Brick Quadplex with Shared
New
For Sale
$415,000
817 Rubel Ave, Louisville, KY 40204
Multi Family, Louisville, KY
Property Size2,493 SF
Price / SF$166.47
Days on Market4
Property Features for 817 Rubel Ave
General Information
Property type
Residential Multi Family
Property subtype
Apartment
Bedrooms
4
Bathrooms
1
Full bathrooms
1
Rooms
Bathroom 1, Bedroom 4, Basement, Bedroom 3, Bedroom 2, Bedroom 1
Patio and Porch features
Porch
Lot features
Sidewalk
Directions
I-64 W to Grinstead Drive to Breckinridge Street, drive 7 min. ro Rubel Avenue.
Subdivision
02-Butchertwn/Hghlnds/Germantwn
Standard status
Active
APN
021K01770000
Size
2,493 SF
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Electric (Heating), Natural Gas
Cooling system
Central Air
Water source
Public
Amenities
shared laundry
backyard
Building Details
Year built
1900
Number of units
4
Building materials
Brick
Roof type
Shingle
Listing Agency:
BERKSHIRE HATHAWAY HomeServices, Parks & Weisberg Realtors
(502) 897-3321
Listed By:
Remire M Heinze
(502) 641-1816
Added: Aug 24
Changed: Aug 25
Last Checked: Aug 27 at 2:06AM
MLS# 1727256
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 2,493-square-foot quadplex contains four apartments with a combination of one-bedroom and open-studio layouts. The brick property was built in 1900 and includes a basement with shared washer and dryer access. Central air, forced-air heating, natural gas, electric heating, a shingle roof, and a porch are among the existing features. Public water and public sewer serve the property.
The property is located at 817 Rubel Ave in Louisville’s Original Highlands, near Rubel Park. Downtown Louisville, the University of Louisville, major medical centers, restaurants, and entertainment districts are identified as nearby destinations. Residents also have access to a shared backyard and on-street parking.
The property is located at 817 Rubel Ave in Louisville’s Original Highlands, near Rubel Park. Downtown Louisville, the University of Louisville, major medical centers, restaurants, and entertainment districts are identified as nearby destinations. Residents also have access to a shared backyard and on-street parking.
Key Highlights
- 2,493‑square‑foot quadplex with four apartment units
- Unit mix includes two one‑bedroom apartments and two open studios
- Brick construction dating to 1900
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
$20,977
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
5.05%
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%
$419,540
$419.5K
Cap Rate 7%
$299,671
$299.7K
Cap Rate 9%
$233,078
$233.1K
Market Conditions
NOI Build-Up for 2,493 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
$31.7K $12.72/SF
− Vacancy
−$1.7K −$0.70/SF
EGI
$30.0K $12.02/SF
− OpEx
−$9.0K −$3.61/SF
NOI
$21.0K $8.41/SF
Area
Louisville, KY
Vacancy
5.50%
Lease Rate
$12.72 /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%
$419,540
Cap Rate 7%
$299,671
Cap Rate 9%
$233,078
Alternative Uses
Best Use
Multifamily LT 5
$299.7K
$262.2K – $349.6K
NOI $20,977 @ 7.0% cap · market cap 5.05%
Second Best
Apartment 5plus
$242.4K
$212.1K – $282.8K
NOI $16,966 @ 7.0% cap · market cap 4.09%
Theoretical Best
Office A
$646.2K
$565.4K – $753.9K
NOI $45,233 @ 7.0% cap · market cap 10.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,733
Businesses Nearby
Explore this area
Business Placement
Demographics for 40204, KY
14,600
Population
8,759
Households
1.7
Avg Household Size
38
Median Age
63%
College-Educated
97%
High-School Grad
3.2 sq mi
ZIP Area
4,563
Density / Sq Mi
$70,706
Median Household Income
$50,246
Median Earnings
$1,225
Median Rent
$314,700
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?
Quadplex - Four-unit residential property with basement laundry, a shared backyard, and public utilities in Louisville’s Original Highlands.
Where is this quadplex located?
The property is located at 817 Rubel Ave Louisville, KY.
What is the asking price?
The asking price for this property is $415,000.
What are key features of this property?
This property features: 2,493‑square‑foot quadplex with four apartment units; Unit mix includes two one‑bedroom apartments and two open studios; Brick construction dating to 1900
