Brick Five-Unit Apartment
For Sale
$325,000
952 S 6th St, Louisville, KY 40203
Four units have recent cosmetic renovations, complemented by a replaced roof and mini-split HVAC systems.
Property Size3,250 SF
Price / SF$100
Days on Market10
Property Features for 952 S 6th St
General Information
Standard status
Active
Size
3,250 SF
Property subtype
Multifamily
Zoning
TNZD
Amenities
Vacant
Building Details
Year Built
1928
Listing Agency:
United Real Estate Louisville
Listed By:
Samuel Ault · License #271696
(502) 229-0166
Source:
Kcrea.resimplifi
Added: Aug 24
Changed: Aug 31
Last Checked: Sep 2 at 1:43PM
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 United Real Estate Louisville
Investment Insights
Based on property information with market context.
This 3,250-square-foot apartment building at 952 S 6th St. contains five units and was built in 1928. The brick and stone structure has spacious units, a recently replaced roof, and mini-split HVAC systems. Four of the five units have received recent cosmetic renovations, while separate electric metering remains a planned improvement under review.
The property has been vacated to provide a future owner with an opportunity to complete improvements and lease the units. It is located in the Old Louisville/Limerick area and is zoned TNZD. Property Mgmt of Louisville is prepared to assist with leasing, and historical rent-roll information, pro forma financials, and rent comparables are available upon request.
The property has been vacated to provide a future owner with an opportunity to complete improvements and lease the units. It is located in the Old Louisville/Limerick area and is zoned TNZD. Property Mgmt of Louisville is prepared to assist with leasing, and historical rent-roll information, pro forma financials, and rent comparables are available upon request.
Key Highlights
- Five‑unit apartment building totaling 3,250 SF
- Brick and stone construction completed in 1928
- Four of the 5 units recently cosmetically renovated
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
$22,118
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
6.81%
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%
$442,360
$442.4K
Cap Rate 7%
$315,971
$316.0K
Cap Rate 9%
$245,756
$245.8K
Market Conditions
NOI Build-Up for 3,250 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
$42.5K $13.08/SF
− Vacancy
−$2.3K −$0.71/SF
EGI
$40.2K $12.37/SF
− OpEx
−$18.1K −$5.57/SF
NOI
$22.1K $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%
$442,360
Cap Rate 7%
$315,971
Cap Rate 9%
$245,756
Alternative Uses
Best Use
Apartment 5plus
$316.0K
$276.5K – $368.6K
NOI $22,118 @ 7.0% cap · market cap 6.81%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$842.4K
$737.1K – $982.8K
NOI $58,968 @ 7.0% cap · market cap 18.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,856
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 - Four units have recent cosmetic renovations, complemented by a replaced roof and mini-split HVAC systems.
Where is this apartment building located?
The property is located at 952 S 6th St Louisville, KY.
What is the asking price?
The asking price for this property is $325,000.
What are key features of this property?
This property features: Five‑unit apartment building totaling 3,250 SF; Brick and stone construction completed in 1928; Four of the 5 units recently cosmetically renovated
