Brick 4-Unit
New
For Sale
$459,900
3205 Orchard Manor Circle, Louisville, KY 40220
Well-maintained multifamily property with four two-bedroom units and individually paid gas and electric.
Property Size4,608 SF
Price / SF$99.80
Days on Market4
Property Features for 3205 Orchard Manor Circle
General Information
Standard status
Active
Size
4,608 SF
Total Parking Spaces
8
Property subtype
Multifamily
Zoning
R6
Amenities
Power
Water
Sewer
Natural Gas
8 Parking Spaces
Building Details
Year Built
1966
Listing Agency:
Coldwell Banker McMahan
(502) 425-8800
Listed By:
Debbie Lawson · License #218163
(502) 425-8800
Source:
Kcrea.resimplifi
Added: Aug 28
Changed: Aug 31
Last Checked: Aug 31 at 1:35PM
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 Coldwell Banker McMahan
Investment Insights
Based on property information with market context.
This 4-unit brick apartment building contains 4,608 square feet and was constructed in 1966. Each residence includes 2 bedrooms, 1 bathroom, a living room, dining room, and kitchen. The property is described as well maintained and low maintenance, with annual leases and monthly rent payments. Tenants are responsible for gas and electric, while ownership covers water, sewer, garbage, and electricity serving the common areas.
The building is in Louisville’s east end, with access to major employers, shopping, interstates, the airport, and parks. R6 zoning supports the multifamily configuration identified for the property.
The building is in Louisville’s east end, with access to major employers, shopping, interstates, the airport, and parks. R6 zoning supports the multifamily configuration identified for the property.
Key Highlights
- 4,608 SF brick apartment building with 4 units
- Each unit offers 2 bedrooms, 1 bathroom, living room, dining room, and kitchen
- Annual leases with monthly rent payments
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
$38,773
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
8.43%
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%
$775,460
$775.5K
Cap Rate 7%
$553,900
$553.9K
Cap Rate 9%
$430,811
$430.8K
Market Conditions
NOI Build-Up for 4,608 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
$58.6K $12.72/SF
− Vacancy
−$3.2K −$0.70/SF
EGI
$55.4K $12.02/SF
− OpEx
−$16.6K −$3.61/SF
NOI
$38.8K $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%
$775,460
Cap Rate 7%
$553,900
Cap Rate 9%
$430,811
Alternative Uses
Best Use
Multifamily LT 5
$553.9K
$484.7K – $646.2K
NOI $38,773 @ 7.0% cap · market cap 8.43%
Second Best
Apartment 5plus
$448.0K
$392.0K – $522.7K
NOI $31,360 @ 7.0% cap · market cap 6.82%
Theoretical Best
Office A
$1.19M
$1.05M – $1.39M
NOI $83,608 @ 7.0% cap · market cap 18.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,020
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
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 - Well-maintained multifamily property with four two-bedroom units and individually paid gas and electric.
Where is this quadplex located?
The property is located at 3205 Orchard Manor Circle Louisville, KY.
What is the asking price?
The asking price for this property is $459,900.
What are key features of this property?
This property features: 4,608 SF brick apartment building with 4 units; Each unit offers 2 bedrooms, 1 bathroom, living room, dining room, and kitchen; Annual leases with monthly rent payments
