14-Unit Apartment
For Sale
$1,050,000
3610 Del Park Terrace, Louisville, KY 40211
One-bedroom units feature individual LG&E metering, with shared water and sewer service.
Property Size9,824 SF
Price / SF$106.88
Days on Market26
Property Features for 3610 Del Park Terrace
General Information
Standard status
Active
Size
9,824 SF
Property subtype
Multi-Family
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Units
Unit Mix
12 x 1BR/1BA (550+ SF), 2 x 1BR/1BA (800+ SF)
Multifamily Units
14
Additional Details
Gross Income
$96,000
Building Details
Year Built
1929
Listing Agency:
Colliers
Listed By:
Desmond Martin · License #KENTUCKY276420
(502) 553-3296
Source:
Familyrealty
Added: Aug 8
Changed: Aug 31
Last Checked: Sep 1 at 9:32PM
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.
Built in 1929, this 9,824-square-foot apartment building contains 14 one-bedroom, one-bath units. Twelve apartments measure approximately 550+ SF, while two larger units measure approximately 800+ SF. Four units are currently vacant, including two that have recently been renovated and are in lease-up. Recent ownership improvements have addressed portions of the property’s near-term capital needs.
Each apartment is individually metered for LG&E, while water and sewer are common services. The property is in West Louisville with access to I-264 and major Louisville corridors. It also benefits from nearby community investment and redevelopment activity.
Each apartment is individually metered for LG&E, while water and sewer are common services. The property is in West Louisville with access to I-264 and major Louisville corridors. It also benefits from nearby community investment and redevelopment activity.
Key Highlights
- 14‑unit apartment building with an all one‑bedroom, one‑bath unit mix
- 12 units approximately 550+ SF; 2 units approximately 800+ SF
- Four current vacancies, including two recently renovated units in lease‑up
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
6.37%
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 6.37%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.55M
$2.23M – $2.97M
NOI $178,247 @ 7.0% cap · market cap 16.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
14
Residential units
Yes
Highway access
Yes
Utilities to site
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - One-bedroom units feature individual LG&E metering, with shared water and sewer service.
Where is this apartment building located?
The property is located at 3610 Del Park Terrace Louisville, KY.
What is the asking price?
The asking price for this property is $1,050,000.
What are key features of this property?
This property features: 14‑unit apartment building with an all one‑bedroom, one‑bath unit mix; 12 units approximately 550+ SF; 2 units approximately 800+ SF; Four current vacancies, including two recently renovated units in lease‑up
