Four-Unit Quadplex with Extensive
For Sale
$279,900
2315 Portland Ave, Louisville, KY 40212
MULTI_FAMILY - Other - Louisville, KY
Property Size3,338 SF
Price / SF$83.85
Days on Market100
Property Features for 2315 Portland Ave
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Bedrooms
5
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 4, Bathroom 2, Bedroom 1, Bedroom 2, Bedroom 5, Bedroom 4, Bathroom 3, Bathroom 1, Basement, Bedroom 3
Patio and Porch features
Patio, Porch
Subdivision
PORTLAND
Lot features
Sidewalk
Directions
I64 to 22nd St. Right on Portland Ave to property on right.
Standard status
Active
APN
005G00080000
Size
3,338 SF
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Electric (Heating)
Cooling system
Window Unit(s), Wall/Window Unit(s)
Water source
Public
Building Details
Year built
1900
Number of units
4
Building materials
Vinyl Siding, Wood Frame, Aluminum Siding
Roof type
Asphalt, Shingle
Architectural style
Other
Listing Agency:
EXP Realty LLC
(888) 624-6448
Listed By:
Jonathan D Klunk · License #KY251476
(888) 624-6448
Added: May 5
Changed: Aug 4
Last Checked: Aug 12 at 3:06PM
MLS# 1716415
Copyright © 2026 Greater Louisville Association of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This four-unit investment is offered as two separate parcels sold together, creating a combined residential rental configuration with extensive renovations inside and out. The Portland Avenue property includes three large, fully updated units. Each unit has laundry connections, and Portland’s heating is supported by individual floor heaters in every room. The Tyler Avenue parcel is a spacious two-bedroom single-family home with private access and a garage.
Renovations include new roofing, siding and trim, all-new windows, exterior painting, gutter work, exterior lighting, concrete repairs, landscaping, and new PEX plumbing with new drain lines on Portland, plus a 2024 water heater replacement. The Tyler Avenue home was completely remodeled in 2024, with a new roof replacement in 2024, 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 parcels use window air conditioning units, and both have been outfitted with two new water heaters (one per parcel). Heating is natural gas and electric, including Portland’s floor heaters and Tyler’s powerful gas wall heater with a built-in blower fan. The properties share a water meter and have a combined 12-month CAP rate of 12.8%.
Renovations include new roofing, siding and trim, all-new windows, exterior painting, gutter work, exterior lighting, concrete repairs, landscaping, and new PEX plumbing with new drain lines on Portland, plus a 2024 water heater replacement. The Tyler Avenue home was completely remodeled in 2024, with a new roof replacement in 2024, 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 parcels use window air conditioning units, and both have been outfitted with two new water heaters (one per parcel). Heating is natural gas and electric, including Portland’s floor heaters and Tyler’s powerful gas wall heater with a built-in blower fan. The properties share a water meter and have a combined 12-month CAP rate of 12.8%.
Key Highlights
- Two parcels sold together due to a shared water meter
- Three fully updated Portland Avenue units with laundry connections and individual floor heaters in every room
- Tyler Avenue two‑bedroom home with private access and a garage, remodeled in 2024
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
8.12%
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
Apartment 5plus
$324.5K
$284.0K – $378.6K
NOI $22,717 @ 7.0% cap · market cap 8.12%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$865.2K
$757.1K – $1.01M
NOI $60,565 @ 7.0% cap · market cap 21.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
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?
Multifamily property - Four units sold as two parcels with extensive interior and exterior renovations, shared water meter, and 12.8% CAP rate.
Where is this multifamily property located?
The property is located at 2315 Portland Ave Louisville, KY.
What is the asking price?
The asking price for this property is $279,900.
What are key features of this property?
This property features: Two parcels sold together due to a shared water meter; Three fully updated Portland Avenue units with laundry connections and individual floor heaters in every room; Tyler Avenue two‑bedroom home with private access and a garage, remodeled in 2024
