Multifamily
For Sale
$8,425,000
905 Jones Dr, Louisville, KY 40214
Residential rental portfolio spanning south and west Louisville with a mix of detached homes and smaller multifamily properties.
Property Size63,000 SF
Price / SF$133.73
Days on Market71
Property Features for 905 Jones Dr
General Information
Standard status
Active
Size
63,000 SF
Property subtype
Multifamily
Zoning
R5
Additional Details
Multifamily Units
78
Amenities
Power
Water
Sewer
Listing Agency:
Gant Hill & Associates, LLC
(502) 472-3863
Listed By:
Danny Boehnlein · License #54973
(502) 472-3863
Source:
Kcrea.resimplifi
Added: Jun 23
Changed: Aug 31
Last Checked: Aug 31 at 1:33PM
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 Gant Hill & Associates, LLC
Investment Insights
Based on property information with market context.
This residential income portfolio comprises 62 properties totaling 78 doors, with a mix of single-family homes and duplex, triplex, and quadplex assets. The properties are assembled across south and west Louisville and carry R4 zoning in the available property information. The portfolio’s reported property size is 63,000 square feet.
The seller prefers a sale of the complete package but may consider smaller groupings of the West End properties. The South End properties are not available as a standalone package, and the Hazel Quad Plex is retained unless the entire portfolio is purchased.
The seller prefers a sale of the complete package but may consider smaller groupings of the West End properties. The South End properties are not available as a standalone package, and the Hazel Quad Plex is retained unless the entire portfolio is purchased.
Key Highlights
- 62 properties comprising 78 doors
- Mix of single‑family homes, duplexes, triplexes, and quadplexes
- Portfolio locations in south and west Louisville
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
$608,117
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
7.22%
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%
$12,162,340
$12.2M
Cap Rate 7%
$8,687,386
$8.7M
Cap Rate 9%
$6,756,856
$6.8M
Market Conditions
NOI Build-Up for 63,000 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
$945.0K $15.00/SF
− Vacancy
−$76.3K −$1.21/SF
EGI
$868.7K $13.79/SF
− OpEx
−$260.6K −$4.14/SF
NOI
$608.1K $9.65/SF
Area
ZIP 40214
Vacancy
8.07%
Lease Rate
$15.00 /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%
$12,162,340
Cap Rate 7%
$8,687,386
Cap Rate 9%
$6,756,856
Alternative Uses
Best Use
Multifamily LT 5
$8.69M
$7.60M – $10.14M
NOI $608,117 @ 7.0% cap · market cap 7.22%
Second Best
Apartment 5plus
$7.88M
$6.90M – $9.19M
NOI $551,663 @ 7.0% cap · market cap 6.55%
Theoretical Best
Office A
$15.10M
$13.21M – $17.61M
NOI $1,056,707 @ 7.0% cap · market cap 12.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
78
Residential units
Location Intelligence
Trade Area within ½ mile
333
Businesses Nearby
Explore this area
Business Placement
Demographics for 40214, KY
46,220
Population
20,459
Households
2.3
Avg Household Size
37
Median Age
23%
College-Educated
85%
High-School Grad
15.0 sq mi
ZIP Area
3,081
Density / Sq Mi
$53,563
Median Household Income
$37,121
Median Earnings
$950
Median Rent
$176,700
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?
Multifamily property - Residential rental portfolio spanning south and west Louisville with a mix of detached homes and smaller multifamily properties.
Where is this multifamily property located?
The property is located at 905 Jones Dr Louisville, KY.
What is the asking price?
The asking price for this property is $8,425,000.
What are key features of this property?
This property features: 62 properties comprising 78 doors; Mix of single‑family homes, duplexes, triplexes, and quadplexes; Portfolio locations in south and west Louisville
