Four-Unit Multifamily
For Sale
$319,518
932 S 1st St, Louisville, KY 40203
Fully occupied residential income property offered in its current condition.
Property Size3,956 SF
Price / SF$80.77
Days on Market14
Property Features for 932 S 1st St
General Information
Standard status
Active
Size
3,956 SF
Property subtype
Residential Income
Occupancy
100%
Additional Details
Multifamily Units
4
Listing Agency:
RE/MAX FIVE STAR PROPERTIES
(270) 312-1369
Listed By:
Lavell Jackson · License #274290
(270) 312-1369
Source:
Exprealty
Added: Aug 10
Changed: Aug 23
Last Checked: Aug 23 at 4:37AM
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 RE/MAX FIVE STAR PROPERTIES
Investment Insights
Based on property information with market context.
This 3,956-square-foot multifamily asset contains four residential units and is currently 100% occupied. The property is offered as-is, providing an existing operating profile for review.
Located at 932 S 1st St in Old Louisville, the property may be acquired separately or alongside 930, 936, and 938 S. 1st Street as part of a larger portfolio. Financial information is available upon request.
Located at 932 S 1st St in Old Louisville, the property may be acquired separately or alongside 930, 936, and 938 S. 1st Street as part of a larger portfolio. Financial information is available upon request.
Key Highlights
- Four‑unit multifamily configuration
- 100% occupied at the time of offering
- 3,956 square feet of property size
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
$26,923
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
8.43%
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%
$538,460
$538.5K
Cap Rate 7%
$384,614
$384.6K
Cap Rate 9%
$299,144
$299.1K
Market Conditions
NOI Build-Up for 3,956 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
$51.7K $13.08/SF
− Vacancy
−$2.8K −$0.71/SF
EGI
$49.0K $12.37/SF
− OpEx
−$22.0K −$5.57/SF
NOI
$26.9K $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%
$538,460
Cap Rate 7%
$384,614
Cap Rate 9%
$299,144
Alternative Uses
Best Use
Multifamily LT 5
$475.5K
$416.1K – $554.8K
NOI $33,287 @ 7.0% cap · market cap 10.42%
Second Best
Apartment 5plus
$384.6K
$336.5K – $448.7K
NOI $26,923 @ 7.0% cap · market cap 8.43%
Theoretical Best
Office A
$1.03M
$897.2K – $1.20M
NOI $71,778 @ 7.0% cap · market cap 22.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
3,970
Businesses Nearby
Explore this area
Business Placement
Demographics for 40203, KY
16,801
Population
10,754
Households
1.6
Avg Household Size
37
Median Age
22%
College-Educated
86%
High-School Grad
2.9 sq mi
ZIP Area
5,793
Density / Sq Mi
$31,430
Median Household Income
$32,581
Median Earnings
$828
Median Rent
$179,300
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?
Quadplex - Fully occupied residential income property offered in its current condition.
Where is this quadplex located?
The property is located at 932 S 1st St Louisville, KY.
What is the asking price?
The asking price for this property is $319,518.
What are key features of this property?
This property features: Four‑unit multifamily configuration; 100% occupied at the time of offering; 3,956 square feet of property size
