Three-Story Brick Apartment
For Sale
$1,200,000
2515 Brownsboro Rd, Louisville, KY 40206
Individual gas and electric metering, central HVAC, private water heaters, and basement coin laundry support residential operations.
Property Size6,048 SF
Price / SF$198.41
Days on Market44
Property Features for 2515 Brownsboro Rd
General Information
Standard status
Active
Size
6,048 SF
Property subtype
Multi-Family
Additional Details
Utilities to Site
Yes
Unit Mix
3 x 2BR, 9 x 1BR
Amenities
coin laundry
Building Details
Year Built
1965
Stories
3
Construction
brick
Listing Agency:
United Real Estate Louisville
(302) 897-9899
Listed By:
Vijay Addala · License #265343
Source:
Familyrealty
Added: Jul 21
Changed: Aug 28
Last Checked: Sep 1 at 10:18PM
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
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.
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 = 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
$41,160
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
3.43%
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%
$823,200
$823.2K
Cap Rate 7%
$588,000
$588.0K
Cap Rate 9%
$457,333
$457.3K
Market Conditions
NOI Build-Up for 6,048 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
$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 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%
$823,200
Cap Rate 7%
$588,000
Cap Rate 9%
$457,333
Alternative Uses
Best Use
Apartment 5plus
$588.0K
$514.5K – $686.0K
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
NOI $109,735 @ 7.0% cap · market cap 9.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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
