6-Unit Apartment
For Sale
$549,500
2122 Bonnycastle Ave, Louisville, KY 40205
Six one-bedroom residences include generous living areas, a four-car carport, and two currently vacant units.
Property Size3,937 SF
Price / SF$139.57
Days on Market43
Property Features for 2122 Bonnycastle Ave
General Information
Standard status
Active
Size
3,937 SF
Total Parking Spaces
4
Property subtype
Multi-Family
Property Condition
Severity
Repairs Needed
Evidence
it needs some updates
Units
Unit Mix
6 x 1BR/1BA
Multifamily Units
6
Building Details
Year Built
1913
Listing Agency:
Lenihan Sotheby's Int'l Realty
(502) 509-5131
Listed By:
Mike Hall
(502) 509-5131
Source:
Mlsky
Added: Jul 18
Changed: Aug 28
Last Checked: Aug 28 at 1:56PM
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 Lenihan Sotheby's Int'l Realty
Investment Insights
Based on property information with market context.
Located at 2122 Bonnycastle Ave in Louisville’s Parkside area, this 3,937-SF multifamily property was built in 1913 and contains six apartments. Each residence is configured with one bedroom and one bathroom, with spacious living rooms providing a consistent layout across the building.
Two units are currently vacant, while the property includes a four-car carport. The two basement apartments are non-conforming because of ceiling height. The building requires updates, providing a defined renovation component for an owner evaluating improvements to the units and overall operation. Showings are available by appointment, and tenants are not to be disturbed.
Two units are currently vacant, while the property includes a four-car carport. The two basement apartments are non-conforming because of ceiling height. The building requires updates, providing a defined renovation component for an owner evaluating improvements to the units and overall operation. Showings are available by appointment, and tenants are not to be disturbed.
Key Highlights
- Six‑unit multifamily property with six one‑bedroom, one‑bath apartments
- 3,937 SF building constructed in 1913
- Two units are currently vacant
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
$26,793
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
4.88%
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%
$535,860
$535.9K
Cap Rate 7%
$382,757
$382.8K
Cap Rate 9%
$297,700
$297.7K
Market Conditions
NOI Build-Up for 3,937 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
$51.5K $13.08/SF
− Vacancy
−$2.8K −$0.71/SF
EGI
$48.7K $12.37/SF
− OpEx
−$21.9K −$5.57/SF
NOI
$26.8K $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%
$535,860
Cap Rate 7%
$382,757
Cap Rate 9%
$297,700
Alternative Uses
Best Use
Apartment 5plus
$382.8K
$334.9K – $446.6K
NOI $26,793 @ 7.0% cap · market cap 4.88%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.02M
$892.9K – $1.19M
NOI $71,433 @ 7.0% cap · market cap 13.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
933
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?
Apartment building - Six one-bedroom residences include generous living areas, a four-car carport, and two currently vacant units.
Where is this apartment building located?
The property is located at 2122 Bonnycastle Ave Louisville, KY.
What is the asking price?
The asking price for this property is $549,500.
What are key features of this property?
This property features: Six‑unit multifamily property with six one‑bedroom, one‑bath apartments; 3,937 SF building constructed in 1913; Two units are currently vacant
