Building Details

Building Size 19,188 SF

Units 17

Listing Agency: Hoagland Commercial Realtors

Listed By: Chapman Silander · License #252813 Show Phone

Source: Commercialcafe

Added: Sep 1 Last Checked: Sep 2 at 1:52PM

Report an Issue

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 Hoagland Commercial Realtors

Investment Insights

Based on property information with market context.

This multifamily property is located at 3815 Grandview Avenue in Saint Matthews, Kentucky. The site is positioned near Shelbyville Road, Breckenridge Lane, and I-264, providing access to key roads serving the area.

The surrounding setting includes restaurants, retailers, professional services, and residential neighborhoods. Its Saint Matthews location places the property within an established commercial area of Louisville.

Key Highlights

• Multifamily property at 3815 Grandview Avenue
• Located in Saint Matthews, Kentucky
• Near Shelbyville Road, Breckenridge Lane, and I‑264

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

$130,584

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

6.03%

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%

$2,611,680 $2.6M

Cap Rate 7%

$1,865,486 $1.9M

Cap Rate 9%

$1,450,933 $1.5M

Market Conditions

NOI Build-Up for 19,188 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

$251.0K $13.08/SF

− Vacancy

−$13.6K −$0.71/SF

EGI

$237.4K $12.37/SF

− OpEx

−$106.8K −$5.57/SF

NOI

$130.6K $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%

$2,611,680

Cap Rate 7%

$1,865,486

Cap Rate 9%

$1,450,933

Alternative Uses

Best Use

Apartment 5plus

$1.87M

$1.63M – $2.18M (±1% cap)

NOI $130,584 @ 7.0% cap · market cap 6.03%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$4.97M

$4.35M – $5.80M (±1% cap)

NOI $348,147 @ 7.0% cap · market cap 16.07%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Multifamily properties

Suggested Use

Top Pick Parking Lot & Garage (Bike/Boat/Book/etc) Store HVAC Service Computer & Electronic Repair Barber Shop Florist

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Yes

Highway access

Location Intelligence

Trade Area within ½ mile

1,566

Businesses Nearby

Explore this area Business Placement

Demographics for 40207, KY

30,104

Population

14,507

Households

2.1

Avg Household Size

43

Median Age

68%

College-Educated

98%

High-School Grad

11.7 sq mi

ZIP Area

2,573

Density / Sq Mi

$98,583

Median Household Income

$59,242

Median Earnings

$1,248

Median Rent

$401,500

Median Home Value

Market

Vacancy Rate% for Multifamily in South region

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this multifamily properties located? What is the asking price? Find similar properties What are key features of this property?

Frequently Asked Questions

What type of property is this?

Multifamily property - Situated near retail, dining, professional services, and established residential neighborhoods.

Where is this multifamily property located?

The property is located at 3815 Grandview Avenue Saint Matthews, KY.

What is the asking price?

The asking price for this property is $2,166,161.

What are key features of this property?

This property features: Multifamily property at 3815 Grandview Avenue; Located in Saint Matthews, Kentucky; Near Shelbyville Road, Breckenridge Lane, and I‑264