Multi-Tenant Office Building For
For Sale
$1,700,000
105 Lyndon Lane, Louisville, KY 40222
Two-building office property near Shelbyville Road and Hurstbourne Parkway.
Property Size10,235 SF
Lot Size0.94 Acres
Price / SF$166.10
Days on Market151
Property Features for 105 Lyndon Lane
General Information
Standard status
Active
Size
10,235 SF
Lot size
0.94 Acres
Property subtype
Office
Listing Agency:
(502) 412-7659
Listed By:
Michael Somervell
(502) 412-7659
Source:
Cbre
Added: Mar 25
Changed: Jul 6
Last Checked: Aug 21 at 7:57AM
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 Michael Somervell
Investment Insights
Based on property information with market context.
The property at 105 Lyndon Lane features two structures: a two-story, multi-tenant office building with approximately 9,087 square feet and a standalone office building offering approximately 1,148 square feet. The multi-tenant building is currently leased to 12 separate tenants under short-term leases. The building can continue to operate as a multi-tenanted property or be renovated for single-tenant occupancy. Situated on 0.94 acres, the property includes 49 parking spaces. The location provides signage opportunities with direct visibility from Shelbyville Road. The property is located across Shelbyville Road from the Hurstbourne neighborhood and Country Club, near the intersection of Shelbyville Road and Lyndon Lane. It is approximately 1 mile from both I-264 and Hurstbourne Parkway, providing convenient access to numerous retail amenities in the area.
Key Highlights
- Excellent signage opportunities with direct visibility from Shelbyville Road.
- Easy access to I‑264.
- Located near Hurstbourne neighborhood and Country Club.
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
$132,185
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
7.78%
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%
$2,643,700
$2.6M
Cap Rate 7%
$1,888,357
$1.9M
Cap Rate 9%
$1,468,722
$1.5M
Market Conditions
NOI Build-Up for 10,235 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
$214.9K $21.00/SF
− Vacancy
−$38.7K −$3.78/SF
EGI
$176.2K $17.22/SF
− OpEx
−$44.1K −$4.31/SF
NOI
$132.2K $12.92/SF
Area
Louisville, KY
Vacancy
18.00%
Lease Rate
$21.00 /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%
$2,643,700
Cap Rate 7%
$1,888,357
Cap Rate 9%
$1,468,722
Alternative Uses
Best Use
Office B
$1.89M
$1.65M – $2.20M
NOI $132,185 @ 7.0% cap · market cap 7.78%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.65M
$2.32M – $3.10M
NOI $185,704 @ 7.0% cap · market cap 10.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
481
Businesses Nearby
Explore this area
Business Placement
Demographics for 40222, KY
21,725
Population
10,953
Households
2
Avg Household Size
40
Median Age
57%
College-Educated
96%
High-School Grad
9.5 sq mi
ZIP Area
2,287
Density / Sq Mi
$81,623
Median Household Income
$54,592
Median Earnings
$1,326
Median Rent
$347,000
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 building - Two-building office property near Shelbyville Road and Hurstbourne Parkway.
Where is this office building located?
The property is located at 105 Lyndon Lane Louisville, KY.
What is the asking price?
The asking price for this property is $1,700,000.
What are key features of this property?
This property features: Excellent signage opportunities with direct visibility from Shelbyville Road.; Easy access to I‑264.; Located near Hurstbourne neighborhood and Country Club.
