Renovated 4-Unit
For Sale
$262,500
4333 S 3rd St, Louisville, KY 40214
Two updated buildings contain eight one-bedroom apartments with refreshed kitchens, flooring, appliances, and paint.
Property Size2,184 SF
Price / SF$120.19
Days on Market258
Property Features for 4333 S 3rd St
General Information
Standard status
Active
Size
2,184 SF
Property subtype
Residential Income
Occupancy
88%
Units
Unit Mix
8 x 1BR/1BA
Multifamily Units
8
Additional Details
Highway Access
Yes
Building Details
Buildings
2
Listing Agency:
Allodium Real Estate
(502) 905-2653
Listed By:
Barrett Goff · License #276440
(502) 905-2653
Source:
Exprealty
Added: Dec 16, 2025
Changed: Aug 30
Last Checked: Aug 30 at 3:29PM
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 Allodium Real Estate
Investment Insights
Based on property information with market context.
This offering includes two renovated four-unit buildings that are being sold together, for a total of eight apartments. Each unit is approximately 600 square feet with one bedroom and one bathroom. Interior improvements include updated kitchen cabinets, tile in the kitchens and bathrooms, refinished pine floors, newer appliances, and fresh paint. Plumbing and partial electrical systems have also been updated.
Each building is equipped with two HVAC units, one located in the crawl space and one in the attic, with systems shared by floor tenants. Every unit has a 30-gallon water heater, and the property includes eight window AC units. All units are tenant occupied except Unit 2 at 4333 S 3rd St.
The properties are located just off I-264 and minutes from the U of L campus. The referenced building at 4333 S 3rd St is part of the combined eight-door offering.
Each building is equipped with two HVAC units, one located in the crawl space and one in the attic, with systems shared by floor tenants. Every unit has a 30-gallon water heater, and the property includes eight window AC units. All units are tenant occupied except Unit 2 at 4333 S 3rd St.
The properties are located just off I-264 and minutes from the U of L campus. The referenced building at 4333 S 3rd St is part of the combined eight-door offering.
Key Highlights
- Two renovated 4‑unit buildings offered together for a total of 8 doors
- Each building has 4 units of approximately 600 sq. ft.; each unit is 1BR/1BA
- All units are tenant occupied except 4333 Unit 2
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
87.5%
Occupancy
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
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Frequently Asked Questions
What type of property is this?
Quadplex - Two updated buildings contain eight one-bedroom apartments with refreshed kitchens, flooring, appliances, and paint.
Where is this quadplex located?
The property is located at 4333 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 offered together for a total of 8 doors; Each building has 4 units of approximately 600 sq. ft.; each unit is 1BR/1BA; All units are tenant occupied except 4333 Unit 2
