5-Unit Apartment
New
For Sale
$390,000
947 S Brook St, Louisville, KY 40203
Renovated multifamily property with a mix of one- and two-bedroom apartments.
Property Size3,562 SF
Price / SF$109.49
Days on Market4
Property Features for 947 S Brook St
General Information
Standard status
Active
Size
3,562 SF
Property subtype
Multi-Family
Units
Unit Mix
4 x 1BR/1BA, 1 x 2BR/1BA
Multifamily Units
5
Building Details
Year Built
1880
Year Renovated
2017
Listing Agency:
Realty Advanced
Listed By:
Kyle Elmore · License #262211
(502) 389-9920
Source:
Whitepicketky
Added: Sep 5
Changed: Sep 6
Last Checked: Sep 7 at 6:50AM
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 Realty Advanced
Investment Insights
Based on property information with market context.
This apartment building contains five units within a 3,562-square-foot property. The configuration includes four one-bedroom, one-bath apartments and one two-bedroom, one-bath unit. Four apartments are reached through the front foyer, while the fifth has a separate side entrance.
Originally built in 1880, the property underwent a full renovation in 2016/2017 and received additional updates in 2025. The residential layout and varied unit mix provide a straightforward multifamily configuration at 947 S Brook St in Louisville, Kentucky.
Originally built in 1880, the property underwent a full renovation in 2016/2017 and received additional updates in 2025. The residential layout and varied unit mix provide a straightforward multifamily configuration at 947 S Brook St in Louisville, Kentucky.
Key Highlights
- Five apartment units totaling 3,562 square feet
- Four one‑bedroom, one‑bath apartments
- One two‑bedroom, one‑bath apartment
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
$24,241
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
6.22%
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%
$484,820
$484.8K
Cap Rate 7%
$346,300
$346.3K
Cap Rate 9%
$269,344
$269.3K
Market Conditions
NOI Build-Up for 3,562 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
$46.6K $13.08/SF
− Vacancy
−$2.5K −$0.71/SF
EGI
$44.1K $12.37/SF
− OpEx
−$19.8K −$5.57/SF
NOI
$24.2K $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 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%
$484,820
Cap Rate 7%
$346,300
Cap Rate 9%
$269,344
Alternative Uses
Best Use
Apartment 5plus
$346.3K
$303.0K – $404.0K
NOI $24,241 @ 7.0% cap · market cap 6.22%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$923.3K
$807.9K – $1.08M
NOI $64,629 @ 7.0% cap · market cap 16.57%
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
3,917
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?
Apartment building - Renovated multifamily property with a mix of one- and two-bedroom apartments.
Where is this apartment building located?
The property is located at 947 S Brook St Louisville, KY.
What is the asking price?
The asking price for this property is $390,000.
What are key features of this property?
This property features: Five apartment units totaling 3,562 square feet; Four one‑bedroom, one‑bath apartments; One two‑bedroom, one‑bath apartment
