Six-Unit Multifamily
For Sale
$850,000
2613 W Main St, Louisville, KY 40212
Occupied residential units support an established multifamily operating profile.
Property Size4,905 SF
Price / SF$173.29
Days on Market45
Property Features for 2613 W Main St
General Information
Standard status
Active
Size
4,905 SF
Property subtype
Commercial
Occupancy
100%
Site & Location
Highway Access
Yes
Public Transit
Yes
Additional Details
Gross Income
$86,100
Multifamily Units
6
Building Details
Year Built
1900
Listing Agency:
Trueblood Real Estate KY LLC
(502) 599-1700
Listed By:
Greg Taylor · License #EB00055642
Source:
Centralkentuckyhouses
Added: Jul 18
Changed: Aug 28
Last Checked: Aug 30 at 6:11PM
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 Trueblood Real Estate KY LLC
Investment Insights
Based on property information with market context.
Located at 2613 W Main St in Louisville, Kentucky, this multifamily property contains six occupied residential units within 4,905 SF. Constructed in 1976, the asset offers an established residential configuration for multifamily ownership.
The property provides access to downtown Louisville, major employers, interstate highways, and public transportation. Its occupied unit profile and established operations may suit buyers seeking to add a smaller multifamily asset to an existing portfolio or begin multifamily ownership.
The property provides access to downtown Louisville, major employers, interstate highways, and public transportation. Its occupied unit profile and established operations may suit buyers seeking to add a smaller multifamily asset to an existing portfolio or begin multifamily ownership.
Key Highlights
- Six occupied residential units
- 4,905 SF multifamily property
- Built in 1976
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
$33,381
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
3.93%
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%
$667,620
$667.6K
Cap Rate 7%
$476,871
$476.9K
Cap Rate 9%
$370,900
$370.9K
Market Conditions
NOI Build-Up for 4,905 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
$64.2K $13.08/SF
− Vacancy
−$3.5K −$0.71/SF
EGI
$60.7K $12.37/SF
− OpEx
−$27.3K −$5.57/SF
NOI
$33.4K $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%
$667,620
Cap Rate 7%
$476,871
Cap Rate 9%
$370,900
Alternative Uses
Best Use
Apartment 5plus
$476.9K
$417.3K – $556.4K
NOI $33,381 @ 7.0% cap · market cap 3.93%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.27M
$1.11M – $1.48M
NOI $88,996 @ 7.0% cap · market cap 10.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
502
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?
Apartment building - Occupied residential units support an established multifamily operating profile.
Where is this apartment building located?
The property is located at 2613 W Main St Louisville, KY.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: Six occupied residential units; 4,905 SF multifamily property; Built in 1976
