Four-Unit Quadplex with
For Sale
$385,000
Pending
4400 S 2nd St, Louisville, KY 40214
Four one-bedroom residences include secure entry, basement laundry, private storage, and rear parking.
Property Size3,280 SF
Days on Market224
Property Features for 4400 S 2nd St
General Information
Standard status
Pending
Size
3,280 SF
Total Parking Spaces
4
Property subtype
Multifamily
Zoning
R6
Units
Unit Mix
4 x 1BR/1BA
Multifamily Units
4
Additional Details
Average Monthly Rent
$900
Utilities to Site
Yes
Amenities
on-site laundry
private storage closets
gazebo
off-street parking
secure entry
4 Parking Spaces
Building Details
Year Built
1952
Buildings
1
Stories
2
Listing Agency:
Finely Crafted Realty LLC
(502) 758-1786
Listed By:
Samantha Greer · License #215213
(502) 758-1786
Source:
Kcrea.resimplifi
Added: Jan 19
Changed: Aug 29
Last Checked: Aug 31 at 1:35PM
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 Finely Crafted Realty LLC
Investment Insights
Based on property information with market context.
This R6-zoned quadplex contains four one-bedroom apartments arranged across two levels, with two residences on each floor. Each unit includes a living room with fireplace, kitchen and dining area, bedroom, and full bathroom. Original hardwood flooring, arched openings, and wood trim add architectural character. Basement amenities include shared laundry and a dedicated storage closet for each apartment.
Recent work includes bathroom plumbing, three water heaters, roof replacement, basement painting and lighting, updated blinds in Apartment #1, and coded-access security doors at the front and rear. The property also has rear off-street parking and a gazebo. Separate electric meters serve the apartments, while common-area electric and building water are owner responsibilities. Located at 4400 S 2nd St in Louisville, the property is minutes from Churchill Downs and is offered as-is.
Recent work includes bathroom plumbing, three water heaters, roof replacement, basement painting and lighting, updated blinds in Apartment #1, and coded-access security doors at the front and rear. The property also has rear off-street parking and a gazebo. Separate electric meters serve the apartments, while common-area electric and building water are owner responsibilities. Located at 4400 S 2nd St in Louisville, the property is minutes from Churchill Downs and is offered as-is.
Key Highlights
- Four 1‑bedroom apartments with two units on each floor
- R6 zoning and 1952 construction
- New roof and three new water heaters completed in 2025
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
$31,661
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
8.22%
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%
$633,220
$633.2K
Cap Rate 7%
$452,300
$452.3K
Cap Rate 9%
$351,789
$351.8K
Market Conditions
NOI Build-Up for 3,280 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
$49.2K $15.00/SF
− Vacancy
−$4.0K −$1.21/SF
EGI
$45.2K $13.79/SF
− OpEx
−$13.6K −$4.14/SF
NOI
$31.7K $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%
$633,220
Cap Rate 7%
$452,300
Cap Rate 9%
$351,789
Alternative Uses
Best Use
Multifamily LT 5
$452.3K
$395.8K – $527.7K
NOI $31,661 @ 7.0% cap · market cap 8.22%
Second Best
Apartment 5plus
$410.3K
$359.0K – $478.7K
NOI $28,721 @ 7.0% cap · market cap 7.46%
Theoretical Best
Office A
$785.9K
$687.7K – $916.9K
NOI $55,016 @ 7.0% cap · market cap 14.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Utilities to site
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 - Four one-bedroom residences include secure entry, basement laundry, private storage, and rear parking.
Where is this quadplex located?
The property is located at 4400 S 2nd St Louisville, KY.
What is the asking price?
The asking price for this property is $385,000.
What are key features of this property?
This property features: Four 1‑bedroom apartments with two units on each floor; R6 zoning and 1952 construction; New roof and three new water heaters completed in 2025
