Mixed-Use Building with
For Sale
$2,050,000
1015 Bardstown Rd, Louisville, KY 40204
Fully occupied property combines street-level retail with residential units and six indoor parking spaces.
Property Size9,734 SF
Price / SF$210.60
Days on Market342
Property Features for 1015 Bardstown Rd
General Information
Standard status
Active
Size
9,734 SF
Total Parking Spaces
6
Property subtype
Investment
Zoning
C2
Occupancy
100%
Units
Unit Mix
4 x 2BR/2BA
Multifamily Units
4
Additional Details
Road Access
Yes
Amenities
6 Parking Spaces
Building Details
Buildings
1
Tenancy
Multiple Tenants
Listing Agency:
TRIO Commercial Property Group
(502) 550-9174
Listed By:
Dexter Outlaw
(502) 550-9174
Source:
Kcrea.resimplifi
Added: Sep 23, 2025
Changed: Aug 28
Last Checked: Aug 30 at 1:42PM
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 TRIO Commercial Property Group
Investment Insights
Based on property information with market context.
This C2-zoned mixed-use property is fully occupied with a ground-floor retail tenant and four second-floor apartments, each configured as a 2BR/2BA unit. The building also includes six designated indoor parking spaces, with potential to repurpose that area for additional retail space.
Current apartment leasing includes two month-to-month tenants, while the remaining two apartment occupants are on other lease terms. Existing rents are below market, creating an opportunity to adjust rents over time. The apartments may also support conversion to short-term rentals, subject to applicable requirements.
The property is positioned along Bardstown Road in Louisville, within a pedestrian-oriented commercial corridor surrounded by dining, shopping, and dense residential neighborhoods. C2 zoning supports continued retail, office, or service uses.
Current apartment leasing includes two month-to-month tenants, while the remaining two apartment occupants are on other lease terms. Existing rents are below market, creating an opportunity to adjust rents over time. The apartments may also support conversion to short-term rentals, subject to applicable requirements.
The property is positioned along Bardstown Road in Louisville, within a pedestrian-oriented commercial corridor surrounded by dining, shopping, and dense residential neighborhoods. C2 zoning supports continued retail, office, or service uses.
Key Highlights
- 100% occupied with ground‑floor retail and four second‑floor apartment units
- Four 2BR/2BA apartments, including two tenants on month‑to‑month terms
- Six designated indoor parking spaces with potential retail conversion
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
$115,640
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
5.64%
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%
$2,312,800
$2.3M
Cap Rate 7%
$1,652,000
$1.7M
Cap Rate 9%
$1,284,889
$1.3M
Market Conditions
NOI Build-Up for 9,734 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
$210.3K $21.60/SF
− Vacancy
−$25.2K −$2.59/SF
EGI
$185.0K $19.01/SF
− OpEx
−$69.4K −$7.13/SF
NOI
$115.6K $11.88/SF
Area
Louisville, KY
Vacancy
12.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
37.50%
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%
$2,312,800
Cap Rate 7%
$1,652,000
Cap Rate 9%
$1,284,889
Alternative Uses
Best Use
Mixed Use
$1.65M
$1.45M – $1.93M
NOI $115,640 @ 7.0% cap · market cap 5.64%
Second Best
Retail
$1.60M
$1.40M – $1.87M
NOI $112,223 @ 7.0% cap · market cap 5.47%
Theoretical Best
Office A
$2.52M
$2.21M – $2.94M
NOI $176,614 @ 7.0% cap · market cap 8.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,358
Businesses Nearby
Explore this area
Business Placement
Demographics for 40204, KY
14,600
Population
8,759
Households
1.7
Avg Household Size
38
Median Age
63%
College-Educated
97%
High-School Grad
3.2 sq mi
ZIP Area
4,563
Density / Sq Mi
$70,706
Median Household Income
$50,246
Median Earnings
$1,225
Median Rent
$314,700
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Fully occupied property combines street-level retail with residential units and six indoor parking spaces.
Where is this mixed-use property located?
The property is located at 1015 Bardstown Rd Louisville, KY.
What is the asking price?
The asking price for this property is $2,050,000.
What are key features of this property?
This property features: 100% occupied with ground‑floor retail and four second‑floor apartment units; Four 2BR/2BA apartments, including two tenants on month‑to‑month terms; Six designated indoor parking spaces with potential retail conversion
