Multifamily Rental
For Sale
$535,000
2728 Algonquin Pkwy, Louisville, KY 40210
Five fully occupied rental properties generating $5,650 monthly income, with major cap-ex items already completed.
Property Size4,982 SF
Price / SF$107.39
Days on Market128
Property Features for 2728 Algonquin Pkwy
General Information
Standard status
Active
Size
4,982 SF
Property subtype
Investment
Zoning
R6
Occupancy
100%
Building Details
Year Built
1950
Listing Agency:
Real Broker, LLC
Listed By:
Denise Wisdom
(502) 264-1908
Source:
Kcrea.resimplifi
Added: May 8
Changed: Sep 9
Last Checked: Sep 11 at 5:43AM
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 Real Broker, LLC
Investment Insights
Based on property information with market context.
This offering is a five-property rental bundle currently fully occupied and producing $5,650 per month in current income. The properties are described as being in good condition, with several major cap-ex items already completed. The seller also notes room to add value through cosmetic updates.
The portfolio is located at 2728 Algonquin Pkwy in Louisville, KY.
As presented, the asset delivers immediate rental income and a practical path for incremental improvement through non-structural, cosmetic upgrades.
The portfolio is located at 2728 Algonquin Pkwy in Louisville, KY.
As presented, the asset delivers immediate rental income and a practical path for incremental improvement through non-structural, cosmetic upgrades.
Key Highlights
- 5‑property fully occupied rental bundle in Louisville’s West End
- Generates $5,650/month in current rental income
- Several major cap‑ex items already completed
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
$33,905
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
6.34%
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%
$678,100
$678.1K
Cap Rate 7%
$484,357
$484.4K
Cap Rate 9%
$376,722
$376.7K
Market Conditions
NOI Build-Up for 4,982 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
$65.2K $13.08/SF
− Vacancy
−$3.5K −$0.71/SF
EGI
$61.6K $12.37/SF
− OpEx
−$27.7K −$5.57/SF
NOI
$33.9K $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%
$678,100
Cap Rate 7%
$484,357
Cap Rate 9%
$376,722
Alternative Uses
Best Use
Apartment 5plus
$484.4K
$423.8K – $565.1K
NOI $33,905 @ 7.0% cap · market cap 6.34%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.29M
$1.13M – $1.51M
NOI $90,393 @ 7.0% cap · market cap 16.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
375
Businesses Nearby
Explore this area
Business Placement
Demographics for 40210, KY
14,418
Population
7,137
Households
2
Avg Household Size
36
Median Age
10%
College-Educated
81%
High-School Grad
3.2 sq mi
ZIP Area
4,506
Density / Sq Mi
$35,841
Median Household Income
$23,881
Median Earnings
$822
Median Rent
$93,400
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Multifamily property - Five fully occupied rental properties generating $5,650 monthly income, with major cap-ex items already completed.
Where is this multifamily property located?
The property is located at 2728 Algonquin Pkwy Louisville, KY.
What is the asking price?
The asking price for this property is $535,000.
What are key features of this property?
This property features: 5‑property fully occupied rental bundle in Louisville’s West End; Generates $5,650/month in current rental income; Several major cap‑ex items already completed
