Multifamily Property with Detached
For Sale
$599,000
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$161.89
Days on Market148
Property Features for 3000 S 5th St
General Information
Standard status
Active
Size
3,700 SF
Property subtype
Investment
Zoning
R6
Site & Location
Neighborhood
South Louisville
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: Oct 25
Last Checked: Oct 28 at 4:46AM
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
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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 / Yr
$25,180
Cap Rate
4.20%
Suggested Prices Based on Cap Rates
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
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 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 4.20%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$959.0K
$839.2K – $1.12M
NOI $67,133 @ 7.0% cap · market cap 11.21%
Zoning and permitted uses should be independently verified with authorities.
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Open Analytics
Location Intelligence
Trade Area within ½ mile
715
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in South region
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 $599,000.
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
