Four-Unit
For Sale
$400,000
Pending
2212 Gerald Ct, Louisville, KY 40218
All residences are configured with two bedrooms and one bathroom, with shared outdoor space and covered parking.
Property Size4,060 SF
Days on Market263
Property Features for 2212 Gerald Ct
General Information
Standard status
Pending
Size
4,060 SF
Total Parking Spaces
2
Property subtype
Multifamily
Zoning
R7
Occupancy
100%
Units
Unit Mix
4 x 2BR/1BA
Multifamily Units
4
Amenities
shared patio area
large backyard
Building Details
Year Built
1955
Buildings
1
Listing Agency:
Weichert Realtors - ABG
(502) 609-4778
Listed By:
William Friel · License #57228
(502) 609-4778
Source:
Kcrea.resimplifi
Added: Dec 9, 2025
Changed: Aug 28
Last Checked: Aug 29 at 6:03AM
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 Weichert Realtors - ABG
Investment Insights
Based on property information with market context.
This 4,060-square-foot quadplex, built in 1955, contains four two-bedroom, one-bath units. The property is fully rented, and several updates have been completed. Unit 3 is expected to turn over at the end of the year, creating a defined point for the next owner to address that unit.
Residents have access to a shared patio, a large backyard, and two covered parking spaces. The property is located at 2212 Gerald Ct in Louisville, Kentucky, and carries R7 zoning. Its existing four-unit configuration and current occupancy provide a straightforward multifamily operating profile.
Residents have access to a shared patio, a large backyard, and two covered parking spaces. The property is located at 2212 Gerald Ct in Louisville, Kentucky, and carries R7 zoning. Its existing four-unit configuration and current occupancy provide a straightforward multifamily operating profile.
Key Highlights
- Four two‑bedroom, one‑bath units in a quadplex configuration
- 4,060 SF building constructed in 1955
- Fully rented property with long‑term tenants
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
$34,162
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
8.54%
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%
$683,240
$683.2K
Cap Rate 7%
$488,029
$488.0K
Cap Rate 9%
$379,578
$379.6K
Market Conditions
NOI Build-Up for 4,060 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
$51.6K $12.72/SF
− Vacancy
−$2.8K −$0.70/SF
EGI
$48.8K $12.02/SF
− OpEx
−$14.6K −$3.61/SF
NOI
$34.2K $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 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%
$683,240
Cap Rate 7%
$488,029
Cap Rate 9%
$379,578
Alternative Uses
Best Use
Multifamily LT 5
$488.0K
$427.0K – $569.4K
NOI $34,162 @ 7.0% cap · market cap 8.54%
Second Best
Apartment 5plus
$394.7K
$345.4K – $460.5K
NOI $27,630 @ 7.0% cap · market cap 6.91%
Theoretical Best
Office A
$1.05M
$920.8K – $1.23M
NOI $73,665 @ 7.0% cap · market cap 18.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,054
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?
Quadplex - All residences are configured with two bedrooms and one bathroom, with shared outdoor space and covered parking.
Where is this quadplex located?
The property is located at 2212 Gerald Ct Louisville, KY.
What is the asking price?
The asking price for this property is $400,000.
What are key features of this property?
This property features: Four two‑bedroom, one‑bath units in a quadplex configuration; 4,060 SF building constructed in 1955; Fully rented property with long‑term tenants
