4-Unit
New
For Sale
$435,000
602 Eastern Pkwy, Louisville, KY 40217
Fully leased configuration includes three one-bedroom apartments and a larger three-bedroom residence.
Property Size3,965 SF
Price / SF$109.71
Days on Market6
Property Features for 602 Eastern Pkwy
General Information
Standard status
Active
Size
3,965 SF
Property subtype
Residential Income
Occupancy
100%
Units
Unit Mix
3 x 1BR/1BA, 1 x 3BR/2BA
Multifamily Units
4
Listing Agency:
Homepage Realty
(502) 690-6685
Listed By:
Lizzie Cohen
(502) 649-1687
Source:
Exprealty
Added: Oct 2
Changed: Oct 6
Last Checked: Oct 5 at 10:53PM
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 Homepage Realty
Investment Insights
Based on property information with market context.
This 3,965-square-foot quadplex is fully occupied and contains three one-bedroom, one-bath apartments alongside one three-bedroom, two-bath apartment. The first unit also includes a finished basement with two additional bedrooms and a bathroom. Units 2 through 4 share similar floor plans.
Recent exterior work includes refreshed landscaping and a deck that has been restained. The property is at 602 Eastern Pkwy in Louisville, Kentucky.
Recent exterior work includes refreshed landscaping and a deck that has been restained. The property is at 602 Eastern Pkwy in Louisville, Kentucky.
Key Highlights
- Fully occupied four‑unit property
- Three one‑bedroom, one‑bath units and one three‑bedroom, two‑bath unit
- 3,965 square feet
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$33,363
Cap Rate
7.67%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$667,260
$667.3K
Cap Rate 7%
$476,614
$476.6K
Cap Rate 9%
$370,700
$370.7K
Market Conditions
NOI Build-Up for 3,965 SF
Gross rent
$50.4K $12.72/SF
− Vacancy
−$2.8K −$0.70/SF
EGI
$47.7K $12.02/SF
− OpEx
−$14.3K −$3.61/SF
NOI
$33.4K $8.41/SF
Area
Louisville, KY
Vacancy
5.50%
Lease Rate
$12.72 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$667,260
Cap Rate 7%
$476,614
Cap Rate 9%
$370,700
Alternative Uses
Best Use
Multifamily LT 5
$476.6K
$417.0K – $556.1K
NOI $33,363 @ 7.0% cap · market cap 7.67%
Second Best
Apartment 5plus
$385.5K
$337.3K – $449.7K
NOI $26,984 @ 7.0% cap · market cap 6.20%
Theoretical Best
Office A
$1.03M
$899.3K – $1.20M
NOI $71,941 @ 7.0% cap · market cap 16.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
672
Businesses Nearby
Explore this area
Business Placement
Demographics for 40217, KY
13,061
Population
6,840
Households
1.9
Avg Household Size
36
Median Age
48%
College-Educated
95%
High-School Grad
2.4 sq mi
ZIP Area
5,442
Density / Sq Mi
$68,573
Median Household Income
$48,298
Median Earnings
$1,150
Median Rent
$220,700
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Quadplex - Fully leased configuration includes three one-bedroom apartments and a larger three-bedroom residence.
Where is this quadplex located?
The property is located at 602 Eastern Pkwy Louisville, KY.
What is the asking price?
The asking price for this property is $435,000.
What are key features of this property?
This property features: Fully occupied four‑unit property; Three one‑bedroom, one‑bath units and one three‑bedroom, two‑bath unit; 3,965 square feet
