Louisville Rental Portfolio: 16
602 Colorado Ave, Louisville, KY 40208
For Sale
$1,459,734
16-unit rental portfolio in Louisville, 100% occupied, $225,036 annual rent.
Property Size17,100 SF
Price / SF$85.36
Days on Market233
Property Features for 602 Colorado Ave
General Information
Standard status
Size
Property subtype
Zoning
Site & Location
Neighborhood
Listing Agency:
EXP Realty LLC
Listed By:
Stephanie Gilezan · License KY #56013
(502) 817-6484
Source:
Kcrea.resimplifi
Added: Mar 27
Changed: Nov 10
Last Checked: Nov 12 at 4:17AM
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 EXP Realty LLC
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Investment Insights
Based on property information with market context.
This 16-door rental portfolio is located in the Taylor-Berry submarket of Louisville, KY. The portfolio consists of fourteen single-family homes and one duplex, totaling 16 units and 17,100 square feet. The properties are currently 100% occupied, generating $18,753 in monthly gross rent, which equates to $225,036 annually. The portfolio features an average tenant tenure of 26.9 months and includes 3 and 4-bedroom homes, as well as one duplex. Under current ownership, many of the homes have been updated with new AC units, furnaces, kitchen improvements, LVP/wood flooring, and roof replacements, representing a total capital expenditure of $226,120. This portfolio is suitable for investors seeking scale in one closing, operators looking to expand their Louisville presence, buy-and-hold cash flow investors, and 1031-exchange buyers.
Key Highlights
- 100% Occupancy: Portfolio is fully occupied, ensuring immediate rental income.
- Strong Cash Flow: Generates $18,753 monthly gross rent ($225,036 annually).
- Scale in One Closing: 16‑door portfolio (14 single‑family homes and 1 duplex) allows for immediate scaling.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$116,374
Cap Rate
7.97%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,327,480
$2.3M
Cap Rate 7%
$1,662,486
$1.7M
Cap Rate 9%
$1,293,044
$1.3M
Market Conditions
NOI Build-Up for 17,100 SF
Gross rent
$223.7K $13.08/SF
− Vacancy
−$12.1K −$0.71/SF
EGI
$211.6K $12.37/SF
− OpEx
−$95.2K −$5.57/SF
NOI
$116.4K $6.81/SF
Area
Louisville, KY
Vacancy
5.40%
Lease Rate
$13.08 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,327,480
Cap Rate 7%
$1,662,486
Cap Rate 9%
$1,293,044
Alternative Uses
Best Use
Apartment 5plus
$1.66M
$1.45M – $1.94M
NOI $116,374 @ 7.0% cap · market cap 7.97%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.43M
$3.88M – $5.17M
NOI $310,262 @ 7.0% cap · market cap 21.25%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
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Open Analytics
Location Intelligence
Trade Area within ½ mile
714
Businesses Nearby
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Business Placement
Demographics for 40208, KY
17,048
Population
6,675
Households
2.6
Avg Household Size
27
Median Age
34%
College-Educated
88%
High-School Grad
2.6 sq mi
ZIP Area
6,557
Density / Sq Mi
$37,714
Median Household Income
$17,255
Median Earnings
$914
Median Rent
$153,100
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Average Price Trend$/SF for Apartment buildings in Louisville, KY
Properties on Market for Apartment buildings in Louisville
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - 16-unit rental portfolio in Louisville, 100% occupied, $225,036 annual rent.
Where is this apartment building located?
The property is located at 602 Colorado Ave Louisville, KY.
What is the asking price?
The asking price for this property is $1,459,734.
What are key features of this property?
This property features: 100% Occupancy: Portfolio is fully occupied, ensuring immediate rental income.; Strong Cash Flow: Generates $18,753 monthly gross rent ($225,036 annually).; Scale in One Closing: 16‑door portfolio (14 single‑family homes and 1 duplex) allows for immediate scaling.
