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 Market23
Property Features for 403 Gernert Ct
General Information
Standard status
Active
Size
3,232 SF
Property subtype
Residential Income
Additional Details
Public Transit
Yes
Multifamily Units
4
Listing Agency:
simpler.realestate
(502) 619-2550
Listed By:
Griffin D Hicks · License #273783
(502) 619-2550
Source:
Exprealty
Added: Aug 5
Changed: Aug 20
Last Checked: Aug 26 at 12:16PM
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 = 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
$27,195
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
7.55%
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%
$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
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
$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 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%
$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
Property Profile
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
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
