6-Unit Apartment
For Sale
$420,000
2621 Virginia Ave, Louisville, KY 40222
Renovated multifamily asset with separately metered residences and a two-bedroom, one-bath layout.
Property Size5,500 SF
Price / SF$76.36
Days on Market366
Property Features for 2621 Virginia Ave
General Information
Standard status
Active
Size
5,500 SF
Property subtype
Residential Income
Occupancy
100%
Units
Unit Mix
6 x 2BR/1BA
Multifamily Units
6
Listing Agency:
Infinite Homes Realty
(502) 417-5149
Listed By:
Montrey D Deal · License #268781
(502) 301-0986
Source:
Exprealty
Added: Sep 3, 2025
Changed: Aug 26
Last Checked: Sep 1 at 8:44PM
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 Infinite Homes Realty
Investment Insights
Based on property information with market context.
Located at 2621 Virginia Ave in Louisville, Kentucky, this apartment building contains six units within approximately 5,500 square feet. Each residence offers two bedrooms and one bathroom, creating a consistent configuration across the property. Recent renovations throughout the building update the asset and support its residential appeal.
Separate meters serve the units, providing individual utility measurement for the residences. The property is classified as an apartment building and is positioned in Louisville’s multifamily housing market.
Separate meters serve the units, providing individual utility measurement for the residences. The property is classified as an apartment building and is positioned in Louisville’s multifamily housing market.
Key Highlights
- Six 2‑bedroom, 1‑bath apartment units
- Approximately 5500 square feet
- Separate meters for each unit
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
$37,430
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
8.91%
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%
$748,600
$748.6K
Cap Rate 7%
$534,714
$534.7K
Cap Rate 9%
$415,889
$415.9K
Market Conditions
NOI Build-Up for 5,500 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
$71.9K $13.08/SF
− Vacancy
−$3.9K −$0.71/SF
EGI
$68.1K $12.37/SF
− OpEx
−$30.6K −$5.57/SF
NOI
$37.4K $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%
$748,600
Cap Rate 7%
$534,714
Cap Rate 9%
$415,889
Alternative Uses
Best Use
Apartment 5plus
$534.7K
$467.9K – $623.8K
NOI $37,430 @ 7.0% cap · market cap 8.91%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.43M
$1.25M – $1.66M
NOI $99,792 @ 7.0% cap · market cap 23.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
462
Businesses Nearby
Explore this area
Business Placement
Demographics for 40222, KY
21,725
Population
10,953
Households
2
Avg Household Size
40
Median Age
57%
College-Educated
96%
High-School Grad
9.5 sq mi
ZIP Area
2,287
Density / Sq Mi
$81,623
Median Household Income
$54,592
Median Earnings
$1,326
Median Rent
$347,000
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 - Renovated multifamily asset with separately metered residences and a two-bedroom, one-bath layout.
Where is this apartment building located?
The property is located at 2621 Virginia Ave Louisville, KY.
What is the asking price?
The asking price for this property is $420,000.
What are key features of this property?
This property features: Six 2‑bedroom, 1‑bath apartment units; Approximately 5500 square feet; Separate meters for each unit
