Updated Four-Unit
For Sale
$199,900
841 S 41st St, Louisville, KY 40211
Multi Family, Louisville, KY
Property Size2,225 SF
Price / SF$89.84
Days on Market51
Property Features for 841 S 41st St
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Bedrooms
1
Bathrooms
1
Full bathrooms
1
Rooms
Bedroom 1, Basement, Bathroom 1
Lot features
Corner Lot, Sidewalk
Directions
From W Broadway, make left on 41st
Subdivision
01-Dtwn Old Louisville/Shively/West Lou
Standard status
Active
APN
06043D00560000
Size
2,225 SF
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Year built
1925
Number of units
4
Building materials
Brick
Roof type
Shingle
Architectural style
Other
Listing Agency:
Real Broker, LLC
(855) 450-0442
Listed By:
Shawna Smith · License #240695
(502) 640-7783
Added: Jul 8
Changed: Aug 26
Last Checked: Aug 27 at 4:06AM
MLS# 1722644
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 2,225-square-foot brick quadplex, built in 1925, contains four one-bedroom, one-bath units. Each residence was updated within the last five years, providing refreshed interiors across the property. The building also includes a basement, shingle roof, central air, and forced-air heating powered by natural gas.
Located at 841 S 41st St in Louisville, the property is served by public water and public sewer. Its four-unit configuration offers a straightforward multifamily layout, with each apartment providing a consistent one-bedroom, one-bath arrangement.
Located at 841 S 41st St in Louisville, the property is served by public water and public sewer. Its four-unit configuration offers a straightforward multifamily layout, with each apartment providing a consistent one-bedroom, one-bath arrangement.
Key Highlights
- Four one‑bedroom, one‑bath units
- 2,225 square feet in a four‑unit configuration
- All four units updated within the last five years
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
Property Profile
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
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 - Brick multifamily property with four recently updated one-bedroom residences and shared public utilities.
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 one‑bedroom, one‑bath units; 2,225 square feet in a four‑unit configuration; All four units updated within the last five years
