Five-Unit Apartment
For Sale
$490,000
918 Ash St, Louisville, KY 40217
Multi Family, Louisville, KY
Property Size3,540 SF
Lot Size0.14 Acres
Price / SF$138.42
Days on Market10
Property Features for 918 Ash St
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Bedrooms
7
Bathrooms
1
Full bathrooms
1
Rooms
Bedroom 4, Bedroom 2, Bedroom 3, Bedroom 7, Bedroom 6, Bedroom 1, Bedroom 5, Bathroom 1
Subdivision
GERMANTOWN
Lot features
Sidewalk
Directions
Goss Ave to Mchenry Ave and left onto Ash St
Standard status
Active
APN
09026B00720000
Size
3,540 SF
Lot size
0.14 Acres
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Water source
Public
Amenities
central heat and air
shared laundry
Building Details
Year built
1905
Number of units
5
Building materials
Vinyl Siding
Roof type
Shingle
Listing Agency:
EXP Realty LLC
(888) 624-6448
Listed By:
Ethan J Adams · License #244623
(502) 558-8193
Added: Aug 18
Changed: Aug 26
Last Checked: Aug 27 at 6:06AM
MLS# 1726604
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 3,540-square-foot apartment building contains five units, including two two-bedroom apartments and two one-bedroom apartments. Four units were renovated within the last 2–3 years, while the fifth unit on the top floor remains unfinished. The property includes forced-air heating with natural gas, central air conditioning, and shared laundry on the first level. Vinyl siding, a shingle roof, public water, and public sewer are also in place.
Built in 1905, the property occupies 0.14 acres at 918 Ash St in Louisville’s Germantown area. The surrounding neighborhood includes restaurants, breweries, and everyday amenities. The combination of completed unit renovations, an unfinished fifth unit, and existing shared laundry provides a defined physical configuration for an apartment-building buyer.
Built in 1905, the property occupies 0.14 acres at 918 Ash St in Louisville’s Germantown area. The surrounding neighborhood includes restaurants, breweries, and everyday amenities. The combination of completed unit renovations, an unfinished fifth unit, and existing shared laundry provides a defined physical configuration for an apartment-building buyer.
Key Highlights
- Five‑unit apartment building with a two‑bedroom and one‑bedroom unit mix
- 3,540 SF building on 0.14 acres, built in 1905
- Four units renovated within the last 2–3 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
$24,092
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
4.92%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
876
Businesses Nearby
Explore this area
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Four apartments have recent renovations, while a top-level unit remains unfinished for additional completion work.
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‑unit apartment building with a two‑bedroom and one‑bedroom unit mix; 3,540 SF building on 0.14 acres, built in 1905; Four units renovated within the last 2–3 years
