4-Unit
For Sale
$350,000
724 Brookline Ave, Louisville, KY 40214
Three residences are occupied, while the furnished fourth unit is currently vacant.
Property Size2,400 SF
Price / SF$145.83
Days on Market16
Property Features for 724 Brookline Ave
General Information
Standard status
Active
Size
2,400 SF
Property subtype
Residential Income
Additional Details
Furnished
Yes
Highway Access
Yes
Multifamily Units
4
Building Details
Buildings
1
Tenancy
Multi
Listing Agency:
Reserve Realty Group
(502) 777-0666
Listed By:
Sena Lechleiter
Source:
Exprealty
Added: Sep 19
Changed: Oct 3
Last Checked: Oct 3 at 3:23AM
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 Reserve Realty Group
Investment Insights
Based on property information with market context.
This 4-unit property contains 2,400 square feet. Three units are occupied, and the fourth is furnished and currently vacant. Residents cover their electric and gas service; water and sewer costs are paid by the owner.
The property is in Beechmont, about a mile from access to I-264 and Iroquois Park.
The property is in Beechmont, about a mile from access to I-264 and Iroquois Park.
Key Highlights
- Four‑unit residential property with 2,400 square feet
- Three units currently occupied; the fourth is vacant and furnished
- Tenants pay electric and gas; the owner pays water and sewer
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
$23,166
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
6.62%
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%
$463,320
$463.3K
Cap Rate 7%
$330,943
$330.9K
Cap Rate 9%
$257,400
$257.4K
Market Conditions
NOI Build-Up for 2,400 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
$36.0K $15.00/SF
− Vacancy
−$2.9K −$1.21/SF
EGI
$33.1K $13.79/SF
− OpEx
−$9.9K −$4.14/SF
NOI
$23.2K $9.65/SF
Area
ZIP 40214
Vacancy
8.07%
Lease Rate
$15.00 /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%
$463,320
Cap Rate 7%
$330,943
Cap Rate 9%
$257,400
Alternative Uses
Best Use
Multifamily LT 5
$330.9K
$289.6K – $386.1K
NOI $23,166 @ 7.0% cap · market cap 6.62%
Second Best
Apartment 5plus
$300.2K
$262.7K – $350.3K
NOI $21,016 @ 7.0% cap · market cap 6.00%
Theoretical Best
Office A
$575.1K
$503.2K – $670.9K
NOI $40,255 @ 7.0% cap · market cap 11.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
656
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Quadplex - Three residences are occupied, while the furnished fourth unit is currently vacant.
Where is this quadplex located?
The property is located at 724 Brookline Ave Louisville, KY.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: Four‑unit residential property with 2,400 square feet; Three units currently occupied; the fourth is vacant and furnished; Tenants pay electric and gas; the owner pays water and sewer
