Four-Unit Multifamily
New
For Sale
$440,000
2045 Payne St, Louisville, KY 40206
Multi Family, Louisville, KY
Property Size2,800 SF
Lot Size0.21 Acres
Price / SF$157.14
Days on Market2
Property Features for 2045 Payne St
General Information
Property type
Residential Multi Family
Property subtype
Apartment
Bedrooms
4
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 1, Bedroom 2, Bathroom 2, Bathroom 4, Bedroom 4, Bedroom 3, Bathroom 3, Basement, Bedroom 1
Patio and Porch features
Porch
Lot features
Sidewalk
Directions
From Frankfort Ave, Turn onto Clifton Ave, Turn right onto Payne st, house on the right just past Clifton Center/Holy Trinity School
Subdivision
03-Clifton/Crescent Hill/St Matthews
Standard status
Active
APN
05070F00390000
Size
2,800 SF
Lot size
0.21 Acres
Additional Details
Individually Metered Utilities
unspecified utilities
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas
Cooling system
Central Air
Water source
Public
Building Details
Year built
1920
Number of units
4
Building materials
Wood Frame
Architectural style
Other
Buildings
1
Listing Agency:
Keller Williams Louisville · Keller Williams Realty
(502) 459-5509
Listed By:
Dana P Spencer
(502) 599-0249
Added: Oct 27
Last Checked: Oct 28 at 1:06PM
MLS# 1732989
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.
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Investment Insights
Based on property information with market context.
Built in 1920, this two-story quadplex contains four separate residences, each arranged with a living room, bedroom, full bathroom, and kitchen. The property offers 2,800 square feet of finished living area on a 0.21-acre lot. Interior updates include flooring in several areas, neutral paint, white kitchen cabinetry, and countertops. Natural gas heating and central air serve the building, and separate meters are in place for the units.
Outdoor features include a front porch, rear balcony, and backyard. Public water and sewer are available.
Outdoor features include a front porch, rear balcony, and backyard. Public water and sewer are available.
Key Highlights
- Four units, each with a living room, bedroom, full bathroom, and kitchen
- 2,800 square feet of finished living space
- 0.21‑acre lot
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$23,560
Cap Rate
5.35%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$471,200
$471.2K
Cap Rate 7%
$336,571
$336.6K
Cap Rate 9%
$261,778
$261.8K
Market Conditions
NOI Build-Up for 2,800 SF
Gross rent
$35.6K $12.72/SF
− Vacancy
−$2.0K −$0.70/SF
EGI
$33.7K $12.02/SF
− OpEx
−$10.1K −$3.61/SF
NOI
$23.6K $8.41/SF
Area
Louisville, KY
Vacancy
5.50%
Lease Rate
$12.72 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$471,200
Cap Rate 7%
$336,571
Cap Rate 9%
$261,778
Alternative Uses
Best Use
Multifamily LT 5
$336.6K
$294.5K – $392.7K
NOI $23,560 @ 7.0% cap · market cap 5.35%
Second Best
Apartment 5plus
$272.2K
$238.2K – $317.6K
NOI $19,055 @ 7.0% cap · market cap 4.33%
Theoretical Best
Office A
$725.8K
$635.0K – $846.7K
NOI $50,803 @ 7.0% cap · market cap 11.55%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
867
Businesses Nearby
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Business Placement
Demographics for 40206, KY
20,196
Population
11,637
Households
1.7
Avg Household Size
38
Median Age
55%
College-Educated
95%
High-School Grad
5.8 sq mi
ZIP Area
3,482
Density / Sq Mi
$72,543
Median Household Income
$48,506
Median Earnings
$1,142
Median Rent
$276,100
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Quadplex - Each residence has a living room, bedroom, full bath, and kitchen, with separate utility meters serving the units.
Where is this quadplex located?
The property is located at 2045 Payne St Louisville, KY.
What is the asking price?
The asking price for this property is $440,000.
What are key features of this property?
This property features: Four units, each with a living room, bedroom, full bathroom, and kitchen; 2,800 square feet of finished living space; 0.21‑acre lot
