14-Unit Apartment
For Sale
$850,000
3610-3614 Del Park Ter, Louisville, KY 40211
All residences feature one-bedroom, one-bath layouts with individually metered LG&E service.
Property Size9,824 SF
Price / SF$86.52
Days on Market232
Property Features for 3610-3614 Del Park Ter
General Information
Standard status
Active
Size
9,824 SF
Property subtype
Multifamily
Units
Unit Mix
14 x 1BR/1BA
Multifamily Units
14
Additional Details
Gross Income
$96,000
Highway Access
Yes
Amenities
Water
Sewer
Building Details
Year Built
1928
Listing Agency:
Colliers
(502) 387-1957
Listed By:
Brigitte Owens
(502) 387-1957
Source:
Kcrea.resimplifi
Added: Jan 11
Changed: Aug 30
Last Checked: Aug 30 at 5:58PM
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 9824-square-foot apartment building contains 14 one-bedroom, one-bath residences. Twelve units measure 550+ SF, while the remaining two are 800+ SF. Four units are currently vacant, including two that have been renovated and are being prepared for leasing. Completed capital improvements are also in place, and each residence has a separate LG&E meter; water and sewer are shared across the property.
Built in 1928, the property is located at 3610-3614 Del Park Ter in Louisville’s West Louisville industrial/residential corridor. Immediate access to I-264 supports connectivity across the city. The asset’s configuration, unit mix, utility metering, and recent improvements provide a clear overview for multifamily buyers evaluating the property.
Built in 1928, the property is located at 3610-3614 Del Park Ter in Louisville’s West Louisville industrial/residential corridor. Immediate access to I-264 supports connectivity across the city. The asset’s configuration, unit mix, utility metering, and recent improvements provide a clear overview for multifamily buyers evaluating the property.
Key Highlights
- 14 apartment units, all configured as one‑bedroom / one‑bath residences
- 9824 SF building constructed in 1928
- 12 of 14 units are 550+ SF; 2 units are 800+ SF
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
$66,857
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
7.87%
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%
$1,337,140
$1.3M
Cap Rate 7%
$955,100
$955.1K
Cap Rate 9%
$742,856
$742.9K
Market Conditions
NOI Build-Up for 9,824 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
$128.5K $13.08/SF
− Vacancy
−$6.9K −$0.71/SF
EGI
$121.6K $12.37/SF
− OpEx
−$54.7K −$5.57/SF
NOI
$66.9K $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%
$1,337,140
Cap Rate 7%
$955,100
Cap Rate 9%
$742,856
Alternative Uses
Best Use
Apartment 5plus
$955.1K
$835.7K – $1.11M
NOI $66,857 @ 7.0% cap · market cap 7.87%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.55M
$2.23M – $2.97M
NOI $178,247 @ 7.0% cap · market cap 20.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
14
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
419
Businesses Nearby
Explore this area
Business Placement
Demographics for 40211, KY
21,310
Population
11,450
Households
1.9
Avg Household Size
37
Median Age
11%
College-Educated
86%
High-School Grad
7.3 sq mi
ZIP Area
2,919
Density / Sq Mi
$32,598
Median Household Income
$28,245
Median Earnings
$925
Median Rent
$97,900
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?
Apartment building - All residences feature one-bedroom, one-bath layouts with individually metered LG&E service.
Where is this apartment building located?
The property is located at 3610-3614 Del Park Ter Louisville, KY.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: 14 apartment units, all configured as one‑bedroom / one‑bath residences; 9824 SF building constructed in 1928; 12 of 14 units are 550+ SF; 2 units are 800+ SF
