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The Flats on Sixth 1225 S 6th St 16 Unit Apartment Building $2,038,500 CAD ($127,406 CAD/Unit) 7.35% Cap Rate Louisville, KY 40203
Investment Highlights
- $110K NOI at 94.5% occupancy | 7.35% cap (7.58% normalized)
- Recent capex: Main HVAC 2023, plumbing lines 2024-2025 | 19 off-street parking spaces | Opportunity Zone eligible
- Revenue grew 68% since 2021 ($105K - $177K) | Repositioning complete — this is stabilized income, not a project
Executive Summary
The Flats on Sixth is a stabilized multifamily asset in Old Louisville, offering institutional-quality income with documented upside from a proven hybrid business model. The asset reflects an operational transformation from a 2021 acquisition at $1.0M with $105K annual revenue and $62K NOI to a current profile of $177K annual revenue and $110K+ NOI, offered at a 7.35% stabilized cap rate (7.56% normalized) with a clear pathway to 7.67%+ in 2026.
Direct inquiries welcome.
Brokers protected.
Direct inquiries welcome.
Brokers protected.
Financial Summary (Actual - 2025) Click Here to Access |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2025) Click Here to Access
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $2,038,500 CAD | Building Class | C |
| Price Per Unit | $127,406 CAD | Lot Size | 0.28 AC |
| Sale Type | Investment | Building Size | 7,167 SF |
| Cap Rate | 7.35% | Average Occupancy | 95% |
| Gross Rent Multiplier | 8.27 | No. Stories | 3 |
| No. Units | 16 | Year Built | 1900 |
| Property Type | Multifamily | Parking Ratio | 2.65/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Low-Rise | ||
| Zoning | TNZD-TRADI - Traditional Neighborhood Zoning District | ||
| Price | $2,038,500 CAD |
| Price Per Unit | $127,406 CAD |
| Sale Type | Investment |
| Cap Rate | 7.35% |
| Gross Rent Multiplier | 8.27 |
| No. Units | 16 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.28 AC |
| Building Size | 7,167 SF |
| Average Occupancy | 95% |
| No. Stories | 3 |
| Year Built | 1900 |
| Parking Ratio | 2.65/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | TNZD-TRADI - Traditional Neighborhood Zoning District |
Amenities
- Smoke Detector
Unit Amenities
- Air Conditioning
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
Site Amenities
- Laundry Facilities
- Furnished Units Available
- Wi-Fi
- Bicycle Storage
- Car Charging Station
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 8 | $1,190 CAD | - |
| 1+1 | 8 | $1,436 CAD | - |
1 1
Walk Score®
Very Walkable (80)
Bike Score®
Very Bikeable (86)
Property Taxes
| Parcel Number | 032A00110000 | Total Assessment | $1,319,719 CAD |
| Land Assessment | $68,362 CAD | Annual Taxes | -$1 CAD ($0.00 CAD/SF) |
| Improvements Assessment | $1,251,357 CAD | Tax Year | 2025 |
Property Taxes
Parcel Number
032A00110000
Land Assessment
$68,362 CAD
Improvements Assessment
$1,251,357 CAD
Total Assessment
$1,319,719 CAD
Annual Taxes
-$1 CAD ($0.00 CAD/SF)
Tax Year
2025
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The Flats on Sixth | 1225 S 6th St
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