Partially Renovated Flex
For Sale
Contact for pricing
1234 Rowan St, Louisville, KY 40203
Partially improved flex property with existing office area and additional space for redevelopment or expansion.
Property Size28,195 SF
Price / SF$0.00
Days on Market198
Property Features for 1234 Rowan St
General Information
Standard status
Active
Size
28,195 SF
Property subtype
Industrial
Zoning
EZ1
Property Condition
Severity
Repairs Needed
Evidence
partially renovated
Listing Agency:
Colliers
Listed By:
Jenny Johnston · License #246944
(502) 645-1729
Source:
Kcrea.resimplifi
Added: Apr 5
Changed: Oct 10
Last Checked: Oct 16 at 5:40AM
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 Colliers
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Investment Insights
Based on property information with market context.
This 28,195-square-foot flex property at 1234 Rowan St in Louisville includes partially renovated space configured for flexible commercial use. A second-floor area was previously used as offices, while the remaining portion is unfinished and can support redevelopment, expansion, or a revised layout. The property previously housed a Mercedes-Benz training facility operated by Jefferson Community and Technical College.
Waterfront Park West is directly across from the site, placing the property within the Portland neighborhood. Existing improvements and unfinished areas provide a combination of usable space and redevelopment potential within the current building footprint.
Waterfront Park West is directly across from the site, placing the property within the Portland neighborhood. Existing improvements and unfinished areas provide a combination of usable space and redevelopment potential within the current building footprint.
Key Highlights
- 28,195‑square‑foot flex property at 1234 Rowan St, Louisville, KY 40203
- Partially renovated interior configured as flex space
- Second‑floor area previously used for offices
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$168,747
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,374,940
$3.4M
Cap Rate 7%
$2,410,671
$2.4M
Cap Rate 9%
$1,874,967
$1.9M
Market Conditions
NOI Build-Up for 28,195 SF
Gross rent
$253.8K $9.00/SF
− Vacancy
−$12.7K −$0.45/SF
EGI
$241.1K $8.55/SF
− OpEx
−$72.3K −$2.56/SF
NOI
$168.7K $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 Rate 5%
$3,374,940
Cap Rate 7%
$2,410,671
Cap Rate 9%
$1,874,967
Alternative Uses
Best Use
Office B
$5.20M
$4.55M – $6.07M
NOI $364,138 @ 7.0% cap · market cap 6,068,966.67%
Second Best
Flex RnD
$3.65M
$3.20M – $4.26M
NOI $255,658 @ 7.0% cap · market cap 4,260,966.67%
Theoretical Best
Office A
$7.31M
$6.39M – $8.53M
NOI $511,570 @ 7.0% cap · market cap 8,526,166.67%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,563
Businesses Nearby
Balanced
Demand for This Use
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Louisville, KY
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Frequently Asked Questions
What type of property is this?
Flex space - Partially improved flex property with existing office area and additional space for redevelopment or expansion.
Where is this flex space located?
The property is located at 1234 Rowan St Louisville, KY.
What are key features of this property?
This property features: 28,195‑square‑foot flex property at 1234 Rowan St, Louisville, KY 40203; Partially renovated interior configured as flex space; Second‑floor area previously used for offices
