6-Unit Apartment
New
For Sale
$470,000
3409 Prestwood Dr, Louisville, KY 40219
Multi Family, Louisville, KY
Property Size5,103 SF
Lot Size0.21 Acres
Price / SF$92.10
Days on Market5
Property Features for 3409 Prestwood Dr
General Information
Property type
Residential Multi Family
Property subtype
Apartment
Bedrooms
12
Bathrooms
6
Full bathrooms
6
Rooms
Bedroom 1, Bedroom 4, Bedroom 2, Bedroom 9, Bathroom 2, Bedroom 11, Bathroom 4, Bedroom 6, Bathroom 6, Bedroom 12, Bedroom 8, Bedroom 7, Basement, Bedroom 5, Bathroom 3, Bedroom 3, Bathroom 1, Bedroom 10, Bathroom 5
Subdivision
SHERWOOD FOREST
Lot features
Flood Insurance Req
Directions
I-65 to Preston Hwy, left on Prestwood Dr
Standard status
Active
APN
23094100570006
Size
5,103 SF
Lot size
0.21 Acres
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas, Electric (Heating)
Cooling system
Central Air
Water source
Public
Building Details
Year built
1968
Number of units
6
Building materials
Wood Frame, Brick Veneer
Roof type
Shingle
Listing Agency:
RE/MAX Premier Properties · RE/MAX International
(502) 384-5944
Listed By:
Jay Pitts · License #63303
(502) 572-0186
Added: Sep 30
Changed: Oct 2
Last Checked: Oct 4 at 11:06AM
MLS# 1730505
Copyright © 2026 Greater Louisville Association of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 6-unit apartment property contains 5,103 square feet on a 0.21-acre lot. Each apartment has two bedrooms, one bathroom, laundry hookups, and an open living and dining area. Central air is provided, and the building dates to 1968. Five units are occupied; one is vacant.
The property is just off Preston Hwy, with access to Fern Valley Rd and I-65. Public water and sewer serve the building. The owner covers trash and water, while residents pay LG&E and other utilities.
The property is just off Preston Hwy, with access to Fern Valley Rd and I-65. Public water and sewer serve the building. The owner covers trash and water, while residents pay LG&E and other utilities.
Key Highlights
- Six apartments, each with two bedrooms and one bathroom
- 5,103 square feet on a 0.21‑acre lot
- Five units occupied and one vacant
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
$34,729
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
7.39%
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%
$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
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
$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 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%
$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.
Property Analytics
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Current Use
Lease Details
6
Residential units
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Each residence has two bedrooms, one bath, laundry hookups, and an open living-dining area.
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 apartments, each with two bedrooms and one bathroom; 5,103 square feet on a 0.21‑acre lot; Five units occupied and one vacant
