16-Unit Apartment
For Sale
$1,500,000
3001 Pamela Way, Louisville, KY 40220
Two adjoining properties offer separately metered apartments, basement storage, and laundry hookups.
Property Size13,000 SF
Price / SF$115.38
Days on Market47
Property Features for 3001 Pamela Way
General Information
Standard status
Active
Size
13,000 SF
Total Parking Spaces
16
Property subtype
Multifamily
Zoning
R7
Units
Unit Mix
16 x 1BR/1BA
Multifamily Units
16
Additional Details
Utilities to Site
Yes
Amenities
storage spaces
laundry hook-ups
16 Parking Spaces
Listing Agency:
Lenihan Sotheby's Int'l Realty
Listed By:
Brad Noe
(502) 689-4348
Source:
Kcrea.resimplifi
Added: Jul 31
Changed: Sep 14
Last Checked: Sep 14 at 2:41PM
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 Lenihan Sotheby's Int'l Realty
Investment Insights
Based on property information with market context.
This apartment property comprises two adjoining buildings on a corner lot with a shared parking area. The 16-unit configuration consists entirely of one-bedroom, one-bath residences, providing a consistent unit layout across the property. Each apartment has its own LG&E meter.
An unfinished basement adds storage areas and includes hookups for laundry equipment. Most of the apartments have been renovated, and rents have been increased over time. The property is located at 3001 Pamela Way in Louisville, within the Hikes Point area and near shopping and other amenities. R7 zoning is in place.
An unfinished basement adds storage areas and includes hookups for laundry equipment. Most of the apartments have been renovated, and rents have been increased over time. The property is located at 3001 Pamela Way in Louisville, within the Hikes Point area and near shopping and other amenities. R7 zoning is in place.
Key Highlights
- 16 total apartment units
- All units are configured as 1BR/1BA apartments
- Two adjoining properties share a parking lot on a corner lot
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
$88,472
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
5.90%
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%
$1,769,440
$1.8M
Cap Rate 7%
$1,263,886
$1.3M
Cap Rate 9%
$983,022
$983.0K
Market Conditions
NOI Build-Up for 13,000 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
$170.0K $13.08/SF
− Vacancy
−$9.2K −$0.71/SF
EGI
$160.9K $12.37/SF
− OpEx
−$72.4K −$5.57/SF
NOI
$88.5K $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%
$1,769,440
Cap Rate 7%
$1,263,886
Cap Rate 9%
$983,022
Alternative Uses
Best Use
Apartment 5plus
$1.26M
$1.11M – $1.47M
NOI $88,472 @ 7.0% cap · market cap 5.90%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.37M
$2.95M – $3.93M
NOI $235,872 @ 7.0% cap · market cap 15.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
16
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
959
Businesses Nearby
Explore this area
Business Placement
Demographics for 40220, KY
34,315
Population
16,019
Households
2.1
Avg Household Size
39
Median Age
44%
College-Educated
96%
High-School Grad
7.7 sq mi
ZIP Area
4,456
Density / Sq Mi
$73,502
Median Household Income
$47,283
Median Earnings
$1,187
Median Rent
$249,700
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?
Apartment building - Two adjoining properties offer separately metered apartments, basement storage, and laundry hookups.
Where is this apartment building located?
The property is located at 3001 Pamela Way Louisville, KY.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: 16 total apartment units; All units are configured as 1BR/1BA apartments; Two adjoining properties share a parking lot on a corner lot
