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Norbrook Arms Apartments 4300 Norbrook Dr 94 Unit Apartment Building $7,802,000 ($83,000/Unit) 5.26% Cap Rate Louisville, KY 40218
Investment Highlights
- 94-Unit Multifamily Community Located Along the Bardstown Road Workforce Housing Corridor in the rapidly growing Buechel Submarket.
- Close Proximity to UPS Worldport, the Largest Automated Package Handling Facility in the World, Employing Over 25,000 Workers.
- Approximately 51,420 Square Feet Across Five Residential Buildings. Diversified Unit Mix Featuring 82 One-Bedroom and 12 Two-Bedroom Units
Executive Summary
Marcus & Millichap is pleased to present Norbrook Arms Apartments, a compelling 94-unit multifamily community located at 4300 Norbrook Drive in Louisville, Kentucky. Built in 1971, the property consists of approximately 51,420 square feet of gross building area across five residential buildings. The community is comprised of 71 one-bedroom and 23 two-bedroom units, and is strategically located in the Buechel submarket off Bardstown Road—one of Louisville's most accessible and established rental corridors. The Buechel submarket continues to demonstrate resilient workforce housing demand supported by affordability and limited new competing supply.
With in-place rents meaningfully below market averages and Louisville multifamily fundamentals strengthening, the property offers investors a stable cash-flowing asset with clear value-add upside through a targeted unit renovation program. The diversified unit mix, affordable price point, and lack of direct new competition positions Norbrook Arms as a low-risk, high-retention asset well-suited for a long-term hold or value-add execution strategy.
With in-place rents meaningfully below market averages and Louisville multifamily fundamentals strengthening, the property offers investors a stable cash-flowing asset with clear value-add upside through a targeted unit renovation program. The diversified unit mix, affordable price point, and lack of direct new competition positions Norbrook Arms as a low-risk, high-retention asset well-suited for a long-term hold or value-add execution strategy.
Property Facts
| Price | $7,802,000 | Apartment Style | Garden |
| Price Per Unit | $83,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 1.71 AC |
| Cap Rate | 5.26% | Building Size | 51,420 SF |
| Gross Rent Multiplier | 8.1 | Average Occupancy | 91% |
| No. Units | 94 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1971 |
| Property Subtype | Apartment | Parking Ratio | 1.56/1,000 SF |
| Zoning | Commercial | ||
| Price | $7,802,000 |
| Price Per Unit | $83,000 |
| Sale Type | Investment |
| Cap Rate | 5.26% |
| Gross Rent Multiplier | 8.1 |
| No. Units | 94 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 1.71 AC |
| Building Size | 51,420 SF |
| Average Occupancy | 91% |
| No. Stories | 2 |
| Year Built | 1971 |
| Parking Ratio | 1.56/1,000 SF |
| Zoning | Commercial |
Amenities
Unit Amenities
- Heating
- Kitchen
- Refrigerator
- Oven
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 71 | - | 540 - 600 |
| 2+1 | 23 | - | 680 - 700 |
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Fairly walkable
40/100
Very drivable
80/100
Limited public transit
30/100
Somewhat bikeable
30/100
Property Taxes
| Parcel Number | 202700290000 | Improvements Assessment | $678,900 |
| Land Assessment | $112,000 | Total Assessment | $790,900 |
Property Taxes
Parcel Number
202700290000
Land Assessment
$112,000
Improvements Assessment
$678,900
Total Assessment
$790,900
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