Four-Unit Brick
For Sale
$425,000
7515 Garrison Rd, Louisville, KY 40214
Multi Family, Louisville, KY
Property Size3,220 SF
Price / SF$131.99
Days on Market8
Property Features for 7515 Garrison Rd
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Bedrooms
8
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 7, Bedroom 2, Bedroom 5, Bedroom 1, Bathroom 1, Bathroom 4, Bathroom 3, Bedroom 6, Bathroom 2, Bedroom 4, Bedroom 8, Bedroom 3
Subdivision
YORKTOWN
Directions
National Turnpike, right on Revolutionary Rd to Garrison on the left
Standard status
Active
APN
24139303000000
Size
3,220 SF
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating)
Cooling system
Central Air
Water source
Public
Building Details
Year built
1969
Number of units
4
Building materials
Brick
Roof type
Shingle
Architectural style
Colonial
Listing Agency:
Real Estate Unlimited
(502) 454-4404
Listed By:
Winnie Nguyen
(502) 544-2222
Added: Aug 20
Changed: Aug 26
Last Checked: Aug 27 at 3:06AM
MLS# 1726909
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.
This four-unit quadplex contains 3,220 square feet and was built in 1969 with brick construction and Colonial styling. Each unit is occupied by a long-term tenant, and the property includes updates and improvements noted in the available information. Central air conditioning and electric heat serve the building, while a shingle roof completes the exterior profile.
The property is located at 7515 Garrison Rd in Louisville, Kentucky, within ZIP Code 40214. Public water and public sewer serve the site. The four-unit configuration, full occupancy, and established tenant tenure provide a straightforward residential income profile.
The property is located at 7515 Garrison Rd in Louisville, Kentucky, within ZIP Code 40214. Public water and public sewer serve the site. The four-unit configuration, full occupancy, and established tenant tenure provide a straightforward residential income profile.
Key Highlights
- Four‑unit quadplex with 3,220 square feet
- All four units fully occupied by long‑term tenants
- Brick construction completed in 1969
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
$31,082
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
7.31%
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%
$621,640
$621.6K
Cap Rate 7%
$444,029
$444.0K
Cap Rate 9%
$345,356
$345.4K
Market Conditions
NOI Build-Up for 3,220 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
$48.3K $15.00/SF
− Vacancy
−$3.9K −$1.21/SF
EGI
$44.4K $13.79/SF
− OpEx
−$13.3K −$4.14/SF
NOI
$31.1K $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%
$621,640
Cap Rate 7%
$444,029
Cap Rate 9%
$345,356
Alternative Uses
Best Use
Multifamily LT 5
$444.0K
$388.5K – $518.0K
NOI $31,082 @ 7.0% cap · market cap 7.31%
Second Best
Apartment 5plus
$402.8K
$352.5K – $469.9K
NOI $28,196 @ 7.0% cap · market cap 6.63%
Theoretical Best
Office A
$771.6K
$675.1K – $900.2K
NOI $54,009 @ 7.0% cap · market cap 12.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
229
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Fully occupied residential income property with central air, public utilities, and documented updates.
Where is this quadplex located?
The property is located at 7515 Garrison Rd Louisville, KY.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: Four‑unit quadplex with 3,220 square feet; All four units fully occupied by long‑term tenants; Brick construction completed in 1969
