Renovated
For Sale
$240,000
2751 Alford Ave, Louisville, KY 40212
Four updated units feature newer furnaces, while the roof was replaced in 2022.
Property Size2,184 SF
Price / SF$109.89
Days on Market125
Property Features for 2751 Alford Ave
General Information
Standard status
Active
Size
2,184 SF
Property subtype
Residential Income
Additional Details
Gross Income
$33,960
Building Details
Tenancy
Multi
Listing Agency:
Reserve Realty Group
(502) 777-0666
Listed By:
Bobby J Pinkston · License #240085
(502) 777-0666
Source:
Exprealty
Added: Apr 7
Changed: Aug 8
Last Checked: Aug 8 at 7:40AM
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 Reserve Realty Group
Investment Insights
Based on property information with market context.
This four-unit multifamily property includes renovations completed across all units, providing updated interiors throughout the building. Furnaces serving each of the four units are less than 5 years old, and the roof was replaced in 2022.
Located at 2751 Alford Ave in Louisville, KY, the property offers an established four-unit configuration for an investor or an owner occupant. The current setup also supports an owner-occupancy strategy commonly referred to as house hacking.
Located at 2751 Alford Ave in Louisville, KY, the property offers an established four-unit configuration for an investor or an owner occupant. The current setup also supports an owner-occupancy strategy commonly referred to as house hacking.
Key Highlights
- Four‑unit multifamily property at 2751 Alford Ave, Louisville, KY
- Renovations completed in all 4 units
- Furnaces in all 4 units are less than 5 years old
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
$18,377
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
7.66%
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%
$367,540
$367.5K
Cap Rate 7%
$262,529
$262.5K
Cap Rate 9%
$204,189
$204.2K
Market Conditions
NOI Build-Up for 2,184 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
$27.8K $12.72/SF
− Vacancy
−$1.5K −$0.70/SF
EGI
$26.3K $12.02/SF
− OpEx
−$7.9K −$3.61/SF
NOI
$18.4K $8.41/SF
Area
Louisville, KY
Vacancy
5.50%
Lease Rate
$12.72 /SF/Yr
Expense Ratio
30.00%
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%
$367,540
Cap Rate 7%
$262,529
Cap Rate 9%
$204,189
Alternative Uses
Best Use
Multifamily LT 5
$262.5K
$229.7K – $306.3K
NOI $18,377 @ 7.0% cap · market cap 7.66%
Second Best
Apartment 5plus
$212.3K
$185.8K – $247.7K
NOI $14,863 @ 7.0% cap · market cap 6.19%
Theoretical Best
Office A
$566.1K
$495.3K – $660.4K
NOI $39,626 @ 7.0% cap · market cap 16.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
510
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?
Quadplex - Four updated units feature newer furnaces, while the roof was replaced in 2022.
Where is this quadplex located?
The property is located at 2751 Alford Ave Louisville, KY.
What is the asking price?
The asking price for this property is $240,000.
What are key features of this property?
This property features: Four‑unit multifamily property at 2751 Alford Ave, Louisville, KY; Renovations completed in all 4 units; Furnaces in all 4 units are less than 5 years old
