4-Unit Enterprise Zone
For Sale
$360,000
403 Gernert Ct, Louisville, KY 40217
Four-unit multifamily property with transit access and proximity to Germantown and the University of Louisville.
Property Size3,232 SF
Price / SF$111.39
Days on Market61
Property Features for 403 Gernert Ct
General Information
Standard status
Active
Size
3,232 SF
Property subtype
Multi-Family
Additional Details
Public Transit
Yes
Multifamily Units
4
Building Details
Year Built
1925
Listing Agency:
simpler.realestate
Listed By:
Griffin D Hicks · License #273783
(502) 619-2550
Source:
Familyrealty
Added: Aug 12
Changed: Oct 4
Last Checked: Oct 7 at 1:12PM
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 simpler.realestate
Investment Insights
Based on property information with market context.
This four-unit multifamily property contains 3,232 square feet and is located at 403 Gernert Ct in Louisville, Kentucky. The quadplex is positioned within an Enterprise Zone and offers an established income-producing configuration for multifamily ownership.
The property is near Germantown and the University of Louisville, with access to restaurants, schools, employers, public transportation, and major roadways. A bus line serves the area, adding transit connectivity for residents and nearby users.
The property is near Germantown and the University of Louisville, with access to restaurants, schools, employers, public transportation, and major roadways. A bus line serves the area, adding transit connectivity for residents and nearby users.
Key Highlights
- Four‑unit quadplex with 3,232 square feet
- Located within an Enterprise Zone
- Served by a nearby bus line
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$27,195
Cap Rate
7.55%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$543,900
$543.9K
Cap Rate 7%
$388,500
$388.5K
Cap Rate 9%
$302,167
$302.2K
Market Conditions
NOI Build-Up for 3,232 SF
Gross rent
$41.1K $12.72/SF
− Vacancy
−$2.3K −$0.70/SF
EGI
$38.8K $12.02/SF
− OpEx
−$11.7K −$3.61/SF
NOI
$27.2K $8.41/SF
Area
Louisville, KY
Vacancy
5.50%
Lease Rate
$12.72 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$543,900
Cap Rate 7%
$388,500
Cap Rate 9%
$302,167
Alternative Uses
Best Use
Multifamily LT 5
$388.5K
$339.9K – $453.3K
NOI $27,195 @ 7.0% cap · market cap 7.55%
Second Best
Apartment 5plus
$314.2K
$274.9K – $366.6K
NOI $21,995 @ 7.0% cap · market cap 6.11%
Theoretical Best
Office A
$837.7K
$733.0K – $977.4K
NOI $58,641 @ 7.0% cap · market cap 16.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
882
Businesses Nearby
Explore this area
Business Placement
Demographics for 40217, KY
13,061
Population
6,840
Households
1.9
Avg Household Size
36
Median Age
48%
College-Educated
95%
High-School Grad
2.4 sq mi
ZIP Area
5,442
Density / Sq Mi
$68,573
Median Household Income
$48,298
Median Earnings
$1,150
Median Rent
$220,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Four-unit multifamily property with transit access and proximity to Germantown and the University of Louisville.
Where is this quadplex located?
The property is located at 403 Gernert Ct Louisville, KY.
What is the asking price?
The asking price for this property is $360,000.
What are key features of this property?
This property features: Four‑unit quadplex with 3,232 square feet; Located within an Enterprise Zone; Served by a nearby bus line
