Multifamily Property with Detached
For Sale
$650,000
3000 S 5th St, Louisville, KY 40208
Leased to a recovery housing operator and paired with detached storage/garage space for specialty residential programming.
Property Size3,700 SF
Price / SF$175.68
Days on Market102
Property Features for 3000 S 5th St
General Information
Standard status
Active
Size
3,700 SF
Property subtype
Investment
Zoning
R6
Amenities
Power
Water
Sewer
Building Details
Year Built
1910
Listing Agency:
Real Broker, LLC
Listed By:
Denise Wisdom
(502) 264-1908
Source:
Kcrea.resimplifi
Added: Jun 3
Changed: Sep 8
Last Checked: Sep 11 at 5:49AM
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 income-producing multifamily property is currently leased to a recovery housing operator and generates $5,500 per month in rental income. The offering includes a large residential structure along with a detached storage/garage building, providing additional on-site space that may support day-to-day operations for a specialized housing use.
Jefferson County PVA currently classifies the property as apartments. Buyers should independently verify zoning, density, and any future intended uses before finalizing plans, as the listing notes zoning and use should be confirmed through the appropriate local channels.
The property is being marketed to investors and operators seeking stable, specialty-oriented residential housing opportunities, including recovery or transitional housing providers and workforce housing organizations. As with any multifamily purchase, due diligence on permitted uses, site capacity, and regulatory requirements is important to ensure the intended program aligns with local approvals.
Jefferson County PVA currently classifies the property as apartments. Buyers should independently verify zoning, density, and any future intended uses before finalizing plans, as the listing notes zoning and use should be confirmed through the appropriate local channels.
The property is being marketed to investors and operators seeking stable, specialty-oriented residential housing opportunities, including recovery or transitional housing providers and workforce housing organizations. As with any multifamily purchase, due diligence on permitted uses, site capacity, and regulatory requirements is important to ensure the intended program aligns with local approvals.
Key Highlights
- Currently leased to a recovery housing operator generating $5,500 per month in rental income
- Year built: 1910 (large residential structure)
- Includes a detached storage/garage building
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
$25,180
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
3.87%
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%
$503,600
$503.6K
Cap Rate 7%
$359,714
$359.7K
Cap Rate 9%
$279,778
$279.8K
Market Conditions
NOI Build-Up for 3,700 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
$48.4K $13.08/SF
− Vacancy
−$2.6K −$0.71/SF
EGI
$45.8K $12.37/SF
− OpEx
−$20.6K −$5.57/SF
NOI
$25.2K $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%
$503,600
Cap Rate 7%
$359,714
Cap Rate 9%
$279,778
Alternative Uses
Best Use
Apartment 5plus
$359.7K
$314.8K – $419.7K
NOI $25,180 @ 7.0% cap · market cap 3.87%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$959.0K
$839.2K – $1.12M
NOI $67,133 @ 7.0% cap · market cap 10.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
715
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Multifamily property - Leased to a recovery housing operator and paired with detached storage/garage space for specialty residential programming.
Where is this multifamily property located?
The property is located at 3000 S 5th St Louisville, KY.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Currently leased to a recovery housing operator generating $5,500 per month in rental income; Year built: 1910 (large residential structure); Includes a detached storage/garage building
