Apartment Building With Recent
For Sale
$4,000,000
7312 Six Mile Ln, Louisville, KY 40220
Mostly two-bedroom residences with updated interiors, coin laundry, and separate gas and electric metering.
Property Size41,160 SF
Days on Market52
Property Features for 7312 Six Mile Ln
General Information
Standard status
Active
Size
41,160 SF
Property subtype
Multi Family Home
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Additional Details
Multifamily Units
48
Amenities
coin-operated laundry
Building Details
Building Size
41,160 SF
Year Built
1972
Units
48
Listing Agency:
Colliers
(502) 645-1729
Listed By:
Jenny Johnston · License #246944
(502) 645-1729
Source:
Demareeandhubbard
Added: Jun 22
Changed: Aug 3
Last Checked: Aug 11 at 2:37PM
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 Colliers
Investment Insights
Based on property information with market context.
This 48-unit multifamily property, built in 1972, offers a mix composed primarily of two-bedroom apartments. Most residences have received interior updates, while common amenities include coin-operated laundry. The community’s units could accommodate future washer and dryer hookups. Gas and electric service are separately metered for each apartment, supporting direct utility allocation.
Capital work includes replacement of all roofs and windows in 2021. Hallmark Apartments is located in the Hikes Point area of Louisville, with access to major retail destinations, employment centers, interstate highways, and everyday amenities. The property has been under the same long-term ownership and professional management, with a history of strong occupancy levels and consistent operations.
Capital work includes replacement of all roofs and windows in 2021. Hallmark Apartments is located in the Hikes Point area of Louisville, with access to major retail destinations, employment centers, interstate highways, and everyday amenities. The property has been under the same long-term ownership and professional management, with a history of strong occupancy levels and consistent operations.
Key Highlights
- 48‑unit multifamily community built in 1972
- Mostly 2BR apartment homes
- All roofs and windows replaced in 2021
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
$280,115
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
7.00%
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%
$5,602,300
$5.6M
Cap Rate 7%
$4,001,643
$4.0M
Cap Rate 9%
$3,112,389
$3.1M
Market Conditions
NOI Build-Up for 41,160 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
$538.4K $13.08/SF
− Vacancy
−$29.1K −$0.71/SF
EGI
$509.3K $12.37/SF
− OpEx
−$229.2K −$5.57/SF
NOI
$280.1K $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 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%
$5,602,300
Cap Rate 7%
$4,001,643
Cap Rate 9%
$3,112,389
Alternative Uses
Best Use
Apartment 5plus
$4.00M
$3.50M – $4.67M
NOI $280,115 @ 7.0% cap · market cap 7.00%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$10.67M
$9.34M – $12.45M
NOI $746,807 @ 7.0% cap · market cap 18.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
48
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
177
Businesses Nearby
Explore this area
Business Placement
Demographics for 40220, KY
34,315
Population
16,019
Households
2.1
Avg Household Size
39
Median Age
44%
College-Educated
96%
High-School Grad
7.7 sq mi
ZIP Area
4,456
Density / Sq Mi
$73,502
Median Household Income
$47,283
Median Earnings
$1,187
Median Rent
$249,700
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?
Apartment building - Mostly two-bedroom residences with updated interiors, coin laundry, and separate gas and electric metering.
Where is this apartment building located?
The property is located at 7312 Six Mile Ln Louisville, KY.
What is the asking price?
The asking price for this property is $4,000,000.
What are key features of this property?
This property features: 48‑unit multifamily community built in 1972; Mostly 2BR apartment homes; All roofs and windows replaced in 2021
