31-Unit Apartment
For Sale
$2,387,000
4728 Southern Pkwy, Louisville, KY 40214
Two-building multifamily asset with additional renovation units and recent capital improvements.
Property Size19,925 SF
Days on Market153
Property Features for 4728 Southern Pkwy
General Information
Standard status
Active
Size
19,925 SF
Property subtype
Multifamily
Occupancy
94%
Amenities
In-Place 7.17 Percent Cap Rate
Pro Forma 8.95 Percent Cap Rate
Property Currently 93.5 Percent Occupied
Strategic Southern Parkway Location
Building Details
Building Size
19,925 SF
Units
31
Listing Agency:
Indianapolis Office
(317) 218-5300
Listed By:
Sam Kramer · License #IN: RB20001006
(317) 218-5356
Source:
Marcusmillichap
Added: Apr 3
Changed: Aug 30
Last Checked: Aug 30 at 11:23PM
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 Indianapolis Office
Investment Insights
Based on property information with market context.
Parkway Place Apartments comprises two residential buildings with 31 occupiable units and three subterranean units requiring full renovation. The additional spaces could expand the property to 34 units after completion. Current occupancy is 93.5 percent. Recent physical work includes replacement of all gutters, reconstruction of staircases and walkways, window replacement throughout the larger building, and repaving of the parking lot.
The property is located at 4728 Southern Pkwy in Louisville, Kentucky, along Southern Parkway on the city’s south side. Louisville International Airport is minutes away and is associated with 18 million square feet of industrial space and more than 13,000 jobs. Woodlawn Avenue provides nearby restaurants, cafes, and a grocery store, while Taylor Boulevard offers additional retail. Churchill Downs and the University of Louisville are five minutes north; the university serves over 21,000 students and 7,000 employees.
The property is located at 4728 Southern Pkwy in Louisville, Kentucky, along Southern Parkway on the city’s south side. Louisville International Airport is minutes away and is associated with 18 million square feet of industrial space and more than 13,000 jobs. Woodlawn Avenue provides nearby restaurants, cafes, and a grocery store, while Taylor Boulevard offers additional retail. Churchill Downs and the University of Louisville are five minutes north; the university serves over 21,000 students and 7,000 employees.
Key Highlights
- 31 occupiable units across two apartment buildings
- Three subterranean units require full renovation and could bring the total to 34 units
- 93.5 percent current occupancy
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
$174,474
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
7.31%
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%
$3,489,480
$3.5M
Cap Rate 7%
$2,492,486
$2.5M
Cap Rate 9%
$1,938,600
$1.9M
Market Conditions
NOI Build-Up for 19,925 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
$346.7K $17.40/SF
− Vacancy
−$29.5K −$1.48/SF
EGI
$317.2K $15.92/SF
− OpEx
−$142.8K −$7.16/SF
NOI
$174.5K $8.76/SF
Area
ZIP 40214
Vacancy
8.50%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
45.00%
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%
$3,489,480
Cap Rate 7%
$2,492,486
Cap Rate 9%
$1,938,600
Alternative Uses
Best Use
Apartment 5plus
$2.49M
$2.18M – $2.91M
NOI $174,474 @ 7.0% cap · market cap 7.31%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.77M
$4.18M – $5.57M
NOI $334,204 @ 7.0% cap · market cap 14.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
457
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?
Apartment building - Two-building multifamily asset with additional renovation units and recent capital improvements.
Where is this apartment building located?
The property is located at 4728 Southern Pkwy Louisville, KY.
What is the asking price?
The asking price for this property is $2,387,000.
What are key features of this property?
This property features: 31 occupiable units across two apartment buildings; Three subterranean units require full renovation and could bring the total to 34 units; 93.5 percent current occupancy
