Renovated Four-Unit Investment
2315 Portland Ave, Louisville, KY 40212
Four-unit property with strong NOI and extensive renovations.
Type:Multifamily
Property size:
3,338 SFPrice / SF:
$95/SF- Added:
- Feb 19, 2026
- Days on Market:
- 127
- Last Refresh:
- Mar 17 at 1:16 pm
Property Features for 2315 Portland Ave
General Information
- Standard status
- Active
- Size
- 3,338 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 1900
Listing office eXp Realty
Listing date Feb 19, 2026
Source Crexi
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 Realty
HighLights
- High 12% CAP Rate: Generates a substantial $39,220 Net Operating Income (NOI).
- Turnkey & Low‑Maintenance: Extensive renovations inside and out, including new roofing, siding, windows, PEX plumbing, and updated electrical.
- Four Units Included: Consists of three updated units on Portland Avenue and a remodeled two‑bedroom single‑family home on Tyler Avenue.
- Recent Renovations: Both properties feature significant 2024 updates, including new roofs, siding, windows, plumbing, and interior remodeling.
- Stable Tenancy: Long‑term tenants in Portland Avenue Unit 2 and a reliable tenant in the Tyler Avenue home express intent to stay.
- Individual Unit Amenities: Each unit includes laundry connections and efficient individual floor heaters (Portland) or a powerful gas wall heater (Tyler).
Overview
This four-unit investment opportunity includes two separate parcels sold together. The properties consist of three units on Portland Avenue and a two-bedroom single-family home with private access and a garage on Tyler Avenue. The combined properties generate a 12-month NOI of $39,220 under self-management. The properties have undergone extensive renovations inside and out. The Portland Avenue building features three fully updated units, each with laundry connections and individual floor heaters in every room. Unit 2 has long-term tenants, and Unit 1 was newly leased in October 2025. Updates to the Portland Avenue building include new roofing, siding and trim, all-new windows, exterior painting, gutters, exterior lighting, concrete repairs, landscaping, new PEX plumbing, new drain lines, and a 2024 water heater replacement. The Tyler Avenue home was completely remodeled in 2024 and features laundry connections, a gas wall heater with a built-in blower fan, a new roof replacement in 2024 and gutters, full siding and window replacements, exterior paint, landscaping, new flooring, an updated bathroom, new lighting, and fully replaced PEX plumbing with updated electrical outlets and switches throughout. Both properties use window air conditioning units and have been outfitted with two new water heaters and new heating systems. The Tyler Avenue tenant has paid consistently on time and plans to renew. The properties must be sold together due to a shared water meter, offering a turnkey, low-maintenance investment with a solid rental history and strong cash flow. The property size is 3338 square feet.
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $42.5k | $12.72 |
| − Vacancy | −$2.3k | −$0.70 |
| EGI | $40.1k | $12.02 |
| − OpEx | −$12.0k | −$3.61 |
| NOI | $28.1k | $8.41 |
3,338 SF · lease $12.72/SF/yr · vacancy 5.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$401.2K
$351.1K – $468.1K
NOI $28,087 @ 7.0% cap · market cap 8.78%
Second Best
Apartment 5plus
$324.5K
$284.0K – $378.6K
NOI $22,717 @ 7.0% cap · market cap 7.10%
Theoretical Best
Office A
$865.2K
$757.1K – $1.01M
NOI $60,565 @ 7.0% cap · market cap 18.93%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Quadplexes
Location Insight
- Map
- Local Demand
- City
- Louisville
- County
- Jefferson
- State
- Kentucky
- Longitude
- -85.7864031
- Latitude
- 38.2700695
Nearby Similar for Sale
FAQs
What type of property is this?
Quadplex - Four-unit property with strong NOI and extensive renovations.
Where is this quadplex located?
The property is located at 2315 Portland Ave Louisville, KY.
What is the asking price?
The asking price for this property is $319,900.
What are key features of this property?
This property features: High 12% CAP Rate: Generates a substantial $39,220 Net Operating Income (NOI).; Turnkey & Low‑Maintenance: Extensive renovations inside and out, including new roofing, siding, windows, PEX plumbing, and updated electrical.; Four Units Included: Consists of three updated units on Portland Avenue and a remodeled two‑bedroom single‑family home on Tyler Avenue.
