24-Unit Apartment
For Sale
$2,550,000
3242 3245 Orchard Manor Cir, Louisville, KY 40220
R7-zoned multifamily property with renovated interiors, on-site laundry hookups, and separately metered utilities.
Property Size25,600 SF
Price / SF$99.61
Days on Market265
Property Features for 3242 3245 Orchard Manor Cir
General Information
Standard status
Active
Size
25,600 SF
Property subtype
Multifamily
Zoning
R7
Units
Unit Mix
12 x 2BR/2BA, 12 x 1BR/1BA
Multifamily Units
24
Additional Details
Utilities to Site
Yes
Amenities
W/D hookups
Listing Agency:
Colliers
Listed By:
Jonathan Fairfield
(502) 442-9397
Source:
Kcrea.resimplifi
Added: Jan 15
Changed: Oct 2
Last Checked: Oct 7 at 8:30AM
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
Investment Insights
Based on property information with market context.
This 24-unit apartment property at 3242 and 3245 Orchard Manor Cir includes 12 two-bedroom, two-bath units and 12 one-bedroom, one-bath units. The residences are arranged at the end of a cul-de-sac, and 12 units have washer and dryer hookups. Interior renovations across a majority of the units include LVP flooring, refreshed kitchen finishes, updated bathrooms, and newer appliances.
The property contains 25,600 square feet and is zoned R7. Units are separately metered for LG&E, with tenants responsible for that utility cost, and tenants also pay a flat monthly water charge. Capital improvements include new roofs completed in 2021 and resurfaced parking lots in 2026. The property is located in Louisville near shopping and other amenities.
The property contains 25,600 square feet and is zoned R7. Units are separately metered for LG&E, with tenants responsible for that utility cost, and tenants also pay a flat monthly water charge. Capital improvements include new roofs completed in 2021 and resurfaced parking lots in 2026. The property is located in Louisville near shopping and other amenities.
Key Highlights
- 24 units comprising 12 two‑bedroom/two‑bath and 12 one‑bedroom/one‑bath residences
- 25,600‑square‑foot apartment property zoned R7
- Majority of units renovated with LVP flooring, refreshed kitchens, updated bathrooms, and newer appliances
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$174,221
Cap Rate
6.83%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,484,420
$3.5M
Cap Rate 7%
$2,488,871
$2.5M
Cap Rate 9%
$1,935,789
$1.9M
Market Conditions
NOI Build-Up for 25,600 SF
Gross rent
$334.8K $13.08/SF
− Vacancy
−$18.1K −$0.71/SF
EGI
$316.8K $12.37/SF
− OpEx
−$142.5K −$5.57/SF
NOI
$174.2K $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%
$3,484,420
Cap Rate 7%
$2,488,871
Cap Rate 9%
$1,935,789
Alternative Uses
Best Use
Apartment 5plus
$2.49M
$2.18M – $2.90M
NOI $174,221 @ 7.0% cap · market cap 6.83%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.64M
$5.81M – $7.74M
NOI $464,486 @ 7.0% cap · market cap 18.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
24
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
919
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 - R7-zoned multifamily property with renovated interiors, on-site laundry hookups, and separately metered utilities.
Where is this apartment building located?
The property is located at 3242 3245 Orchard Manor Cir Louisville, KY.
What is the asking price?
The asking price for this property is $2,550,000.
What are key features of this property?
This property features: 24 units comprising 12 two‑bedroom/two‑bath and 12 one‑bedroom/one‑bath residences; 25,600‑square‑foot apartment property zoned R7; Majority of units renovated with LVP flooring, refreshed kitchens, updated bathrooms, and newer appliances
