813
(502) 807-7319
Source:
Kcrea.resimplifi
Added: May 3
Changed: Aug 29
Last Checked: Sep 2 at 1:12PM
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 Homepage Realty
Investment Insights
Based on property information with market context.
This offering comprises three individually deeded condominium units within an 8-unit brick building, with one unit located on each of the 1st, 2nd, and 3rd floors. Each residence contains 2 bedrooms, 1.5 baths, a family room, sunroom, separate dining area, galley kitchen, breakfast bar, pantry, hardwood flooring, and a dedicated laundry room. The units total 3,855 square feet and were built in 1927 before condominium conversion in 1985. Updated kitchens and bathrooms, along with replaced windows in many areas, add modern utility to the historic structure.
All three units are leased, while two leases expire at the end of May. The property is zoned OR1 and includes designated parking. The Condo Association covers common-area electric, water, sewer, landscaping, snow removal, building insurance, and maintenance, including plumbing within shared walls. Located at 1971 Bardstown Rd in Louisville, the property is near Douglass Loop, farmers markets, grocery stores, and the Bardstown Road corridor.
All three units are leased, while two leases expire at the end of May. The property is zoned OR1 and includes designated parking. The Condo Association covers common-area electric, water, sewer, landscaping, snow removal, building insurance, and maintenance, including plumbing within shared walls. Located at 1971 Bardstown Rd in Louisville, the property is near Douglass Loop, farmers markets, grocery stores, and the Bardstown Road corridor.
Key Highlights
- Three individually deeded condo units in an 8‑unit brick building
- Each unit has 2 bedrooms and 1.5 baths; one unit is positioned on each of the 1st, 2nd, and 3rd floors
- 3,855 square feet total; built in 1927 and converted to condominiums in 1985
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
$26,235
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
3.50%
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%
$524,700
$524.7K
Cap Rate 7%
$374,786
$374.8K
Cap Rate 9%
$291,500
$291.5K
Market Conditions
NOI Build-Up for 3,855 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
$50.4K $13.08/SF
− Vacancy
−$2.7K −$0.71/SF
EGI
$47.7K $12.37/SF
− OpEx
−$21.5K −$5.57/SF
NOI
$26.2K $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%
$524,700
Cap Rate 7%
$374,786
Cap Rate 9%
$291,500
Alternative Uses
Best Use
Apartment 5plus
$374.8K
$327.9K – $437.3K
NOI $26,235 @ 7.0% cap · market cap 3.50%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$999.2K
$874.3K – $1.17M
NOI $69,945 @ 7.0% cap · market cap 9.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
3
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
902
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Multifamily property - Individually deeded condominium units offer leased occupancy, updated interiors, and designated parking.
Where is this multifamily property located?
The property is located at 1971 Bardstown Rd Louisville, KY.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: Three individually deeded condo units in an 8‑unit brick building; Each unit has 2 bedrooms and 1.5 baths; one unit is positioned on each of the 1st, 2nd, and 3rd floors; 3,855 square feet total; built in 1927 and converted to condominiums in 1985
