Brick Quadplexes with Two-Bedroom
For Sale
$415,000
Pending
4204 Billtown Rd, Louisville, KY 40299
Two brick apartment buildings offer occupied units, practical layouts, and R-7 zoning in Jeffersontown.
Property Size3,360 SF
Days on Market445
Property Features for 4204 Billtown Rd
General Information
Standard status
Pending
Size
3,360 SF
Total Parking Spaces
8
Property subtype
Multifamily
Zoning
R-7
Occupancy
100%
Financials
Cap Rate
8%
Average Monthly Rent
$925
Units
Unit Mix
8 x 2BR/1BA
Multifamily Units
8
Amenities
Water
Sewer
8 Parking Spaces
Building Details
Year Built
1971
Buildings
2
Construction
brick
Listing Agency:
The Agency Louisville
Listed By:
Jason Farabee · License #276464
(502) 649-5181
Source:
Kcrea.resimplifi
Added: Jun 16, 2025
Changed: Aug 30
Last Checked: Sep 2 at 1:21PM
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 The Agency Louisville
Investment Insights
Based on property information with market context.
This offering includes two brick apartment buildings at 4204 and 4210 Billtown Rd in Jeffersontown. Each building contains four two-bedroom, one-bath apartments with functional floor plans. Built in 1971, the properties feature established brick construction and straightforward residential layouts suited to ongoing apartment operations. The units are currently occupied.
The property is located in Louisville’s east end near major employers, shopping, and parks. R-7 zoning supports the existing multifamily configuration. Current operating information reflects an estimated 8% cap rate based on rents and expenses that include property taxes, common-area electric, water, and insurance. Trash service is included with the property taxes.
The property is located in Louisville’s east end near major employers, shopping, and parks. R-7 zoning supports the existing multifamily configuration. Current operating information reflects an estimated 8% cap rate based on rents and expenses that include property taxes, common-area electric, water, and insurance. Trash service is included with the property taxes.
Key Highlights
- Two brick apartment buildings at 4204 and 4210 Billtown Rd
- Each building contains four 2‑bedroom, 1‑bath units
- All units are occupied
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
$30,763
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
7.41%
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%
$615,260
$615.3K
Cap Rate 7%
$439,471
$439.5K
Cap Rate 9%
$341,811
$341.8K
Market Conditions
NOI Build-Up for 3,360 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
$46.4K $13.80/SF
− Vacancy
−$2.4K −$0.72/SF
EGI
$43.9K $13.08/SF
− OpEx
−$13.2K −$3.92/SF
NOI
$30.8K $9.16/SF
Area
ZIP 40299
Vacancy
5.22%
Lease Rate
$13.80 /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%
$615,260
Cap Rate 7%
$439,471
Cap Rate 9%
$341,811
Alternative Uses
Best Use
Multifamily LT 5
$439.5K
$384.5K – $512.7K
NOI $30,763 @ 7.0% cap · market cap 7.41%
Second Best
Apartment 5plus
$404.2K
$353.6K – $471.5K
NOI $28,291 @ 7.0% cap · market cap 6.82%
Theoretical Best
Office A
$822.5K
$719.7K – $959.6K
NOI $57,577 @ 7.0% cap · market cap 13.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
8
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
256
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?
Quadplex - Two brick apartment buildings offer occupied units, practical layouts, and R-7 zoning in Jeffersontown.
Where is this quadplex located?
The property is located at 4204 Billtown Rd Louisville, KY.
What is the asking price?
The asking price for this property is $415,000.
What are key features of this property?
This property features: Two brick apartment buildings at 4204 and 4210 Billtown Rd; Each building contains four 2‑bedroom, 1‑bath units; All units are occupied
