Five-Unit Brick Apartment
New
For Sale
$390,000
947 S Brook St, Louisville, KY 40203
Multi Family, Louisville, KY
Property Size3,562 SF
Lot Size0.12 Acres
Price / SF$109.49
Days on Market2
Property Features for 947 S Brook St
General Information
Property type
Residential Multi Family
Property subtype
Apartment
Bedrooms
7
Bathrooms
1
Full bathrooms
1
Rooms
Basement, Bedroom 2, Bedroom 1, Bedroom 7, Bedroom 3, Bedroom 5, Bedroom 4, Bedroom 6, Bathroom 1
Lot features
Corner Lot
Directions
South Brook Street near Kentucky St
Subdivision
00-Central Downtown District/Old Louisville
Standard status
Active
APN
08030F00090000
Size
3,562 SF
Lot size
0.12 Acres
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Year built
1880
Number of units
5
Building materials
Brick
Roof type
Shingle
Architectural style
Other
Listing Agency:
EXP Realty LLC
(888) 624-6448
Listed By:
Anne Mayhugh
(888) 624-6448
Added: Sep 3
Changed: Sep 4
Last Checked: Sep 4 at 11:06PM
MLS# 1728155
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 3,562-square-foot apartment building contains five units: four one-bedroom, one-bath apartments and one two-bedroom, one-bath apartment. Four residences are reached through the front foyer, while the remaining unit has a separate side entrance. The property is a brick structure originally built in 1880, with renovation work completed in 2016/2017 and additional updates in 2025.
Situated at 947 S Brook St in Louisville, the 0.12-acre property is served by public water and public sewer. Building systems include forced-air, natural-gas heating and central air conditioning, with a shingle roof. The property is located in Jefferson County, within ZIP Code 40203.
Situated at 947 S Brook St in Louisville, the 0.12-acre property is served by public water and public sewer. Building systems include forced-air, natural-gas heating and central air conditioning, with a shingle roof. The property is located in Jefferson County, within ZIP Code 40203.
Key Highlights
- Five apartment units: four 1‑bedroom/1‑bath units and one 2‑bedroom/1‑bath unit
- 3,562 square feet on a 0.12‑acre lot
- Renovated in 2016/2017 and updated in 2025
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 and separate entry arrangements.
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: four 1‑bedroom/1‑bath units and one 2‑bedroom/1‑bath unit; 3,562 square feet on a 0.12‑acre lot; Renovated in 2016/2017 and updated in 2025
