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    2315 Portland Ave Louisville, KY 40212

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    For Sale
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    Four-unit property with strong NOI and extensive renovations.

    Property size:
    3,338 SF

    Property Features for 2315 Portland Ave

    General Information

    Standard status
    Active
    Size
    3,338 SF

    Building Details

    Year built
    1900

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    Listing Contact
    Jonathan Klunk
    Source: Crexi

    Listing Agency: eXp Realty Listing Agent: Jonathan Klunk

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Renovated Four-Unit Investment Opportunity

    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.
    Location Intelligence

    Current Use by Public Records

    Quadplexes

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Accounting Firm

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Louisville
    County
    Jefferson
    State
    Kentucky
    Longitude
    -85.7864031
    Latitude
    38.2700695

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    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 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.
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    2315 Portland Ave Louisville, KY 40212
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    Louisville, KY 40212
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    2315 Portland Ave Louisville, KY 40212
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    Listing Contact
    Jonathan Klunk
    Real Estate License ID: KY251476
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