Updated Four-Unit
New
For Sale
$199,900
841 S 41st St, Louisville, KY 40211
Each residence offers a one-bedroom, one-bath layout with updates completed within the last five years.
Property Size2,225 SF
Price / SF$89.84
Days on Market5
Property Features for 841 S 41st St
General Information
Standard status
Active
Size
2,225 SF
Property subtype
Multi-Family
Units
Unit Mix
4 x 1BR/1BA
Multifamily Units
4
Building Details
Year Built
1925
Listing Agency:
Real Broker, LLC
Listed By:
Shawna Smith · License #240695
(502) 640-7783
Source:
Familyrealty
Added: Sep 18
Changed: Sep 20
Last Checked: Sep 21 at 10:55AM
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 Real Broker, LLC
Investment Insights
Based on property information with market context.
This quadplex contains four separate residences, each configured with one bedroom and one bathroom. Updates were completed across all units within the last five years, providing refreshed interiors throughout the property. The building contains 2,225 square feet and was originally constructed in 1925.
Located at 841 S 41st St in Louisville, the property offers a four-unit configuration within an established residential building. Its consistent unit layout and recent improvements provide a clear, straightforward structure for evaluating the asset as a multifamily property.
Located at 841 S 41st St in Louisville, the property offers a four-unit configuration within an established residential building. Its consistent unit layout and recent improvements provide a clear, straightforward structure for evaluating the asset as a multifamily property.
Key Highlights
- Four‑unit quadplex with four one‑bedroom, one‑bath residences
- All four units updated within the last five years
- 2,225 square feet of building area
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
$15,142
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
7.57%
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%
$302,840
$302.8K
Cap Rate 7%
$216,314
$216.3K
Cap Rate 9%
$168,244
$168.2K
Market Conditions
NOI Build-Up for 2,225 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
$29.1K $13.08/SF
− Vacancy
−$1.6K −$0.71/SF
EGI
$27.5K $12.37/SF
− OpEx
−$12.4K −$5.57/SF
NOI
$15.1K $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%
$302,840
Cap Rate 7%
$216,314
Cap Rate 9%
$168,244
Alternative Uses
Best Use
Multifamily LT 5
$267.5K
$234.0K – $312.0K
NOI $18,722 @ 7.0% cap · market cap 9.37%
Second Best
Apartment 5plus
$216.3K
$189.3K – $252.4K
NOI $15,142 @ 7.0% cap · market cap 7.57%
Theoretical Best
Office A
$576.7K
$504.6K – $672.8K
NOI $40,370 @ 7.0% cap · market cap 20.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
278
Businesses Nearby
Explore this area
Business Placement
Demographics for 40211, KY
21,310
Population
11,450
Households
1.9
Avg Household Size
37
Median Age
11%
College-Educated
86%
High-School Grad
7.3 sq mi
ZIP Area
2,919
Density / Sq Mi
$32,598
Median Household Income
$28,245
Median Earnings
$925
Median Rent
$97,900
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 - Each residence offers a one-bedroom, one-bath layout with updates completed within the last five years.
Where is this quadplex located?
The property is located at 841 S 41st St Louisville, KY.
What is the asking price?
The asking price for this property is $199,900.
What are key features of this property?
This property features: Four‑unit quadplex with four one‑bedroom, one‑bath residences; All four units updated within the last five years; 2,225 square feet of building area
