This is the first commercial closing under the Winner Realty name, and it is a good example of what patience and a correct read on value are worth in a 2+ unit deal. Rob Bergeron represented the buyer.
The numbers
- Property: 1809 Algonquin Pkwy, Louisville, KY 40210. Quadruplex, four 1-bedroom, 1-bath units, two per floor. Built 1929.
- Original asking price: $324,900 (February 2025)
- Final asking price: $299,000
- Closed price: $230,000 on July 21, 2025
- Discount: 29.2% below the original ask, 23.1% below the final ask
- Price per unit: $57,500
- Days on market: 98
- In-place rents reported on the listing: $500 to $750 a month per unit, described by the seller as low
- Side: Rob Bergeron, Winner Realty, represented the buyer
What the building was
A classic Algonquin Parkway brick four-family: two units on each floor, each with a living room, kitchen, bedroom, and full bath, with the first-floor units adding a breakfast room. Four separate HVAC systems, basement storage lockers for tenants, and off-street parking in the rear. The listing itself said the rents were low and the rooms were large, which is the combination value-add buyers look for: a building that is under-earning for reasons that have nothing to do with its bones.
What the record shows
The seller started at $324,900 in February 2025, which works out to more than $81,000 a unit for a building collecting $500 to $750 a unit. At those rents the gross rent multiplier at the original ask was roughly 10.8, which is high for a 1929 building with below-market leases. The market said so: 98 days without a contract and a price cut to $299,000. Our client's offer at $230,000 brought the price per unit to $57,500 and the gross rent multiplier down to about 7.7 on the in-place rents, with room to improve as leases roll to market.
Two things made the number work. First, the buyer underwrote the building on what it was earning, not on what the listing said it could earn, and let the days-on-market clock do the negotiating. Second, Algonquin Parkway has a deep record of four-unit sales to compare against. Rob has personally closed three other four-unit sales on this same parkway since 2020, at $164,500, $175,000, and $210,000, so the comp set was not a guess.
What it means for you
If you are buying a 2+ unit building, the lesson is to price it on the rent roll in hand and to treat a long market time as information, not as a warning sign. If you are selling one, the lesson runs the other way: an asking price set on hoped-for rents costs you three months and a bigger cut than pricing on real income would have. Our free commercial property valuation prices your building on its actual rents before it hits the market.
Run your own numbers
Every deal file on this site uses the same yardsticks: price per unit, gross rent multiplier (price divided by a year of rent), and the cap rate where expenses are known. Our cap rate guide explains each one, and the commercial calculators let you test a building in a few minutes. Want a number on a building you own? Ask for a free commercial property valuation.
See all of Winner Realty's closings, residential and commercial, on the closed deals page, and Rob Bergeron's 45 commercial closings since 2014.