Hurstbourne Ridge Condo with
For Sale
$300,000
3745 Hurstbourne Ridge Blvd, Louisville, KY 40299
Well-maintained condo near shopping, dining, and medical centers.
Property Size2,765 SF
Price / SF$108.50
Days on Market373
Property Features for 3745 Hurstbourne Ridge Blvd
General Information
Standard status
Active
Size
2,765 SF
Property subtype
Condominium
Taxes and HOA fees
Annual Taxes
$5,416
Amenities
Fireplace
Forced Air
Natural Gas
Central Air
Electric
Electricity Connected, Fuel:Natural, Shingle
Building Details
Building Size
2,765 SF
Year Built
1993
Stories
2
Listing Agency:
Keller Williams Realty Louisville Highlands
Listed By:
Scott Breland · License #223472
(502) 727-8573
Source:
Kw
Added: Aug 27, 2025
Changed: Sep 2
Last Checked: Sep 3 at 5:08AM
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 Keller Williams Realty Louisville Highlands
Investment Insights
Based on property information with market context.
This well-maintained condo in Hurstbourne Ridge features 3 bedrooms and 3 bathrooms. The property is conveniently located minutes from shopping, dining, expressways, and medical centers. The interior features an open, light-filled layout with vaulted ceilings, skylights, and two fireplaces. The primary suite includes a walk-in closet and a spa-style bath with a jetted tub. The fully equipped kitchen and generous secondary bedrooms make it suitable for professionals, small families, or downsizers seeking room to entertain. Community amenities include a clubhouse, swimming pool, and well-kept grounds. A private garage and additional storage are included. The property size is 2765 square feet.
Key Highlights
- Prime Location: Minutes from shopping, dining, expressways, and medical centers.
- Low‑Maintenance Living: Enjoy the condo lifestyle with community amenities and well‑kept grounds.
- Spacious Layout: Featuring 3 bedrooms, 3 baths, an open floor plan, and vaulted ceilings.
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
$23,281
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
7.76%
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%
$465,620
$465.6K
Cap Rate 7%
$332,586
$332.6K
Cap Rate 9%
$258,678
$258.7K
Market Conditions
NOI Build-Up for 2,765 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
$44.8K $16.20/SF
− Vacancy
−$2.5K −$0.89/SF
EGI
$42.3K $15.31/SF
− OpEx
−$19.0K −$6.89/SF
NOI
$23.3K $8.42/SF
Area
ZIP 40299
Vacancy
5.50%
Lease Rate
$16.20 /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%
$465,620
Cap Rate 7%
$332,586
Cap Rate 9%
$258,678
Alternative Uses
Best Use
Apartment 5plus
$332.6K
$291.0K – $388.0K
NOI $23,281 @ 7.0% cap · market cap 7.76%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$676.9K
$592.3K – $789.7K
NOI $47,381 @ 7.0% cap · market cap 15.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
230
Businesses Nearby
Explore this area
Business Placement
Demographics for 40299, KY
43,030
Population
17,567
Households
2.4
Avg Household Size
41
Median Age
41%
College-Educated
95%
High-School Grad
54.0 sq mi
ZIP Area
797
Density / Sq Mi
$85,419
Median Household Income
$50,427
Median Earnings
$1,290
Median Rent
$274,900
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 - Well-maintained condo near shopping, dining, and medical centers.
Where is this apartment building located?
The property is located at 3745 Hurstbourne Ridge Blvd Louisville, KY.
What is the asking price?
The asking price for this property is $300,000.
What are key features of this property?
This property features: Prime Location: Minutes from shopping, dining, expressways, and medical centers.; Low‑Maintenance Living: Enjoy the condo lifestyle with community amenities and well‑kept grounds.; Spacious Layout: Featuring 3 bedrooms, 3 baths, an open floor plan, and vaulted ceilings.
