4-Unit Quadplex with
For Sale
$449,900
3424 Shagbark Rd, Louisville, KY 40216
Four two-bedroom units include a mix of one- and two-bath layouts.
Property Size3,266 SF
Price / SF$137.75
Days on Market23
Property Features for 3424 Shagbark Rd
General Information
Standard status
Active
Size
3,266 SF
Property subtype
Residential Income
Occupancy
100%
Units
Unit Mix
2 x 2BR/1BA, 2 x 2BR/2BA
Multifamily Units
4
Building Details
Buildings
1
Listing Agency:
ZHomes Real Estate
(502) 435-2496
Listed By:
Lisbeisy Echeverria
(502) 435-2496
Source:
Exprealty
Added: Aug 5
Changed: Aug 21
Last Checked: Aug 26 at 10:26AM
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 ZHomes Real Estate
Investment Insights
Based on property information with market context.
This four-unit residential property contains 3,266 SF and is fully occupied. Each unit has two bedrooms, with two units configured with one full bathroom and the remaining two offering two full bathrooms. Units 2 and 4 have received new flooring, fresh paint, updated bathrooms, and additional interior improvements.
Located at 3424 Shagbark Rd in Louisville, KY, the property offers four separate rental units under one ownership. Current tenant occupancy provides an established operating setup, while the varied bathroom configurations distinguish the individual units.
Located at 3424 Shagbark Rd in Louisville, KY, the property offers four separate rental units under one ownership. Current tenant occupancy provides an established operating setup, while the varied bathroom configurations distinguish the individual units.
Key Highlights
- Four‑unit quadplex with all units currently tenant‑occupied
- Each unit includes 2 bedrooms
- Two units have 1 full bathroom; two units have 2 full bathrooms
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
$32,282
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
7.18%
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%
$645,640
$645.6K
Cap Rate 7%
$461,171
$461.2K
Cap Rate 9%
$358,689
$358.7K
Market Conditions
NOI Build-Up for 3,266 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
$50.2K $15.36/SF
− Vacancy
−$4.0K −$1.24/SF
EGI
$46.1K $14.12/SF
− OpEx
−$13.8K −$4.24/SF
NOI
$32.3K $9.88/SF
Area
ZIP 40216
Vacancy
8.07%
Lease Rate
$15.36 /SF/Yr
Expense Ratio
30.00%
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%
$645,640
Cap Rate 7%
$461,171
Cap Rate 9%
$358,689
Alternative Uses
Best Use
Multifamily LT 5
$461.2K
$403.5K – $538.0K
NOI $32,282 @ 7.0% cap · market cap 7.18%
Second Best
Apartment 5plus
$422.6K
$369.8K – $493.1K
NOI $29,585 @ 7.0% cap · market cap 6.58%
Theoretical Best
Office A
$837.6K
$732.9K – $977.2K
NOI $58,631 @ 7.0% cap · market cap 13.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
248
Businesses Nearby
Explore this area
Business Placement
Demographics for 40216, KY
43,434
Population
19,257
Households
2.3
Avg Household Size
40
Median Age
14%
College-Educated
87%
High-School Grad
15.7 sq mi
ZIP Area
2,766
Density / Sq Mi
$50,211
Median Household Income
$35,503
Median Earnings
$883
Median Rent
$154,500
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Four two-bedroom units include a mix of one- and two-bath layouts.
Where is this quadplex located?
The property is located at 3424 Shagbark Rd Louisville, KY.
What is the asking price?
The asking price for this property is $449,900.
What are key features of this property?
This property features: Four‑unit quadplex with all units currently tenant‑occupied; Each unit includes 2 bedrooms; Two units have 1 full bathroom; two units have 2 full bathrooms
