Building Details

Year Built 1965

Stories 3

Construction brick

Listing Agency: United Real Estate Louisville

Listed By: Vijay Addala · License #265343 Show Phone

Source: Familyrealty

Added: Jul 21 Changed: Oct 1 Last Checked: Oct 7 at 3:21PM

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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 United Real Estate Louisville

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Investment Insights

Based on property information with market context.

This three-story brick apartment building contains 6,048 square feet and was constructed in 1965. The property includes central HVAC throughout, with separate water heaters serving the apartments. Gas and electric service is individually metered, supporting distinct utility administration for the residences. Coin-operated laundry facilities are located in the basement.

The building occupies a corner at Hite Ave and Brownsboro Rd in Louisville, Kentucky. Its configuration combines multiple residential units with on-site laundry and established building infrastructure in a multifamily setting.

Key Highlights

• 6,048‑square‑foot apartment building constructed in 1965
• Three‑story brick construction
• Corner location at Hite Ave and Brownsboro Rd

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$41,160

Cap Rate

3.43%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$823,200 $823.2K

Cap Rate 7%

$588,000 $588.0K

Cap Rate 9%

$457,333 $457.3K

Is this asking price fair?

Market Conditions

NOI Build-Up for 6,048 SF

Gross rent

$79.1K $13.08/SF

− Vacancy

−$4.3K −$0.71/SF

EGI

$74.8K $12.37/SF

− OpEx

−$33.7K −$5.57/SF

NOI

$41.2K $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 Rate 5%

$823,200

Cap Rate 7%

$588,000

Cap Rate 9%

$457,333

Alternative Uses

Best Use

Apartment 5plus

$588.0K

$514.5K – $686.0K (±1% cap)

NOI $41,160 @ 7.0% cap · market cap 3.43%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$1.57M

$1.37M – $1.83M (±1% cap)

NOI $109,735 @ 7.0% cap · market cap 9.14%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Word In Action Ministries Church

Suggested Use

Top Pick Parking Lot & Garage Daycare Center Dental Office Law Firm Kitchen & Bath Showroom Computer & Electronic Repair

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Yes

Utilities to site

Location Intelligence

Trade Area within ½ mile

777

Businesses Nearby

Explore this area Business Placement

Demographics for 40206, KY

20,196

Population

11,637

Households

1.7

Avg Household Size

38

Median Age

55%

College-Educated

95%

High-School Grad

5.8 sq mi

ZIP Area

3,482

Density / Sq Mi

$72,543

Median Household Income

$48,506

Median Earnings

$1,142

Median Rent

$276,100

Median Home Value

Market

Vacancy Rate% for Multifamily in South region

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

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Frequently Asked Questions

What type of property is this?

Apartment building - Individual gas and electric metering, central HVAC, private water heaters, and basement coin laundry support residential operations.

Where is this apartment building located?

The property is located at 2515 Brownsboro Rd Louisville, KY.

What is the asking price?

The asking price for this property is $1,200,000.

What are key features of this property?

This property features: 6,048‑square‑foot apartment building constructed in 1965; Three‑story brick construction; Corner location at Hite Ave and Brownsboro Rd