Renovated Restaurant with
For Sale
$825,000
1022 Clarks Ln, Louisville, KY 40217
C1-zoned restaurant property with a second-floor apartment and fully equipped commercial kitchen.
Property Size6,700 SF
Price / SF$123.13
Days on Market31
Property Features for 1022 Clarks Ln
General Information
Standard status
Active
Size
6,700 SF
Total Parking Spaces
26
Property subtype
Retail
Zoning
C1
Restaurant
Patio
Yes
Equipment Included
Yes
Additional Details
Business Included
Yes
Amenities
26 Parking Spaces
Listing Agency:
Walter Wagner, Jr Co., LLC
(502) 724-2550
Listed By:
Kevin Sullivan · License #77474
(502) 724-2550
Source:
Kcrea.resimplifi
Added: Aug 1
Changed: Aug 31
Last Checked: Aug 31 at 12:52PM
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 Walter Wagner, Jr Co., LLC
Investment Insights
Based on property information with market context.
The property includes 5,825 square feet dedicated to restaurant and kitchen operations, plus an 875-square-foot second-floor apartment. Interior features include a bar with tap system, game room, pool tables, shuffleboard, multiple dining rooms, and garage-door access to patio-style indoor/outdoor seating. Dining areas are wired for TVs and sound.
The included commercial kitchen features twin deck pizza ovens, mixers, stoves, reach-in and walk-in refrigeration, a conveyor dishwasher, prep areas, storage, and basement cold storage. Most kitchen and bar equipment is 4–5 years old, and the property has on-site parking. The apartment may support owner occupancy or rental use. The property is zoned C1 and is currently operating as a business.
The included commercial kitchen features twin deck pizza ovens, mixers, stoves, reach-in and walk-in refrigeration, a conveyor dishwasher, prep areas, storage, and basement cold storage. Most kitchen and bar equipment is 4–5 years old, and the property has on-site parking. The apartment may support owner occupancy or rental use. The property is zoned C1 and is currently operating as a business.
Key Highlights
- 5,825 SF restaurant and kitchen space plus an 875 SF second‑floor apartment
- Commercial kitchen includes twin deck pizza ovens, mixers, stoves, and refrigeration
- Bar with tap system, game room, pool tables, and shuffleboard
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
$40,100
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
4.86%
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%
$802,000
$802.0K
Cap Rate 7%
$572,857
$572.9K
Cap Rate 9%
$445,556
$445.6K
Market Conditions
NOI Build-Up for 6,700 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
$60.3K $9.00/SF
− Vacancy
−$3.0K −$0.45/SF
EGI
$57.3K $8.55/SF
− OpEx
−$17.2K −$2.56/SF
NOI
$40.1K $5.98/SF
Area
Louisville, KY
Vacancy
5.00%
Lease Rate
$9.00 /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%
$802,000
Cap Rate 7%
$572,857
Cap Rate 9%
$445,556
Alternative Uses
Best Use
Specialty Retail
$1.35M
$1.18M – $1.57M
NOI $94,155 @ 7.0% cap · market cap 11.41%
Second Best
Industrial
$572.9K
$501.3K – $668.3K
NOI $40,100 @ 7.0% cap · market cap 4.86%
Theoretical Best
Office A
$1.74M
$1.52M – $2.03M
NOI $121,565 @ 7.0% cap · market cap 14.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
1,364
Businesses Nearby
88k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 60%
Shops & Services 38%
Dining 2%
Kroger
Groceries
53,269 visits/mo
0.4 miles
Speedway
Shops & Services
17,491 visits/mo
0.1 miles
Kroger Fuel Center
Shops & Services
15,871 visits/mo
0.4 miles
SUBWAY
Dining
1,639 visits/mo
0.4 miles
Demographics for 40217, KY
13,061
Population
6,840
Households
1.9
Avg Household Size
36
Median Age
48%
College-Educated
95%
High-School Grad
2.4 sq mi
ZIP Area
5,442
Density / Sq Mi
$68,573
Median Household Income
$48,298
Median Earnings
$1,150
Median Rent
$220,700
Median Home Value
Market
Vacancy Rate% for Retail in Louisville, KY
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - C1-zoned restaurant property with a second-floor apartment and fully equipped commercial kitchen.
Where is this conventional restaurant located?
The property is located at 1022 Clarks Ln Louisville, KY.
What is the asking price?
The asking price for this property is $825,000.
What are key features of this property?
This property features: 5,825 SF restaurant and kitchen space plus an 875 SF second‑floor apartment; Commercial kitchen includes twin deck pizza ovens, mixers, stoves, and refrigeration; Bar with tap system, game room, pool tables, and shuffleboard
