Building Details

Year Built 1996

Buildings 1

Stories 2

Construction brick

Tenancy Multi

Listing Agency: Olive + Oak Realty

Listed By: Mike Hall Show Phone

Source: Mlsky

Added: Sep 1 Changed: Oct 16 Last Checked: Oct 16 at 8:25AM

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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 Olive + Oak Realty

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Investment Insights

Based on property information with market context.

Built in 1996, this 5,480-square-foot all-brick apartment property contains six two-bedroom, two-bath residences arranged across two levels, with three units on each floor. Each apartment includes an open living area, an eat-in kitchen with equipment, in-unit washer and dryer hookups, a primary suite with private bath, a second bedroom, and a hall bathroom. A recently constructed deck serves as an additional exterior improvement.

The property includes a parking area with 8+ designated spaces and is situated at 7907 Canonero Way in Louisville’s Hurstbourne/Bardstown Road corridor. All six units are occupied, and professional management is in place. Ownership covers water and trash, while residents are responsible for gas, electricity, cable, and related services. A rent roll is available upon request, and tours can be arranged for one unit before an accepted offer.

Key Highlights

• Six units, each with 2 bedrooms and 2 bathrooms
• 5,480 SF all‑brick apartment building completed in 1996
• Three residences on the main level and three on the 2nd level

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$44,677

Cap Rate

5.58%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$893,540 $893.5K

Cap Rate 7%

$638,243 $638.2K

Cap Rate 9%

$496,411 $496.4K

Is this asking price fair?

Market Conditions

NOI Build-Up for 5,480 SF

Gross rent

$88.8K $16.20/SF

− Vacancy

−$7.5K −$1.38/SF

EGI

$81.2K $14.82/SF

− OpEx

−$36.6K −$6.67/SF

NOI

$44.7K $8.15/SF

Area

ZIP 40291

Vacancy

8.50%

Lease Rate

$16.20 /SF/Yr

Expense Ratio

45.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$893,540

Cap Rate 7%

$638,243

Cap Rate 9%

$496,411

Alternative Uses

Best Use

Apartment 5plus

$638.2K

$558.5K – $744.6K (±1% cap)

NOI $44,677 @ 7.0% cap · market cap 5.58%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$1.16M

$1.01M – $1.35M (±1% cap)

NOI $80,869 @ 7.0% cap · market cap 10.11%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Apartment buildings

Suggested Use

Top Pick Law Firm Real Estate Agency Hair Salon Cafe & Coffee Shop Food Market HVAC Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

6

Residential units

100%

Occupancy

Multi-tenant

Tenancy

Yes

Utilities to site

Location Intelligence

Trade Area within ½ mile

264

Businesses Nearby

Explore this area Business Placement

Demographics for 40291, KY

39,719

Population

16,894

Households

2.4

Avg Household Size

41

Median Age

33%

College-Educated

94%

High-School Grad

22.6 sq mi

ZIP Area

1,757

Density / Sq Mi

$81,576

Median Household Income

$46,186

Median Earnings

$1,161

Median Rent

$264,700

Median Home Value

Market

Vacancy Rate% for Multifamily in South region

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

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Frequently Asked Questions

What type of property is this?

Apartment building - All-brick multifamily property with spacious two-bedroom layouts, in-unit laundry hookups, and on-site parking.

Where is this apartment building located?

The property is located at 7907 Canonero Way Louisville, KY.

What is the asking price?

The asking price for this property is $800,000.

What are key features of this property?

This property features: Six units, each with 2 bedrooms and 2 bathrooms; 5,480 SF all‑brick apartment building completed in 1996; Three residences on the main level and three on the 2nd level