Occupied 4-Unit
For Sale
$375,000
938 S 1st St, Louisville, KY 40203
The property is fully occupied and offered in as-is condition.
Property Size4,150 SF
Price / SF$90.36
Days on Market65
Property Features for 938 S 1st St
General Information
Standard status
Active
Size
4,150 SF
Property subtype
Multi-Family
Occupancy
100%
Additional Details
Multifamily Units
4
Building Details
Year Built
1900
Listing Agency:
Weichert Realtors-H. Barry Smith Co
Listed By:
Kyle Elmore · License #262211
(502) 389-9920
Source:
Whitepicketky
Added: Aug 12
Changed: Oct 13
Last Checked: Oct 14 at 11:09PM
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 Weichert Realtors-H. Barry Smith Co
Investment Insights
Based on property information with market context.
This 4,150-square-foot multifamily property contains four residential units and was built in 1900. Current occupancy is 100%, and the offering is made on an as-is basis. The asset is classified as a quadplex and provides a four-unit residential configuration.
Located at 938 S 1st St in Louisville, Kentucky, the property is within Old Louisville. It may be purchased individually or included in a portfolio with properties identified at 930, 936, and 938 S. 1st Street.
Located at 938 S 1st St in Louisville, Kentucky, the property is within Old Louisville. It may be purchased individually or included in a portfolio with properties identified at 930, 936, and 938 S. 1st Street.
Key Highlights
- Four‑unit multifamily configuration
- 100% occupied
- 4,150 square feet
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$28,243
Cap Rate
7.53%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$564,860
$564.9K
Cap Rate 7%
$403,471
$403.5K
Cap Rate 9%
$313,811
$313.8K
Market Conditions
NOI Build-Up for 4,150 SF
Gross rent
$54.3K $13.08/SF
− Vacancy
−$2.9K −$0.71/SF
EGI
$51.4K $12.37/SF
− OpEx
−$23.1K −$5.57/SF
NOI
$28.2K $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%
$564,860
Cap Rate 7%
$403,471
Cap Rate 9%
$313,811
Alternative Uses
Best Use
Multifamily LT 5
$498.8K
$436.5K – $582.0K
NOI $34,919 @ 7.0% cap · market cap 9.31%
Second Best
Apartment 5plus
$403.5K
$353.0K – $470.7K
NOI $28,243 @ 7.0% cap · market cap 7.53%
Theoretical Best
Office A
$1.08M
$941.2K – $1.25M
NOI $75,298 @ 7.0% cap · market cap 20.08%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Quadplex - The property is fully occupied and offered in as-is condition.
Where is this quadplex located?
The property is located at 938 S 1st St Louisville, KY.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: Four‑unit multifamily configuration; 100% occupied; 4,150 square feet
