For Sale
$1,100,000
3221-3235 Orchard Manor Cir, Louisville, KY 40220
Apartment buildings
Property Size11,500 SF
Price / SF$95.65
Days on Market75
Property Features for 3221-3235 Orchard Manor Cir
General Information
Standard status
Active
Size
11,500 SF
Property subtype
Multifamily
Zoning
R6
Listing Agency:
Colliers
(502) 442-9397
Listed By:
Jonathan Fairfield
(502) 442-9397
Source:
Kcrea.resimplifi
Added: Jun 18
Changed: Aug 29
Last Checked: Aug 30 at 1:55PM
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 Colliers
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
$78,264
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
7.11%
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%
$1,565,280
$1.6M
Cap Rate 7%
$1,118,057
$1.1M
Cap Rate 9%
$869,600
$869.6K
Market Conditions
NOI Build-Up for 11,500 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
$150.4K $13.08/SF
− Vacancy
−$8.1K −$0.71/SF
EGI
$142.3K $12.37/SF
− OpEx
−$64.0K −$5.57/SF
NOI
$78.3K $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%
$1,565,280
Cap Rate 7%
$1,118,057
Cap Rate 9%
$869,600
Alternative Uses
Best Use
Apartment 5plus
$1.12M
$978.3K – $1.30M
NOI $78,264 @ 7.0% cap · market cap 7.11%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.98M
$2.61M – $3.48M
NOI $208,656 @ 7.0% cap · market cap 18.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
892
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
Where is this apartment building located?
The property is located at 3221-3235 Orchard Manor Cir Louisville, KY.
What is the asking price?
The asking price for this property is $1,100,000.
