6-Unit Apartment
For Sale
$470,000
3409 Prestwood Dr, Louisville, KY 40219
Six residences offer a two-bedroom layout with laundry hookups and open living and dining areas.
Property Size5,103 SF
Price / SF$92.10
Days on Market18
Property Features for 3409 Prestwood Dr
General Information
Standard status
Active
Size
5,103 SF
Property subtype
Multi-Family
Site & Location
Highway Access
Yes
Road Access
Yes
Units
Unit Mix
6 x 2BR/1BA
Multifamily Units
6
Amenities
laundry hook-ups
Building Details
Year Built
1968
Buildings
1
Listing Agency:
RE/MAX Premier Properties
Listed By:
RE Solutions
(502) 219-3500
Source:
Resolutions
Added: Oct 1
Changed: Oct 16
Last Checked: Oct 16 at 8:35AM
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 RE/MAX Premier Properties
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Investment Insights
Based on property information with market context.
Built in 1968, this 5,103-square-foot apartment property contains six units. Each residence has two bedrooms, one bathroom, laundry hookups, and an open living and dining area. Five units are occupied, with one currently vacant.
The property sits just off Preston Highway, with access to Fern Valley Road and I-65. The owner covers water and trash service; tenants pay LG&E and other utilities.
The property sits just off Preston Highway, with access to Fern Valley Road and I-65. The owner covers water and trash service; tenants pay LG&E and other utilities.
Key Highlights
- Six units, each with 2 bedrooms and 1 bathroom
- 5,103‑square‑foot apartment property built in 1968
- Five units occupied; one unit vacant
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$34,729
Cap Rate
7.39%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$694,580
$694.6K
Cap Rate 7%
$496,129
$496.1K
Cap Rate 9%
$385,878
$385.9K
Market Conditions
NOI Build-Up for 5,103 SF
Gross rent
$66.7K $13.08/SF
− Vacancy
−$3.6K −$0.71/SF
EGI
$63.1K $12.37/SF
− OpEx
−$28.4K −$5.57/SF
NOI
$34.7K $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%
$694,580
Cap Rate 7%
$496,129
Cap Rate 9%
$385,878
Alternative Uses
Best Use
Apartment 5plus
$496.1K
$434.1K – $578.8K
NOI $34,729 @ 7.0% cap · market cap 7.39%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.32M
$1.16M – $1.54M
NOI $92,589 @ 7.0% cap · market cap 19.70%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
6
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
669
Businesses Nearby
Explore this area
Business Placement
Demographics for 40219, KY
40,300
Population
16,699
Households
2.4
Avg Household Size
37
Median Age
20%
College-Educated
87%
High-School Grad
14.9 sq mi
ZIP Area
2,705
Density / Sq Mi
$52,271
Median Household Income
$37,108
Median Earnings
$967
Median Rent
$186,000
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - Six residences offer a two-bedroom layout with laundry hookups and open living and dining areas.
Where is this apartment building located?
The property is located at 3409 Prestwood Dr Louisville, KY.
What is the asking price?
The asking price for this property is $470,000.
What are key features of this property?
This property features: Six units, each with 2 bedrooms and 1 bathroom; 5,103‑square‑foot apartment property built in 1968; Five units occupied; one unit vacant
