32-Unit Apartment
For Sale
$2,275,000
601 Revolutionary Rd, Louisville, KY 40214
Two-building multifamily property with renovated apartments, individual utility metering, and on-site laundry facilities.
Property Size21,900 SF
Price / SF$103.88
Days on Market299
Property Features for 601 Revolutionary Rd
General Information
Standard status
Active
Size
21,900 SF
Property subtype
Residential Income
Units
Unit Mix
32 x 1BR/1BA
Multifamily Units
32
Additional Details
Utilities to Site
Yes
Amenities
on-site laundry
Building Details
Buildings
2
Listing Agency:
Colliers
(502) 645-1729
Listed By:
Jenny Johnston · License #246944
(502) 645-1729
Source:
Exprealty
Added: Oct 28, 2025
Changed: Aug 21
Last Checked: Aug 22 at 9:06AM
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 Colliers
Investment Insights
Based on property information with market context.
The offering combines two apartment buildings at 601 Revolutionary Road and 7602 Garrison Road with 32 total units and 21,900 SF of property size. Each apartment is configured with one bedroom and one bathroom. Most units have undergone extensive renovations, while one building has a new roof and the parking lot has been upgraded. Individual gas and electric metering supports separate utility management, and on-site laundry facilities serve residents.
The property sits next to a large industrial park and near major employment centers in South Louisville. It also borders a single-family residential neighborhood, placing the apartments within a mixed employment and residential setting. The unit configuration and surrounding context support the property’s stated workforce-housing positioning.
The property sits next to a large industrial park and near major employment centers in South Louisville. It also borders a single-family residential neighborhood, placing the apartments within a mixed employment and residential setting. The unit configuration and surrounding context support the property’s stated workforce-housing positioning.
Key Highlights
- 32‑unit multifamily property comprising two apartment buildings
- 21,900 SF property size at 601 Revolutionary Road and 7602 Garrison Road
- All units feature one bedroom and one bathroom
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
$191,768
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
8.43%
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%
$3,835,360
$3.8M
Cap Rate 7%
$2,739,543
$2.7M
Cap Rate 9%
$2,130,756
$2.1M
Market Conditions
NOI Build-Up for 21,900 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
$381.1K $17.40/SF
− Vacancy
−$32.4K −$1.48/SF
EGI
$348.7K $15.92/SF
− OpEx
−$156.9K −$7.16/SF
NOI
$191.8K $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%
$3,835,360
Cap Rate 7%
$2,739,543
Cap Rate 9%
$2,130,756
Alternative Uses
Best Use
Apartment 5plus
$2.74M
$2.40M – $3.20M
NOI $191,768 @ 7.0% cap · market cap 8.43%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.25M
$4.59M – $6.12M
NOI $367,331 @ 7.0% cap · market cap 16.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
32
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
229
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 property with renovated apartments, individual utility metering, and on-site laundry facilities.
Where is this apartment building located?
The property is located at 601 Revolutionary Rd Louisville, KY.
What is the asking price?
The asking price for this property is $2,275,000.
What are key features of this property?
This property features: 32‑unit multifamily property comprising two apartment buildings; 21,900 SF property size at 601 Revolutionary Road and 7602 Garrison Road; All units feature one bedroom and one bathroom
