Speed wins some deals. This one was on the market for two days. Madison Meredith of Winner Realty represented the buyer.
The numbers
- Property: 2825 Greenwood Ave, Louisville, KY 40211. Fourplex, two units up and two down. Built 1965.
- Unit mix: one 1-bedroom, one 2-bedroom, and two 3-bedroom units, each with one bath
- Asking price: $125,000
- Closed price: $125,000 (100% of asking) on December 10, 2025
- Price per unit: $31,250
- Days on market: 2
- Occupancy at sale: vacant
- Side: Madison Meredith, Winner Realty, represented the buyer
What the building was
A 1965 building that started life as a duplex and was later split into four units, which is why it has only two electric meters and one water account for the whole property. Most windows had been replaced, exterior doors and locks were new, the roof was about ten years old, and the yard was fenced with off-street parking. All four units were empty at the time of sale, with a shared washer and dryer in the common area.
What the record shows
At $31,250 a unit this was one of only three four-unit buildings in Louisville to close at $125,000 or less in all of 2025 (Louisville MLS), and the market knew it: the listing went under contract within 48 hours. Vacant buildings scare some buyers because there is no rent roll to underwrite, but they also arrive without inherited leases, below-market tenants, or 48-hour showing notices. For a buyer prepared to renovate and lease up, vacancy is the discount.
The utility setup is the detail to understand before you buy a building like this. Two meters and one water bill for four units means the owner carries the utilities or sets rents to cover them, which changes the expense line and therefore the cap rate. We flag this in every 2+ unit deal file because it is the single most common surprise in older Louisville multi-units that were carved out of larger houses.
What it means for you
Two-day deals happen when a buyer already has financing lined up, knows the submarket, and has an agent watching new listings every morning. If you want in on deals like this, send us your buy box and we will do the watching. If you own a building like this and are thinking about selling, note how fast correctly priced vacant inventory moves; the 2+ unit tracker shows what is sitting and what is selling right now.
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.