Renovated Four-Unit Parkside
For Sale
$409,000
628 E Oak St, Louisville, KY 40203
Four-unit residential income property with refreshed interiors, updated building systems, and a private rear deck facing Shelby Park.
Property Size3,202 SF
Price / SF$127.73
Days on Market43
Property Features for 628 E Oak St
General Information
Standard status
Active
Size
3,202 SF
Property subtype
Multi-Family
Building Details
Year Built
1900
Listing Agency:
Winner Realty
Listed By:
Rob Bergeron · License #219325
(502) 552-8519
Source:
Familyrealty
Added: Jul 22
Changed: Aug 29
Last Checked: Sep 1 at 10:25PM
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 Winner Realty
Investment Insights
Based on property information with market context.
Built in 1900, this four-unit quadplex includes one studio, two two-bedroom/one-bath units, and one three-bedroom/one-bath unit. The property has received substantial updates, with each apartment refreshed within the past five years. Improvements include siding, flooring, appliances, cabinets, countertops, and bathroom finishes, while a new roof adds another recent capital improvement.
The property is located at 628 E Oak St in Louisville, near Shelby Park and local businesses. A private rear deck overlooks the park, providing an outdoor feature associated with the property. Unit 3A is available for a pre-contract viewing; access to the remaining units is available during inspection after an accepted offer.
The property is located at 628 E Oak St in Louisville, near Shelby Park and local businesses. A private rear deck overlooks the park, providing an outdoor feature associated with the property. Unit 3A is available for a pre-contract viewing; access to the remaining units is available during inspection after an accepted offer.
Key Highlights
- Four‑unit configuration: one studio, two 2‑bed/1‑bath units, and one 3‑bed/1‑bath unit
- Each apartment refreshed within the past 5 years
- Updates include siding, flooring, appliances, cabinets, countertops, and bathrooms
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
$26,943
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
6.59%
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%
$538,860
$538.9K
Cap Rate 7%
$384,900
$384.9K
Cap Rate 9%
$299,367
$299.4K
Market Conditions
NOI Build-Up for 3,202 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
$40.7K $12.72/SF
− Vacancy
−$2.2K −$0.70/SF
EGI
$38.5K $12.02/SF
− OpEx
−$11.5K −$3.61/SF
NOI
$26.9K $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%
$538,860
Cap Rate 7%
$384,900
Cap Rate 9%
$299,367
Alternative Uses
Best Use
Multifamily LT 5
$384.9K
$336.8K – $449.1K
NOI $26,943 @ 7.0% cap · market cap 6.59%
Second Best
Apartment 5plus
$311.3K
$272.4K – $363.2K
NOI $21,791 @ 7.0% cap · market cap 5.33%
Theoretical Best
Office A
$830.0K
$726.2K – $968.3K
NOI $58,097 @ 7.0% cap · market cap 14.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,104
Businesses Nearby
Explore this area
Business Placement
Demographics for 40203, KY
16,801
Population
10,754
Households
1.6
Avg Household Size
37
Median Age
22%
College-Educated
86%
High-School Grad
2.9 sq mi
ZIP Area
5,793
Density / Sq Mi
$31,430
Median Household Income
$32,581
Median Earnings
$828
Median Rent
$179,300
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 - Four-unit residential income property with refreshed interiors, updated building systems, and a private rear deck facing Shelby Park.
Where is this quadplex located?
The property is located at 628 E Oak St Louisville, KY.
What is the asking price?
The asking price for this property is $409,000.
What are key features of this property?
This property features: Four‑unit configuration: one studio, two 2‑bed/1‑bath units, and one 3‑bed/1‑bath unit; Each apartment refreshed within the past 5 years; Updates include siding, flooring, appliances, cabinets, countertops, and bathrooms
