Renovated Four-Unit Investment
For Sale
Contact for pricing
2315 Portland Ave, Louisville, KY 40212
Four-unit property with strong NOI and extensive renovations.
Property Size3,338 SF
Price / SF$91.34
Days on Market174
Property Features for 2315 Portland Ave
General Information
Standard status
Active
Size
3,338 SF
Property subtype
Multifamily
Zoning
R6-RESIDENTIAL MULTI-FAMI
Building Details
Year Built
1900
Listing Agency:
eXp Realty
(888) 624-6448
Listed By:
Jonathan Klunk · License #KY251476
Source:
Crexi
Added: Feb 19
Changed: Aug 8
Last Checked: Jul 23 at 4:13PM
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
Investment Insights
Based on property information with market context.
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.
Key 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.
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
$22,717
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
7.45%
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%
$454,340
$454.3K
Cap Rate 7%
$324,529
$324.5K
Cap Rate 9%
$252,411
$252.4K
Market Conditions
NOI Build-Up for 3,338 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
$43.7K $13.08/SF
− Vacancy
−$2.4K −$0.71/SF
EGI
$41.3K $12.37/SF
− OpEx
−$18.6K −$5.57/SF
NOI
$22.7K $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%
$454,340
Cap Rate 7%
$324,529
Cap Rate 9%
$252,411
Alternative Uses
Best Use
Multifamily LT 5
$401.2K
$351.1K – $468.1K
NOI $28,087 @ 7.0% cap · market cap 9.21%
Second Best
Apartment 5plus
$324.5K
$284.0K – $378.6K
NOI $22,717 @ 7.0% cap · market cap 7.45%
Theoretical Best
Office A
$865.2K
$757.1K – $1.01M
NOI $60,565 @ 7.0% cap · market cap 19.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
469
Businesses Nearby
Explore this area
Business Placement
Demographics for 40212, KY
16,360
Population
8,061
Households
2
Avg Household Size
38
Median Age
13%
College-Educated
81%
High-School Grad
3.8 sq mi
ZIP Area
4,305
Density / Sq Mi
$35,389
Median Household Income
$28,506
Median Earnings
$917
Median Rent
$78,100
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?
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 $304,900.
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.
