6-Unit Apartment
For Sale
$500,000
3217 Fordhaven Rd, Louisville, KY 40214
6 identical two-bedroom, one-bath units with dedicated laundry rooms and spacious kitchens in a 1973 building.
Property Size3,520 SF
Price / SF$142.05
Days on Market50
Property Features for 3217 Fordhaven Rd
General Information
Standard status
Active
Size
3,520 SF
Property subtype
Multi-Family
Units
Unit Mix
6 x 2BR/1BA
Multifamily Units
6
Amenities
dedicated laundry room
Building Details
Year Built
1973
Listing Agency:
BERKSHIRE HATHAWAY HomeServices, Parks & Weisberg Realtors
Listed By:
Kiara A Harriott · License #274248
(502) 416-3681
Source:
Familyrealty
Added: Jul 28
Changed: Sep 15
Last Checked: Sep 14 at 7:35PM
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 BERKSHIRE HATHAWAY HomeServices, Parks & Weisberg Realtors
Investment Insights
Based on property information with market context.
This well-maintained 6-unit apartment building features six identical units. Each unit offers two bedrooms and one bathroom, plus a dedicated laundry room and a spacious kitchen with ample cabinet and counter space. The functional layouts and generous living spaces are designed to support everyday tenant use.
The property is located at 3217 Fordhaven Rd in Louisville, KY 40214. It was built in 1973 and totals 5,270 SF.
The consistent unit design can simplify leasing and operations by providing a uniform offering across all six apartments.
The property is located at 3217 Fordhaven Rd in Louisville, KY 40214. It was built in 1973 and totals 5,270 SF.
The consistent unit design can simplify leasing and operations by providing a uniform offering across all six apartments.
Key Highlights
- 6 identical apartment units
- Each unit offers 2 bedrooms and 1 bathroom
- Dedicated laundry room in each unit
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
$30,823
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
6.16%
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%
$616,460
$616.5K
Cap Rate 7%
$440,329
$440.3K
Cap Rate 9%
$342,478
$342.5K
Market Conditions
NOI Build-Up for 3,520 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
$61.2K $17.40/SF
− Vacancy
−$5.2K −$1.48/SF
EGI
$56.0K $15.92/SF
− OpEx
−$25.2K −$7.16/SF
NOI
$30.8K $8.76/SF
Area
ZIP 40214
Vacancy
8.50%
Lease Rate
$17.40 /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%
$616,460
Cap Rate 7%
$440,329
Cap Rate 9%
$342,478
Alternative Uses
Best Use
Apartment 5plus
$440.3K
$385.3K – $513.7K
NOI $30,823 @ 7.0% cap · market cap 6.16%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$843.4K
$738.0K – $984.0K
NOI $59,041 @ 7.0% cap · market cap 11.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
123
Businesses Nearby
Explore this area
Business Placement
Demographics for 40214, KY
46,220
Population
20,459
Households
2.3
Avg Household Size
37
Median Age
23%
College-Educated
85%
High-School Grad
15.0 sq mi
ZIP Area
3,081
Density / Sq Mi
$53,563
Median Household Income
$37,121
Median Earnings
$950
Median Rent
$176,700
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 - 6 identical two-bedroom, one-bath units with dedicated laundry rooms and spacious kitchens in a 1973 building.
Where is this apartment building located?
The property is located at 3217 Fordhaven Rd Louisville, KY.
What is the asking price?
The asking price for this property is $500,000.
What are key features of this property?
This property features: 6 identical apartment units; Each unit offers 2 bedrooms and 1 bathroom; Dedicated laundry room in each unit
