Five-Unit Apartment
For Sale
$325,000
952 S 6th St, Louisville, KY 40203
Multi Family, Louisville, KY
Property Size3,250 SF
Lot Size0.15 Acres
Price / SF$100
Days on Market10
Property Features for 952 S 6th St
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Rooms
Basement
Subdivision
LIMERICK
Lot features
Sidewalk
Directions
W Breckenridge St to S 6th St, property on right.
Standard status
Active
APN
08029E00650000
Size
3,250 SF
Lot size
0.15 Acres
Utilities
Sewer type
Public Sewer
Heating system
Ductless (Heating)
Cooling system
Ductless
Water source
Public
Building Details
Year built
1928
Number of units
5
Building materials
Brick
Roof type
Flat, Asphalt
Listing Agency:
United Real Estate Louisville
(502) 509-4498
Listed By:
Samuel Ault · License #271696
(502) 229-0166
Added: Aug 24
Changed: Aug 26
Last Checked: Sep 2 at 7:06PM
MLS# 1727191
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 3,250-square-foot apartment property contains five units within a brick building constructed in 1928. Four units have received recent cosmetic renovations, and the property includes ductless heating and cooling, a replaced roof, separate electric meters, and a basement. Public water and sewer serve the building.
The property occupies 0.15 acres at 952 S 6th St in Louisville’s Old Louisville / Limerick area. The current owners vacated the units to provide a clear leasing opportunity for the next owner. The building’s existing configuration, unit count, updated interiors, and building systems provide a defined basis for future occupancy and management.
The property occupies 0.15 acres at 952 S 6th St in Louisville’s Old Louisville / Limerick area. The current owners vacated the units to provide a clear leasing opportunity for the next owner. The building’s existing configuration, unit count, updated interiors, and building systems provide a defined basis for future occupancy and management.
Key Highlights
- Five‑unit apartment property totaling 3,250 square feet
- 0.15‑acre site at 952 S 6th St, Louisville, KY 40203
- Four of five units recently received cosmetic renovations
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
Lease Details
5
Residential units
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 - Brick multifamily property with updated interiors, ductless HVAC, and public utilities in Old Louisville.
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 property totaling 3,250 square feet; 0.15‑acre site at 952 S 6th St, Louisville, KY 40203; Four of five units recently received cosmetic renovations
