Four-Unit Brick
New
For Sale
$280,000
6107 Blevins Gap Rd, Louisville, KY 40272
Multi Family, Louisville, KY
Property Size2,750 SF
Lot Size0.19 Acres
Price / SF$101.82
Days on Market5
Property Features for 6107 Blevins Gap Rd
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Bedrooms
4
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 2, Bedroom 4, Bathroom 3, Bedroom 2, Bedroom 3, Bathroom 4, Bathroom 1, Bedroom 1
Directions
From US-31W (Dixie Highway) in Valley Station, head west onto Blevins Gap Road. Continue driving for approximately 1.5 miles along Blevins Gap Road, where you will find the property located on your left.
Subdivision
05-Auburndale/Fairdale/IroquoisPrk/Shively
Standard status
Active
APN
138000230000
Size
2,750 SF
Lot size
0.19 Acres
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Cooling system
Window Unit(s), Central Air, Wall/Window Unit(s)
Water source
Public
Building Details
Year built
1969
Number of units
4
Building materials
Brick
Roof type
Shingle
Listing Agency:
Keller Williams Collective · Keller Williams Realty
(502) 554-9500
Listed By:
Heather Spencer · License #260334
(703) 537-9573
Added: Aug 27
Last Checked: Aug 31 at 11:06AM
MLS# 1725787
Copyright © 2026 Greater Louisville Association of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
The property at 6107 Blevins Gap Rd in Louisville contains four one-bedroom, one-bath residences within a 2,750-square-foot brick building. Two units are occupied under leases running through March 31, 2027, while the remaining two are vacant. Public water and public sewer serve the property, which was built in 1969 on a 0.19-acre lot.
Recent work includes a complete turn of Unit 2 in 2024, new furnaces for Units 3 and 4 that same year, and updates to the shared hallway. Units 1 and 3 received full turns in 2025. The building has shingle roofing and forced-air, natural-gas heating, with cooling provided through a combination of central and window or wall units.
Recent work includes a complete turn of Unit 2 in 2024, new furnaces for Units 3 and 4 that same year, and updates to the shared hallway. Units 1 and 3 received full turns in 2025. The building has shingle roofing and forced-air, natural-gas heating, with cooling provided through a combination of central and window or wall units.
Key Highlights
- Four one‑bedroom, one‑bath units in a 2,750‑square‑foot quadplex
- Two units leased through March 31, 2027; two units are vacant
- Unit 2 received a full turn in 2024
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
$23,139
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
8.26%
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%
$462,780
$462.8K
Cap Rate 7%
$330,557
$330.6K
Cap Rate 9%
$257,100
$257.1K
Market Conditions
NOI Build-Up for 2,750 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
$35.0K $12.72/SF
− Vacancy
−$1.9K −$0.70/SF
EGI
$33.1K $12.02/SF
− OpEx
−$9.9K −$3.61/SF
NOI
$23.1K $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 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%
$462,780
Cap Rate 7%
$330,557
Cap Rate 9%
$257,100
Alternative Uses
Best Use
Multifamily LT 5
$330.6K
$289.2K – $385.7K
NOI $23,139 @ 7.0% cap · market cap 8.26%
Second Best
Apartment 5plus
$267.4K
$233.9K – $311.9K
NOI $18,715 @ 7.0% cap · market cap 6.68%
Theoretical Best
Office A
$712.8K
$623.7K – $831.6K
NOI $49,896 @ 7.0% cap · market cap 17.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
141
Businesses Nearby
Explore this area
Business Placement
Demographics for 40272, KY
37,747
Population
15,469
Households
2.4
Avg Household Size
39
Median Age
19%
College-Educated
90%
High-School Grad
33.3 sq mi
ZIP Area
1,134
Density / Sq Mi
$66,382
Median Household Income
$37,644
Median Earnings
$1,147
Median Rent
$169,700
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?
Quadplex - Residential income property with two leased units and two vacant units for flexible occupancy.
Where is this quadplex located?
The property is located at 6107 Blevins Gap Rd Louisville, KY.
What is the asking price?
The asking price for this property is $280,000.
What are key features of this property?
This property features: Four one‑bedroom, one‑bath units in a 2,750‑square‑foot quadplex; Two units leased through March 31, 2027; two units are vacant; Unit 2 received a full turn in 2024
