5-Unit Apartment
For Sale
$490,000
918 Ash St, Louisville, KY 40217
Four apartments have been renovated, and the fifth unit on the top level remains unfinished.
Property Size3,540 SF
Price / SF$138.42
Days on Market75
Property Features for 918 Ash St
General Information
Standard status
Active
Size
3,540 SF
Property subtype
Quadruplex
Site & Location
Neighborhood
Schnitzelburg
Units
Unit Mix
2 x 2BR, 2 x 1BR
Multifamily Units
5
Amenities
shared laundry
Building Details
Year Built
1905
Listing Agency:
On the Move Realtors, Inc.
(502) 509-7653
Listed By:
Mike Brown · License #197906
(502) 643-3175
Source:
Onthemoverealtors
Added: Aug 18
Changed: Oct 30
Last Checked: Oct 30 at 2:37PM
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 On the Move Realtors, Inc.
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Investment Insights
Based on property information with market context.
This five-unit apartment property at 918 Ash St in Louisville includes two 2-bedroom apartments and two 1-bedroom apartments. The fifth unit, located on the top level, is awaiting completion. Four units were renovated within the last 2–3 years, and central heat and air serve the property. Shared laundry is located on the first level.
Built in 1905, the property is in Germantown, with restaurants, breweries, and everyday amenities in the surrounding area.
Built in 1905, the property is in Germantown, with restaurants, breweries, and everyday amenities in the surrounding area.
Key Highlights
- Five apartments, including a top‑level unit awaiting completion
- Two 2‑bedroom units and two 1‑bedroom units
- Four of five units renovated within the last 2–3 years
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$24,092
Cap Rate
4.92%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$481,840
$481.8K
Cap Rate 7%
$344,171
$344.2K
Cap Rate 9%
$267,689
$267.7K
Market Conditions
NOI Build-Up for 3,540 SF
Gross rent
$46.3K $13.08/SF
− Vacancy
−$2.5K −$0.71/SF
EGI
$43.8K $12.37/SF
− OpEx
−$19.7K −$5.57/SF
NOI
$24.1K $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 Rate 5%
$481,840
Cap Rate 7%
$344,171
Cap Rate 9%
$267,689
Alternative Uses
Best Use
Apartment 5plus
$344.2K
$301.2K – $401.5K
NOI $24,092 @ 7.0% cap · market cap 4.92%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$917.6K
$802.9K – $1.07M
NOI $64,230 @ 7.0% cap · market cap 13.11%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
876
Businesses Nearby
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Business Placement
Demographics for 40217, KY
13,061
Population
6,840
Households
1.9
Avg Household Size
36
Median Age
48%
College-Educated
95%
High-School Grad
2.4 sq mi
ZIP Area
5,442
Density / Sq Mi
$68,573
Median Household Income
$48,298
Median Earnings
$1,150
Median Rent
$220,700
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - Four apartments have been renovated, and the fifth unit on the top level remains unfinished.
Where is this apartment building located?
The property is located at 918 Ash St Louisville, KY.
What is the asking price?
The asking price for this property is $490,000.
What are key features of this property?
This property features: Five apartments, including a top‑level unit awaiting completion; Two 2‑bedroom units and two 1‑bedroom units; Four of five units renovated within the last 2–3 years
