Renovated Quadplex
For Sale
$262,500
4331 S 3rd St, Louisville, KY 40214
Two four-unit residential buildings offered together, with updated interiors and most units occupied.
Property Size2,184 SF
Price / SF$120.19
Days on Market353
Property Features for 4331 S 3rd St
General Information
Standard status
Active
Size
2,184 SF
Property subtype
Residential Income
Units
Unit Mix
8 x 1BR/1BA
Multifamily Units
8
Additional Details
Highway Access
Yes
Building Details
Buildings
2
Tenancy
Multi
Listing Agency:
Allodium Real Estate
(502) 905-2653
Listed By:
Barrett Goff · License #276440
(502) 905-2653
Source:
Exprealty
Added: Sep 12, 2025
Changed: Aug 30
Last Checked: Aug 30 at 2:46AM
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 Allodium Real Estate
Investment Insights
Based on property information with market context.
This offering combines two renovated four-unit residential buildings that must be purchased together, creating an eight-unit package. Each property contains four approximately 600-square-foot units with one bedroom and one bathroom. All units are tenant occupied except Unit 2 at 4333 S 3rd St.
Interior improvements include updated kitchen cabinetry, tile in the kitchens and bathrooms, refinished pine flooring, newer appliances, and fresh paint. Each unit has a 30-gallon water heater, while each building includes two HVAC units and four window AC units. Plumbing and portions of the electrical systems have also been updated.
The buildings are located at 4331 S 3rd St and 4333 S 3rd St in Louisville, just off I-264 and minutes from the U of L campus.
Interior improvements include updated kitchen cabinetry, tile in the kitchens and bathrooms, refinished pine flooring, newer appliances, and fresh paint. Each unit has a 30-gallon water heater, while each building includes two HVAC units and four window AC units. Plumbing and portions of the electrical systems have also been updated.
The buildings are located at 4331 S 3rd St and 4333 S 3rd St in Louisville, just off I-264 and minutes from the U of L campus.
Key Highlights
- Two renovated 4‑unit buildings sold together as an 8‑unit package
- Four approximately 600 sq. ft. units in each building
- Each unit includes 1BR/1BA
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
$21,081
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
8.03%
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%
$421,620
$421.6K
Cap Rate 7%
$301,157
$301.2K
Cap Rate 9%
$234,233
$234.2K
Market Conditions
NOI Build-Up for 2,184 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
$32.8K $15.00/SF
− Vacancy
−$2.6K −$1.21/SF
EGI
$30.1K $13.79/SF
− OpEx
−$9.0K −$4.14/SF
NOI
$21.1K $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%
$421,620
Cap Rate 7%
$301,157
Cap Rate 9%
$234,233
Alternative Uses
Best Use
Multifamily LT 5
$301.2K
$263.5K – $351.4K
NOI $21,081 @ 7.0% cap · market cap 8.03%
Second Best
Apartment 5plus
$273.2K
$239.1K – $318.7K
NOI $19,124 @ 7.0% cap · market cap 7.29%
Theoretical Best
Office A
$523.3K
$457.9K – $610.5K
NOI $36,632 @ 7.0% cap · market cap 13.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
355
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Two four-unit residential buildings offered together, with updated interiors and most units occupied.
Where is this quadplex located?
The property is located at 4331 S 3rd St Louisville, KY.
What is the asking price?
The asking price for this property is $262,500.
What are key features of this property?
This property features: Two renovated 4‑unit buildings sold together as an 8‑unit package; Four approximately 600 sq. ft. units in each building; Each unit includes 1BR/1BA
