Charley's Cheesesteaks Retail
For Sale
Contact for pricing
Pending
11300 Preston Hwy, Louisville, KY 40229
Commercially zoned retail space with an established restaurant-oriented identity.
Property Size3,603 SF
Days on Market181
Property Features for 11300 Preston Hwy
General Information
Standard status
Pending
Size
3,603 SF
Total Parking Spaces
72
Property subtype
Retail
Zoning
Commercial (C1 & C2)
Occupancy
100%
Lease Type
Absolute Net
Investment Type
Net Lease
Net Operating Income
$80,000
Additional Details
Cap Rate
8%
Building Details
Year Built
1987
Year Renovated
2026
Buildings
1
Stories
1
Tenancy
Single
Listing Agency:
SRS Louisville
Listed By:
Sarah Shanks · License #271256
Source:
Crexi
Added: Mar 3
Changed: Aug 30
Last Checked: Aug 30 at 10:18PM
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 SRS Louisville
Investment Insights
Based on property information with market context.
This 3,603-square-foot retail space at 11300 Preston Hwy in Louisville, Kentucky, was built in 1987. The property carries Commercial (C1 & C2) zoning and is associated with the Charley's Cheesesteaks name.
The offering reports an 8.00% CAP rate, providing a stated investment metric for evaluation. Its retail classification and commercial zoning support consideration for retail-oriented ownership or occupancy, subject to applicable zoning requirements.
The offering reports an 8.00% CAP rate, providing a stated investment metric for evaluation. Its retail classification and commercial zoning support consideration for retail-oriented ownership or occupancy, subject to applicable zoning requirements.
Key Highlights
- 3,603 SqFt retail space
- Commercial (C1 & C2) zoning
- Built in 1987
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
$41,539
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
4.15%
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%
$830,780
$830.8K
Cap Rate 7%
$593,414
$593.4K
Cap Rate 9%
$461,544
$461.5K
Market Conditions
NOI Build-Up for 3,603 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
$64.9K $18.00/SF
− Vacancy
−$5.5K −$1.53/SF
EGI
$59.3K $16.47/SF
− OpEx
−$17.8K −$4.94/SF
NOI
$41.5K $11.53/SF
Area
Louisville, KY
Vacancy
8.50%
Lease Rate
$18.00 /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%
$830,780
Cap Rate 7%
$593,414
Cap Rate 9%
$461,544
Alternative Uses
Best Use
Retail
$593.4K
$519.2K – $692.3K
NOI $41,539 @ 7.0% cap · market cap 4.15%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$933.9K
$817.2K – $1.09M
NOI $65,373 @ 7.0% cap · market cap 6.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
423
Businesses Nearby
476k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 31%
Superstores 19%
Shops & Services 18%
Groceries 13%
Walmart
Superstores
92,491 visits/mo
0.4 miles
Kroger
Groceries
46,993 visits/mo
0.3 miles
Kohl's
Apparel
45,161 visits/mo
0.4 miles
McDonald's
Dining
30,775 visits/mo
0.2 miles
Dollar Tree
Shops & Services
22,316 visits/mo
0.5 miles
Demographics for 40229, KY
39,380
Population
15,772
Households
2.5
Avg Household Size
37
Median Age
24%
College-Educated
89%
High-School Grad
17.5 sq mi
ZIP Area
2,250
Density / Sq Mi
$78,877
Median Household Income
$42,782
Median Earnings
$1,294
Median Rent
$197,300
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?
Retail space - Commercially zoned retail space with an established restaurant-oriented identity.
Where is this retail space located?
The property is located at 11300 Preston Hwy Louisville, KY.
What is the asking price?
The asking price for this property is $1,000,000.
What are key features of this property?
This property features: 3,603 SqFt retail space; Commercial (C1 & C2) zoning; Built in 1987
