If you own a duplex, a four-plex, or a small apartment building in Louisville and you're thinking about selling, this page is for you. It covers how a building like yours actually gets priced, what happens with your tenants during a sale, and how Winner Commercial sells it. I'm Rob Bergeron, Owner–Realtor at Winner Realty and Winner Commercial. Anything with two or more units is commercial real estate to us, and we've sold a lot of them since 2013.

Your building is priced on income, not on the house next door

A single-family house is priced by comparing it to similar houses that sold nearby. A building with tenants is priced by what it earns. Buyers look at three numbers:

• Gross rent: everything the building collects in a year.
• Net operating income (NOI): gross rent minus the real expenses (taxes, insurance, water, repairs, management, vacancy). Not the mortgage. That's your cost, not the building's.
• Cap rate: NOI divided by price. It's the return a buyer gets if they paid cash. In Louisville, small multifamily buildings in 2026 are trading at cap rates that vary a lot by neighborhood and condition, which is exactly why a generic estimate from a website gets these wrong.

A 2–4 unit building has one extra wrinkle: it can be bought with a regular home loan, so your buyer pool includes house-hackers (people who live in one unit and rent the others) as well as investors. That often means a better price than a pure cap-rate calculation would give you. Five or more units means commercial financing only, and the buyer pool is all investors.

What buyers will ask for

Have these ready and your building sells faster and for more:

• Current leases for every unit, and the rent roll (who pays what, and when the lease ends).
• Twelve months of actual income and expenses. Not estimates.
• Property tax bill and insurance declaration page.
• Utility bills, and who pays which utility.
• Age of the roof, furnaces, water heaters, and electrical panels.
• Any inspections, violations, or repairs in the last few years.

What happens with your tenants

You don't have to empty the building to sell it. Most investor buyers want the tenants, because tenants are the income. What you do need:

• Leases transfer with the sale. The buyer takes over as landlord under the same terms.
• Security deposits transfer to the buyer at closing. Kentucky requires them to be held in a separate account; the closing statement shows the handoff.
• Showings are scheduled with notice to tenants, and we keep them to a minimum. Buyers usually see one or two units and the mechanicals, not every apartment every time.
• Tenants are treated the same regardless of who they are. Fair Housing applies to showings, to the sale, and to any screening a new owner does afterward.

We also have a full guide on selling a tenant-occupied rental in Louisville.

How Winner Commercial sells it

1. Price it on real numbers. We build the income statement with you, pull the comparable building sales (not house sales), and give you a range in writing.
2. Put it in front of 70,000+ investors first. Every Winner Commercial listing goes to the OffMarket.deals buyer list and the readers of The Morning Bergeron before it hits the MLS. Many buildings sell right there, without a sign in the yard.
3. Then the MLS and the commercial sites. If it hasn't sold, it goes to the MLS (which feeds Zillow and Realtor.com) and the commercial listing sites.
4. Contract to closing. Our contract-to-close team handles the disclosures, the estoppel letters (a signed note from each tenant confirming their rent and deposit), the deposit transfer, and the closing.

Kentucky's seller disclosure form (KREC 402) applies to residential buildings up to four units. Buildings built before 1978 also need the lead-based paint disclosure. We prepare both.

If you'd rather sell fast and quiet

Some owners don't want showings, repairs, or a 60-day listing. If that's you, the OffMarket.deals route gets you a cash buyer, a closing date you pick, and no commission on the listing side. Sellers pay a flat $2,000 at closing, and nothing if it doesn't close. We'll tell you honestly which route puts more money in your pocket.

Frequently asked questions

Do I have to tell my tenants I'm selling?

Not until there's a reason to show the building. When showings start, they get notice. When it closes, the new owner introduces themselves and tells them where to send rent.

Can I sell with a tenant who isn't paying?

Yes. It changes the price and the buyer pool, and it needs to be disclosed. Talk to us before you start an eviction.

Should I fix it up first?

Usually not. Investors price in the work and often prefer to do it their way. Cosmetic cleanup, yes. A renovation, no.

What does it cost to sell?

Through the MLS, a commission split between the listing and buyer sides, plus Kentucky's 0.1% transfer tax (paid by the seller) and closing costs. Through OffMarket.deals, a flat $2,000 at closing. Run your numbers in our seller net proceeds calculator.

Can I do a 1031 exchange?

Yes, if you buy another investment property within the deadlines. We work with qualified intermediaries and have a 1031 deadline guide.

Get a number for your building

Text or email me the address and the rents, and we'll come back with a range. Rob@thewinnerrealty.com, or text (502) 305-8915. More on our commercial side: Louisville multifamily broker and why distressed multifamily owners reach out to us.