Renovated Apartment
501 Cedar Springs Pl, La Grange, KY 40031
For Sale
New
$2,600,000
Unit interiors and the leasing office and laundry facilities have received updates.
Property Size18,613 SF
Days on Market2
Property Features for 501 Cedar Springs Pl
General Information
Standard status
Size
Property subtype
Additional Details
Highway Access
Amenities
laundry facilities
Located in Oldham County, One of Louisville's Most Desirable Suburban Markets
Extensively Renovated with Every Unit Updated
Approximately 90 Percent of HVAC Systems Replaced
Minutes from Interstate 71 and Major Regional Employers
Surrounded by National Retailers Including Kroger, Walmart, Lowe's, Walgreens, and CVS
Building Details
Building Size
Units
Listing Agency:
Marcus & Millichap - Louisville
Listed By:
David Badgett Jr.
(502) 329-5999
Source:
Marcusmillichap
Added: Nov 8
Last Checked: Sep 28 at 4:04AM
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 Marcus & Millichap - Louisville
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This apartment community comprises properties at 501 and 503 Cedar Springs Place in La Grange, Kentucky. All apartment units have been renovated, and the leasing office and laundry facilities have also been updated. Roof replacement was completed in September 2026, and approximately 90 percent of the HVAC systems have been replaced.
Interstate 71 is a few minutes away. Nearby destinations include Baptist Health La Grange, Oldham County Schools, Kroger, Walmart, Lowe’s, Planet Fitness, Walgreens, and CVS. The surrounding region also includes logistics, manufacturing, and distribution operations.
Interstate 71 is a few minutes away. Nearby destinations include Baptist Health La Grange, Oldham County Schools, Kroger, Walmart, Lowe’s, Planet Fitness, Walgreens, and CVS. The surrounding region also includes logistics, manufacturing, and distribution operations.
Key Highlights
- Renovations completed in every apartment unit
- Approximately 90 percent of HVAC systems replaced
- New roofs installed in September 2026
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$168,329
Cap Rate
6.47%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,366,580
$3.4M
Cap Rate 7%
$2,404,700
$2.4M
Cap Rate 9%
$1,870,322
$1.9M
Market Conditions
NOI Build-Up for 18,613 SF
Gross rent
$323.9K $17.40/SF
− Vacancy
−$17.8K −$0.96/SF
EGI
$306.1K $16.44/SF
− OpEx
−$137.7K −$7.40/SF
NOI
$168.3K $9.04/SF
Area
Oldham County, KY
Vacancy
5.50%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,366,580
Cap Rate 7%
$2,404,700
Cap Rate 9%
$1,870,322
Alternative Uses
Best Use
Apartment 5plus
$2.40M
$2.10M – $2.81M
NOI $168,329 @ 7.0% cap · market cap 6.47%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.56M
$3.99M – $5.32M
NOI $318,952 @ 7.0% cap · market cap 12.27%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
21
Businesses Nearby
Explore this area
Business Placement
Demographics for 40031, KY
25,322
Population
8,507
Households
3
Avg Household Size
40
Median Age
34%
College-Educated
89%
High-School Grad
66.9 sq mi
ZIP Area
379
Density / Sq Mi
$96,682
Median Household Income
$47,046
Median Earnings
$1,120
Median Rent
$316,300
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - Unit interiors and the leasing office and laundry facilities have received updates.
Where is this apartment building located?
The property is located at 501 Cedar Springs Pl La Grange, KY.
What is the asking price?
The asking price for this property is $2,600,000.
What are key features of this property?
This property features: Renovations completed in every apartment unit; Approximately 90 percent of HVAC systems replaced; New roofs installed in September 2026
