Two-Story Office Condominium
For Sale
$800,000
3401 Stony Spring Circle, Louisville, KY 40220
COMMERCIAL - Louisville, KY
Property Size5,600 SF
Lot Size52.90 Acres
Price / SF$142.86
Days on Market49
Property Features for 3401 Stony Spring Circle
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
professional office spaces
Subdivision
Hurstbourne
Directions
South Hurstbourne Parkway take a right onto Raintree Drive and turn onto Stony Spring Circle. The building units will be in the professional office complex
Standard status
Active
APN
22338600083403
Size
5,600 SF
Lot size
52.90 Acres
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating)
Cooling system
Electric
Building Details
Year built
2001
Floors in Building
2
Building materials
Brick
Listing Agency:
Coldwell Banker McMahan
(859) 744-1400
Listed By:
Kelley M Nisbet
(859) 621-3561
Added: Jun 22
Changed: Aug 4
Last Checked: Aug 9 at 5:06PM
MLS# 26014631
Copyright © 2026 ImagineMLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This all-brick, two-story office condominium property includes four individual units, offering a split configuration suitable for professional offices and other office-oriented uses. Built in 2001, the building is designed to support multiple tenants within a single ownership structure.
The property is located at 3401 Stony Spring Circle in Louisville, Kentucky. It sits on a larger site and offers ample parking, with professional surroundings noted in the listing.
With a total building size listed at 5,600 square feet, the four-unit layout provides flexibility for owner-users, investors, or multi-tenant leasing based on the tenant mix you plan to pursue.
The property is located at 3401 Stony Spring Circle in Louisville, Kentucky. It sits on a larger site and offers ample parking, with professional surroundings noted in the listing.
With a total building size listed at 5,600 square feet, the four-unit layout provides flexibility for owner-users, investors, or multi-tenant leasing based on the tenant mix you plan to pursue.
Key Highlights
- All‑brick, two‑story 4‑unit office condominium property built in 2001
- Individual units suited for professional offices, medical practices, or small business suites
- Electric heating and electric cooling
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$72,576
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
9.07%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,451,520
$1.5M
Cap Rate 7%
$1,036,800
$1.0M
Cap Rate 9%
$806,400
$806.4K
Market Conditions
NOI Build-Up for 5,600 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$134.4K $24.00/SF
− Vacancy
−$13.4K −$2.40/SF
EGI
$121.0K $21.60/SF
− OpEx
−$48.4K −$8.64/SF
NOI
$72.6K $12.96/SF
Area
Louisville, KY
Vacancy
10.00%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
40.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,451,520
Cap Rate 7%
$1,036,800
Cap Rate 9%
$806,400
Alternative Uses
Best Use
Healthcare Medical
$1.04M
$907.2K – $1.21M
NOI $72,576 @ 7.0% cap · market cap 9.07%
Second Best
Office B
$1.03M
$904.1K – $1.21M
NOI $72,324 @ 7.0% cap · market cap 9.04%
Theoretical Best
Office A
$1.45M
$1.27M – $1.69M
NOI $101,606 @ 7.0% cap · market cap 12.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Office units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
258
Businesses Nearby
Explore this area
Business Placement
Demographics for 40220, KY
34,315
Population
16,019
Households
2.1
Avg Household Size
39
Median Age
44%
College-Educated
96%
High-School Grad
7.7 sq mi
ZIP Area
4,456
Density / Sq Mi
$73,502
Median Household Income
$47,283
Median Earnings
$1,187
Median Rent
$249,700
Median Home Value
Market
Vacancy Rate% for Office in Louisville, KY
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office units - All-brick, two-story office condominium features four separate units with ample parking in the Louisville area.
Where is this office units located?
The property is located at 3401 Stony Spring Circle Louisville, KY.
What is the asking price?
The asking price for this property is $800,000.
What are key features of this property?
This property features: All‑brick, two‑story 4‑unit office condominium property built in 2001; Individual units suited for professional offices, medical practices, or small business suites; Electric heating and electric cooling
