Renovated Quadplex with Detached
For Sale
$279,900
2315 Portland Ave, Louisville, KY 40212
Multi Family, Louisville, KY
Property Size3,338 SF
Price / SF$83.85
Days on Market8
Property Features for 2315 Portland Ave
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Bedrooms
5
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 4, Bedroom 5, Basement, Bathroom 2, Bathroom 4, Bedroom 2, Bedroom 1, Bathroom 1, Bedroom 3, Bathroom 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
02005G00080000
Size
3,338 SF
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Electric (Heating)
Cooling system
Wall/Window Unit(s), Window Unit(s)
Water source
Public
Amenities
laundry connections
window AC units
individual room heaters
detached garage
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: Aug 17
Changed: Aug 23
Last Checked: Aug 24 at 7:06AM
MLS# 1726467
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 Louisville multifamily offering combines two adjacent parcels with 3,338 square feet of improvements. The property includes a three-unit apartment building on Portland Avenue and a detached single-family home on Tyler Avenue, which has private access and a detached garage. One apartment is vacant and rent-ready, while the other units are occupied. The residence and apartments have laundry connections, and both buildings use window or wall AC units with electric or natural-gas heating.
The apartment building has received substantial exterior and systems work, including replacement windows, newer roofing, siding, gutters, exterior lighting, concrete repairs, landscaping, updated PEX plumbing, drain line improvements, and a newer water heater. The detached home has updated flooring, bathroom finishes, lighting, plumbing, electrical devices, siding, windows, roof, and gutters. The parcels share public water service and public sewer. Projected cap rates are 12.9% with self-management and 11.6% with professional management.
The apartment building has received substantial exterior and systems work, including replacement windows, newer roofing, siding, gutters, exterior lighting, concrete repairs, landscaping, updated PEX plumbing, drain line improvements, and a newer water heater. The detached home has updated flooring, bathroom finishes, lighting, plumbing, electrical devices, siding, windows, roof, and gutters. The parcels share public water service and public sewer. Projected cap rates are 12.9% with self-management and 11.6% with professional management.
Key Highlights
- Four‑unit configuration across two adjacent parcels
- 3,338 square feet of improvements
- Three‑unit apartment building plus detached single‑family home
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
Multifamily LT 5
$401.2K
$351.1K – $468.1K
NOI $28,087 @ 7.0% cap · market cap 10.03%
Second Best
Apartment 5plus
$324.5K
$284.0K – $378.6K
NOI $22,717 @ 7.0% cap · market cap 8.12%
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
4
Residential units
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Four-unit investment property combining a three-apartment building with a separately accessed single-family residence and garage.
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 $279,900.
What are key features of this property?
This property features: Four‑unit configuration across two adjacent parcels; 3,338 square feet of improvements; Three‑unit apartment building plus detached single‑family home
