Six-Unit Apartment
New
For Sale
$800,000
7907 Canonero Way, Louisville, KY 40291
All-brick multifamily property with spacious two-bedroom layouts, in-unit laundry hookups, and on-site parking.
Property Size5,480 SF
Price / SF$145.99
Days on Market3
Property Features for 7907 Canonero Way
General Information
Standard status
Active
Size
5,480 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
6 x 2BR/2BA
Multifamily Units
6
Additional Details
Utilities to Site
Yes
Amenities
deck
washer/dryer hookups
Building Details
Year Built
1996
Buildings
1
Stories
2
Construction
brick
Tenancy
Multi
Listing Agency:
Exp Realty LLC
Listed By:
Mike Hall
(502) 509-5131
Source:
Mlsky
Added: Sep 1
Changed: Sep 2
Last Checked: Sep 2 at 4:36PM
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 Exp Realty LLC
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.
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 = 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
$44,677
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
5.58%
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%
$893,540
$893.5K
Cap Rate 7%
$638,243
$638.2K
Cap Rate 9%
$496,411
$496.4K
Market Conditions
NOI Build-Up for 5,480 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
$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 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%
$893,540
Cap Rate 7%
$638,243
Cap Rate 9%
$496,411
Alternative Uses
Best Use
Apartment 5plus
$638.2K
$558.5K – $744.6K
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
NOI $80,869 @ 7.0% cap · market cap 10.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
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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
