Updated Quadplex with Unit Coming
For Sale
$370,000
4221 S 2nd St, Louisville, KY 40214
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 Market161
Property Features for 4221 S 2nd St
General Information
Standard status
Active
Size
3,024 SF
Property subtype
Multifamily
Zoning
R5
Additional Details
Multifamily Units
4
Amenities
Power
Water
Sewer
Natural Gas
Building Details
Tenancy
Multi
Listing Agency:
Winner Realty
Listed By:
Rob Bergeron · License #75085
(502) 552-8519
Source:
Kcrea.resimplifi
Added: Apr 1
Changed: Sep 8
Last Checked: Sep 8 at 7:55AM
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 Winner Realty
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
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
$29,190
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
7.89%
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%
$583,800
$583.8K
Cap Rate 7%
$417,000
$417.0K
Cap Rate 9%
$324,333
$324.3K
Market Conditions
NOI Build-Up for 3,024 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
$45.4K $15.00/SF
− Vacancy
−$3.7K −$1.21/SF
EGI
$41.7K $13.79/SF
− OpEx
−$12.5K −$4.14/SF
NOI
$29.2K $9.65/SF
Area
ZIP 40214
Vacancy
8.07%
Lease Rate
$15.00 /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%
$583,800
Cap Rate 7%
$417,000
Cap Rate 9%
$324,333
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 authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
313
Businesses Nearby
Explore this area
Business Placement
Demographics for 40214, KY
46,220
Population
20,459
Households
2.3
Avg Household Size
37
Median Age
23%
College-Educated
85%
High-School Grad
15.0 sq mi
ZIP Area
3,081
Density / Sq Mi
$53,563
Median Household Income
$37,121
Median Earnings
$950
Median Rent
$176,700
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 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
