Updated Quadplex with Unit Coming
4221 S 2nd St Louisville, KY 40214
For Sale
Contact for pricing
Four-unit updated quadplex with one unit expected soon, offering owner-occupant and rental flexibility.
Property Size3,024 SF
Price / SF$122.35
Days on Market58
Property Features for 4221 S 2nd St
General Information
- Standard status
- Active
- Size
- 3,024 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 1960
Listing Agency:
Housing Associates
Listed By:
Rob Bergeron · License #KY 75085
Source:
Crexi
Added: May 27
Changed: Jul 10
Last Checked: Jul 23 at 4:29PM
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 Housing Associates
Investment Insights
Based on property information with market context.
This updated quadplex contains four residential units and offers meaningful improvements throughout. One unit is expected to become available soon, creating flexibility for an owner-occupant seeking a shorter transition time, or for an investor looking to lease multiple units.
The property is located at 4221 S 2nd St in Louisville, Kentucky. It is described as being minutes from Noble Funk Brewing Company, Huston Quin Park, and George Rogers Clark Park, placing residents within reach of local destinations.
As a multi-family income property, the four-unit layout can support a variety of ownership strategies, including living in one unit while renting the others. With the work already completed via updates throughout, the asset presents as a more manageable option compared to a property requiring major renovations, while the upcoming availability adds timing advantage for a new tenant or owner plan.
The property is located at 4221 S 2nd St in Louisville, Kentucky. It is described as being minutes from Noble Funk Brewing Company, Huston Quin Park, and George Rogers Clark Park, placing residents within reach of local destinations.
As a multi-family income property, the four-unit layout can support a variety of ownership strategies, including living in one unit while renting the others. With the work already completed via updates throughout, the asset presents as a more manageable option compared to a property requiring major renovations, while the upcoming availability adds timing advantage for a new tenant or owner plan.
Key Highlights
- Four‑unit quadplex built in 1960
- Updated quadplex with meaningful updates throughout
- One additional unit expected soon, offering owner‑occupant and rental flexibility
Financial Insights For Multifamily LT 5
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 | $45.4k | $15.00 |
| − Vacancy | −$3.7k | −$1.21 |
| EGI | $41.7k | $13.79 |
| − OpEx | −$12.5k | −$4.14 |
| NOI | $29.2k | $9.65 |
3,024 SF · lease $15.00/SF/yr · vacancy 8.07% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$417.0K
$364.9K – $486.5K
NOI $29,190 @ 7.0% cap · market cap 7.89%
Second Best
Apartment 5plus
$378.3K
$331.0K – $441.3K
NOI $26,480 @ 7.0% cap · market cap 7.16%
Theoretical Best
Office A
$724.6K
$634.0K – $845.4K
NOI $50,722 @ 7.0% cap · market cap 13.71%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Quadplexes
FAQs
What type of property is this?
Quadplex - Four-unit updated quadplex with one unit expected soon, offering owner-occupant and rental flexibility.
Where is this quadplex located?
The property is located at 4221 S 2nd St Louisville, KY.
What is the asking price?
The asking price for this property is $370,000.
What are key features of this property?
This property features: Four‑unit quadplex built in 1960; Updated quadplex with meaningful updates throughout; One additional unit expected soon, offering owner‑occupant and rental flexibility
