Three-Unit Multifamily Condo
For Sale
$515,000
1971 Bardstown Rd, Louisville, KY 40205
Individually deeded condominium units offer leased occupancy, updated interiors, and designated parking.
Property Size3,855 SF
Price / SF$133.59
Days on Market179
Property Features for 1971 Bardstown Rd
General Information
Standard status
Active
Size
3,855 SF
Property subtype
Multifamily
Zoning
OR1
Occupancy
100%
Site & Location
Neighborhood
Deer Park
Road Access
Yes
Units
Unit Mix
3 x 2BR/1.5BA
Multifamily Units
3
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: Oct 25
Last Checked: Oct 28 at 4:48AM
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
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
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 / Yr
$26,235
Cap Rate
5.09%
Suggested Prices Based on Cap Rates
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
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 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 5.09%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$999.2K
$874.3K – $1.17M
NOI $69,945 @ 7.0% cap · market cap 13.58%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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
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 $515,000.
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
