8-Unit Apartment
3944 S 3rd St Louisville, KY 40214
New
3944 S 3rd St, Louisville, KY, 40214
$720,000
For Sale
$720,000
MULTI_FAMILY - Louisville, KY
Property Size4,944 SF
Lot Size0.12 Acres
Price / SF$145.63
Days on Market2
Property Features for 3944 S 3rd St
General Information
- Property type
- Residential Multi Family
- Property subtype
- Apartment
- Bedrooms
- 8
- Bathrooms
- 8
- Rooms
- Bedroom 1, Bedroom 4, Bathroom 3, Bathroom 1, Bedroom 3, Bathroom 6, Bathroom 8, Bedroom 5, Bedroom 6, Bedroom 7, Bathroom 2, Bathroom 7, Bathroom 4, Bedroom 8, Bedroom 2, Bathroom 5
- Exterior features
- Balcony
- Standard status
- Active
- APN
- 12055E00160000
- Size
- 4,944 SF
- Lot size
- 0.12 Acres
Utilities
- Sewer type
- Public Sewer
- Heating system
- Forced Air, Heat Pump (Heating), Natural Gas
- Cooling system
- Wall/Window Unit(s), Window Unit(s), Central Air
- Water source
- Public
Building Details
- Year built
- 1900
- Number of units
- 8
- Building materials
- Block
- Roof type
- Shingle
Listing agency
RE/MAX Premier Properties
(502) 384-5944
Listed by
Jay Pitts · License #63303
(502) 384-5944
Added: Jul 21 Checked: Jul 22 at 7:06PM
MLS# 1723957
Copyright © 2026 Greater Louisville Association of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This is an eight-unit apartment building featuring 1-bedroom, 1-bath units, with each unit separately metered. The property has off-street parking and is located on a corner lot with additional on-street parking available. All units are currently occupied except the unit shown in photos, which is scheduled to be occupied in September.
The building is located at 3944 S 3rd St in Louisville, KY 40214, with easy access to the Watterson Expressway. It is also positioned near Churchill Downs, the fairgrounds, and the University of Louisville.
The overall configuration is designed around individual, metered units and a straightforward parking setup for residents and guests.
The building is located at 3944 S 3rd St in Louisville, KY 40214, with easy access to the Watterson Expressway. It is also positioned near Churchill Downs, the fairgrounds, and the University of Louisville.
The overall configuration is designed around individual, metered units and a straightforward parking setup for residents and guests.
Key Highlights
- 8‑unit apartment building with each unit offering 1 bedroom and 1 bathroom
- All units are separately metered; all are occupied except the unit shown in photos (to be occupied in September)
- Corner lot with off‑street parking and on‑street parking available
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $86.0k | $17.40 |
| − Vacancy | −$7.3k | −$1.48 |
| EGI | $78.7k | $15.92 |
| − OpEx | −$35.4k | −$7.16 |
| NOI | $43.3k | $8.76 |
4,944 SF · lease $17.40/SF/yr · vacancy 8.50% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$618.5K
$541.2K – $721.5K
NOI $43,292 @ 7.0% cap · market cap 6.01%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.18M
$1.04M – $1.38M
NOI $82,926 @ 7.0% cap · market cap 11.52%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Apartment buildings
Similar For Sale Nearby
FAQs
What type of property is this?
Apartment building - Eight 1-bedroom, 1-bath units are separately metered, with off-street parking on a corner lot.
Where is this apartment building located?
The property is located at 3944 S 3rd St Louisville, KY.
What is the asking price?
The asking price for this property is $720,000.
What are key features of this property?
This property features: 8‑unit apartment building with each unit offering 1 bedroom and 1 bathroom; All units are separately metered; all are occupied except the unit shown in photos (to be occupied in September); Corner lot with off‑street parking and on‑street parking available
