10-Unit Apartment
For Sale
$650,000
2118 Old Shepherdsville Rd, Louisville, KY 40218
Multifamily property with C1 zoning, established in 1998 and positioned near I-264 access.
Property Size5,008 SF
Price / SF$129.79
Days on Market10
Property Features for 2118 Old Shepherdsville Rd
General Information
Standard status
Active
Size
5,008 SF
Property subtype
Multifamily
Zoning
C1
Additional Details
Asking Price
$650,000
Highway Access
Yes
Multifamily Units
10
Building Details
Building Size
5,008 SF
Year Built
1998
Listing Agency:
EXP Commercial
(502) 345-3667
Listed By:
Katie Renfro · License #KY # 271918
(502) 345-3667
Source:
7s
Added: Aug 14
Changed: Aug 21
Last Checked: Aug 23 at 4:20AM
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 EXP Commercial
Investment Insights
Based on property information with market context.
This 10-unit multifamily property contains 5,008 square feet and was completed in 1998. The building carries C1 zoning and includes four recently installed units, with six additional new mini-split systems identified for the property.
Located at 2118 Old Shepherdsville Road in Louisville, the property offers access to I-264 and major Louisville corridors. Its unit count, existing improvements, and commercial zoning provide a clear profile for multifamily ownership and operations.
Located at 2118 Old Shepherdsville Road in Louisville, the property offers access to I-264 and major Louisville corridors. Its unit count, existing improvements, and commercial zoning provide a clear profile for multifamily ownership and operations.
Key Highlights
- 10‑unit multifamily property totaling 5,008 SF
- Built in 1998
- C1 zoning
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
$34,082
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
5.24%
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%
$681,640
$681.6K
Cap Rate 7%
$486,886
$486.9K
Cap Rate 9%
$378,689
$378.7K
Market Conditions
NOI Build-Up for 5,008 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
$65.5K $13.08/SF
− Vacancy
−$3.5K −$0.71/SF
EGI
$62.0K $12.37/SF
− OpEx
−$27.9K −$5.57/SF
NOI
$34.1K $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%
$681,640
Cap Rate 7%
$486,886
Cap Rate 9%
$378,689
Alternative Uses
Best Use
Apartment 5plus
$486.9K
$426.0K – $568.0K
NOI $34,082 @ 7.0% cap · market cap 5.24%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.30M
$1.14M – $1.51M
NOI $90,865 @ 7.0% cap · market cap 13.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
10
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
821
Businesses Nearby
Explore this area
Business Placement
Demographics for 40218, KY
33,437
Population
14,697
Households
2.3
Avg Household Size
36
Median Age
29%
College-Educated
89%
High-School Grad
9.0 sq mi
ZIP Area
3,715
Density / Sq Mi
$56,191
Median Household Income
$35,784
Median Earnings
$1,059
Median Rent
$195,600
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Multifamily property with C1 zoning, established in 1998 and positioned near I-264 access.
Where is this apartment building located?
The property is located at 2118 Old Shepherdsville Rd Louisville, KY.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: 10‑unit multifamily property totaling 5,008 SF; Built in 1998; C1 zoning
