Building Details

Year Built 1971

Year Renovated 2023

Stories 2

Units 1

Listing Agency: Marcus & Millichap - Columbus

Listed By: Nathan Pealer · License #SAL.2022004241 Show Phone

Source: Crexi

Added: Nov 7, 2025 Changed: Aug 24 Last Checked: Aug 14 at 7:24AM

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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 / Yr

$92,311

Cap Rate

4.62%

Suggested Prices Based on Cap Rates

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

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 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 (±1% cap)

NOI $210,748 @ 7.0% cap · market cap 10.54%

Second Best

Industrial

$1.32M

$1.15M – $1.54M (±1% cap)

NOI $92,311 @ 7.0% cap · market cap 4.62%

Theoretical Best

Office A

$5.50M

$4.81M – $6.42M (±1% cap)

NOI $385,029 @ 7.0% cap · market cap 19.25%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Kentucky Grip & Lighting Film Production Kevin Crisp Productions Film Production Ironbridge Productions Film Production Big Sky Digital ... Film Production OHD Studios Film Production

Suggested Use

Top Pick Grocery & Convenience Store Barber Shop Locksmith Catering Service (Bike/Boat/Book/etc) Store Pet Grooming Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

5.1% 2019

4.7% 2020

1.7% 2021

3.9% 2022

3.9% 2023

3.6% 2024

3.7% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this flex space located? What is the asking price? Find similar properties What are key features of this property?

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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.