5-Unit Brick Apartment
For Sale
$415,000
2730 S 4th St, Louisville, KY 40208
Multi Family, Louisville, KY
Property Size3,440 SF
Price / SF$120.64
Days on Market48
Property Features for 2730 S 4th St
General Information
Property type
Residential Multi Family
Property subtype
Apartment
Bedrooms
5
Bathrooms
5
Full bathrooms
5
Rooms
Bedroom 1, Bedroom 3, Bathroom 3, Bedroom 5, Bathroom 4, Bathroom 2, Bathroom 5, Bedroom 2, Bedroom 4, Bathroom 1
Directions
From I-264 W. Take exit 10 for 3rd Street toward KY-1020/Southern Pkwy. Turn right onto S. 3rd Street.
Subdivision
01-Dtwn Old Louisville/Shively/West Lou
Standard status
Active
APN
11050F01760000
Size
3,440 SF
Utilities
Sewer type
Public Sewer
Heating system
Ductless (Heating)
Cooling system
Wall/Window Unit(s), Window Unit(s)
Water source
Public
Building Details
Year built
1925
Number of units
5
Building materials
Brick
Roof type
Shingle
Architectural style
Other
Listing Agency:
Keller Williams Collective · Keller Williams Realty
(502) 554-9500
Listed By:
Gibin George · License #286847
(502) 594-8891
Added: Jul 17
Changed: Sep 1
Last Checked: Sep 2 at 6:06AM
MLS# 1723576
Copyright © 2026 Greater Louisville Association of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This five-unit apartment property contains 3,440 square feet within a brick building constructed in 1925. The units include five bedrooms and five bathrooms, with recent renovations and long-term tenants in place. Heating is provided by ductless systems, while cooling is handled through wall and window units. The property also features a shingle roof and public water and sewer service.
Located at 2730 S 4th St in Louisville, the property is near the University of Louisville baseball stadium, Churchill Downs, campus, and downtown. The surrounding corridor also benefits from activity associated with Derby season. Commercial zoning is identified for the property, and the site has a Walk Score of 73.
Located at 2730 S 4th St in Louisville, the property is near the University of Louisville baseball stadium, Churchill Downs, campus, and downtown. The surrounding corridor also benefits from activity associated with Derby season. Commercial zoning is identified for the property, and the site has a Walk Score of 73.
Key Highlights
- Five‑unit apartment property with 3,440 square feet
- Fully occupied with long‑term tenants in place
- Brick construction dating to 1925
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
$23,411
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
5.64%
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%
$468,220
$468.2K
Cap Rate 7%
$334,443
$334.4K
Cap Rate 9%
$260,122
$260.1K
Market Conditions
NOI Build-Up for 3,440 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
$45.0K $13.08/SF
− Vacancy
−$2.4K −$0.71/SF
EGI
$42.6K $12.37/SF
− OpEx
−$19.2K −$5.57/SF
NOI
$23.4K $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%
$468,220
Cap Rate 7%
$334,443
Cap Rate 9%
$260,122
Alternative Uses
Best Use
Apartment 5plus
$334.4K
$292.6K – $390.2K
NOI $23,411 @ 7.0% cap · market cap 5.64%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$891.6K
$780.2K – $1.04M
NOI $62,415 @ 7.0% cap · market cap 15.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
797
Businesses Nearby
Explore this area
Business Placement
Demographics for 40208, KY
17,048
Population
6,675
Households
2.6
Avg Household Size
27
Median Age
34%
College-Educated
88%
High-School Grad
2.6 sq mi
ZIP Area
6,557
Density / Sq Mi
$37,714
Median Household Income
$17,255
Median Earnings
$914
Median Rent
$153,100
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 - Fully occupied multifamily property with renovated interiors and public water and sewer service.
Where is this apartment building located?
The property is located at 2730 S 4th St Louisville, KY.
What is the asking price?
The asking price for this property is $415,000.
What are key features of this property?
This property features: Five‑unit apartment property with 3,440 square feet; Fully occupied with long‑term tenants in place; Brick construction dating to 1925
