Flex Space with Fenced
For Sale
$550,000
104 E Breckinridge St, Louisville, KY 40203
Adaptable commercial space combines offices, warehouse capacity, retail potential, and TNZD zoning in Louisville’s SoBro area.
Property Size4,400 SF
Price / SF$125
Days on Market31
Property Features for 104 E Breckinridge St
General Information
Standard status
Active
Size
4,400 SF
Total Parking Spaces
50
Property subtype
Other
Zoning
TNZD
Warehouse & Industrial
Clear Height
16 ft
Office Build-Out
1,275 SF
Drive-In Doors
1
Additional Details
Fenced Yard
Yes
Amenities
private offices
break room with kitchenette
skylights
gas space heaters
overhead door
Power
Water
Sewer
Natural Gas
Vacant
50 Parking Spaces
Building Details
Buildings
1
Building Size
4,400 SF
Listing Agency:
Austin Team Realty
(502) 425-2575
Listed By:
Mary Austin · License #45119
(502) 425-2575
Source:
Kcrea.resimplifi
Added: Aug 1
Changed: Aug 30
Last Checked: Aug 30 at 6:57PM
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 Austin Team Realty
Investment Insights
Based on property information with market context.
This 4,400-square-foot flex property combines finished office space with warehouse and retail-oriented functionality. The finished area includes two private offices, two restrooms, a break room with kitchenette, and central HVAC. A center warehouse area of more than 2,000 square feet provides a 16-foot clear ceiling, four skylights, and two gas space heaters that are approximately six years old. The rear warehouse section exceeds 1,000 square feet and includes an overhead door for vehicle access from the back lot. Recent updates include new paint, office carpet, and door hardware.
The property includes a fenced parking area with approximately 115 feet of frontage along Breckinridge Street and a depth of 160 feet. An additional lot at 911 S 1st Street measures 50 feet by 100 feet, and additional parking parcels to the east and north are offered with the property. The site is located south of Broadway in Louisville’s SoBro area, between the Central Business District and Old Louisville, near Spalding University and Presentation Academy. Zoning is TNZD.
The property includes a fenced parking area with approximately 115 feet of frontage along Breckinridge Street and a depth of 160 feet. An additional lot at 911 S 1st Street measures 50 feet by 100 feet, and additional parking parcels to the east and north are offered with the property. The site is located south of Broadway in Louisville’s SoBro area, between the Central Business District and Old Louisville, near Spalding University and Presentation Academy. Zoning is TNZD.
Key Highlights
- 4,400‑square‑foot flex building with office, warehouse, and retail‑oriented space
- More than 2,000 square feet of center warehouse area with a 16‑foot clear ceiling
- Rear warehouse section exceeds 1,000 square feet and includes an overhead door
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
$39,897
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
7.25%
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%
$797,940
$797.9K
Cap Rate 7%
$569,957
$570.0K
Cap Rate 9%
$443,300
$443.3K
Market Conditions
NOI Build-Up for 4,400 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
$66.0K $15.00/SF
− Vacancy
−$4.6K −$1.05/SF
EGI
$61.4K $13.95/SF
− OpEx
−$21.5K −$4.88/SF
NOI
$39.9K $9.07/SF
Area
Louisville, KY
Vacancy
7.00%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
35.00%
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%
$797,940
Cap Rate 7%
$569,957
Cap Rate 9%
$443,300
Alternative Uses
Best Use
Office B
$811.8K
$710.3K – $947.1K
NOI $56,826 @ 7.0% cap · market cap 10.33%
Second Best
Retail
$724.7K
$634.1K – $845.5K
NOI $50,728 @ 7.0% cap · market cap 9.22%
Theoretical Best
Office A
$1.14M
$997.9K – $1.33M
NOI $79,834 @ 7.0% cap · market cap 14.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
16 ft
Clear height
1
Drive-in doors
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
7,162
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 40203, KY
16,801
Population
10,754
Households
1.6
Avg Household Size
37
Median Age
22%
College-Educated
86%
High-School Grad
2.9 sq mi
ZIP Area
5,793
Density / Sq Mi
$31,430
Median Household Income
$32,581
Median Earnings
$828
Median Rent
$179,300
Median Home Value
Market
Vacancy Rate% for Office in Louisville, KY
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Flex space - Adaptable commercial space combines offices, warehouse capacity, retail potential, and TNZD zoning in Louisville’s SoBro area.
Where is this flex space located?
The property is located at 104 E Breckinridge St Louisville, KY.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: 4,400‑square‑foot flex building with office, warehouse, and retail‑oriented space; More than 2,000 square feet of center warehouse area with a 16‑foot clear ceiling; Rear warehouse section exceeds 1,000 square feet and includes an overhead door
