Renovated Flex Space in
For Sale
Contact for pricing
Pending
10005 Bunsen Way, Louisville, KY 40299
Versatile flex space in Bluegrass Research & Industrial Park.
Property Size22,469 SF
Lot Size1.28 Acres
Days on Market290
Property Features for 10005 Bunsen Way
General Information
Standard status
Pending
Size
22,469 SF
Class
C
Lot size
1.28 Acres
Property subtype
Industrial
Zoning
PEC
Investment Type
Owner/User
Building Details
Year Built
1971
Year Renovated
2023
Stories
2
Units
1
Listing Agency:
Marcus & Millichap - Columbus
(614) 852-9496
Listed By:
Nathan Pealer · License #SAL.2022004241
Source:
Crexi
Added: Nov 7, 2025
Changed: Aug 24
Last Checked: Aug 14 at 7:24AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Marcus & Millichap - Columbus
Investment Insights
Based on property information with market context.
This property, situated on 1.28 acres within the Bluegrass Research & Industrial Park, offers a flexible space suitable for various business operations. The building is configured with video production studios, warehouse areas, conference spaces, and offices, providing a diverse range of functional areas. Significant interior renovations and exterior upgrades, exceeding $500,000 in project costs, were completed between 2023 and 2024. These upgrades include improvements to plumbing, HVAC, flooring, lighting, loading areas, studios, and offices. The property will be delivered vacant upon sale and boasts exceptional accessibility and zoning flexibility.
Key Highlights
- Significant recent renovations and upgrades (2023‑2024) exceeding $500,000.
- Located in the desirable Bluegrass Research & Industrial Park.
- Exceptional accessibility and zoning flexibility for business.
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
$92,311
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
4.62%
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%
$1,846,220
$1.8M
Cap Rate 7%
$1,318,729
$1.3M
Cap Rate 9%
$1,025,678
$1.0M
Market Conditions
NOI Build-Up for 22,469 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
$137.5K $6.12/SF
− Vacancy
−$5.6K −$0.25/SF
EGI
$131.9K $5.87/SF
− OpEx
−$39.6K −$1.76/SF
NOI
$92.3K $4.11/SF
Area
ZIP 40299
Vacancy
4.10%
Lease Rate
$6.12 /SF/Yr
Expense Ratio
30.00%
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%
$1,846,220
Cap Rate 7%
$1,318,729
Cap Rate 9%
$1,025,678
Alternative Uses
Best Use
Flex RnD
$3.01M
$2.63M – $3.51M
NOI $210,748 @ 7.0% cap · market cap 10.54%
Second Best
Industrial
$1.32M
$1.15M – $1.54M
NOI $92,311 @ 7.0% cap · market cap 4.62%
Theoretical Best
Office A
$5.50M
$4.81M – $6.42M
NOI $385,029 @ 7.0% cap · market cap 19.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
982
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 40299, KY
43,030
Population
17,567
Households
2.4
Avg Household Size
41
Median Age
41%
College-Educated
95%
High-School Grad
54.0 sq mi
ZIP Area
797
Density / Sq Mi
$85,419
Median Household Income
$50,427
Median Earnings
$1,290
Median Rent
$274,900
Median Home Value
Market
Vacancy Rate% for Industrial in Louisville, KY
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Versatile flex space in Bluegrass Research & Industrial Park.
Where is this flex space located?
The property is located at 10005 Bunsen Way Louisville, KY.
What is the asking price?
The asking price for this property is $2,000,000.
What are key features of this property?
This property features: Significant recent renovations and upgrades (2023‑2024) exceeding $500,000.; Located in the desirable Bluegrass Research & Industrial Park.; Exceptional accessibility and zoning flexibility for business.
