Office Unit with Kitchen
For Sale
$299,000
10311 Watterson Trail, Louisville, KY 40299
Former salon space includes a bathroom, kitchen area, and two existing beauty shop chairs.
Property Size1,090 SF
Price / SF$274.31
Days on Market269
Property Features for 10311 Watterson Trail
General Information
Standard status
Active
Size
1,090 SF
Total Parking Spaces
12
Property subtype
Office
Zoning
CTC1
Amenities
Power
Water
Sewer
Natural Gas
Vacant
12 Parking Spaces
Building Details
Year Built
1975
Listing Agency:
Phillip Leigh Company
(502) 267-5300
Listed By:
Phillip Leigh · License #175556
(502) 267-5300
Source:
Kcrea.resimplifi
Added: Dec 6, 2025
Changed: Aug 30
Last Checked: Aug 31 at 1:23PM
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 Phillip Leigh Company
Investment Insights
Based on property information with market context.
This 1,090-square-foot office unit at 10311 Watterson Trail includes a kitchen area, bathroom, and two beauty shop chairs. The space was previously used as a beauty shop and is identified as suitable for law, acupuncture, or real estate office operations.
Built in 1975, the property is zoned CTC1 and is located in Louisville, Kentucky, within ZIP code 40299. The existing layout and fixtures provide a foundation for office or personal-service use, subject to applicable requirements.
Built in 1975, the property is zoned CTC1 and is located in Louisville, Kentucky, within ZIP code 40299. The existing layout and fixtures provide a foundation for office or personal-service use, subject to applicable requirements.
Key Highlights
- 1,090‑square‑foot office unit at 10311 Watterson Trail
- Previously operated as a beauty shop
- Kitchen area and bathroom included
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
$12,871
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
4.30%
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%
$257,420
$257.4K
Cap Rate 7%
$183,871
$183.9K
Cap Rate 9%
$143,011
$143.0K
Market Conditions
NOI Build-Up for 1,090 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
$20.9K $19.20/SF
− Vacancy
−$3.8K −$3.46/SF
EGI
$17.2K $15.74/SF
− OpEx
−$4.3K −$3.94/SF
NOI
$12.9K $11.81/SF
Area
ZIP 40299
Vacancy
18.00%
Lease Rate
$19.20 /SF/Yr
Expense Ratio
25.00%
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%
$257,420
Cap Rate 7%
$183,871
Cap Rate 9%
$143,011
Alternative Uses
Best Use
Office B
$183.9K
$160.9K – $214.5K
NOI $12,871 @ 7.0% cap · market cap 4.30%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$266.8K
$233.5K – $311.3K
NOI $18,678 @ 7.0% cap · market cap 6.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
718
Businesses Nearby
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 Office in Louisville, KY
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Former salon space includes a bathroom, kitchen area, and two existing beauty shop chairs.
Where is this office units located?
The property is located at 10311 Watterson Trail Louisville, KY.
What is the asking price?
The asking price for this property is $299,000.
What are key features of this property?
This property features: 1,090‑square‑foot office unit at 10311 Watterson Trail; Previously operated as a beauty shop; Kitchen area and bathroom included
