Office Condominium
For Sale
$350,000
2821 S Hurstbourne Pkwy, Louisville, KY 40220
Well-maintained office condo built in 1993, offering private offices, open work areas, and restrooms with ample surface parking.
Property Size2,186 SF
Price / SF$160.11
Days on Market157
Property Features for 2821 S Hurstbourne Pkwy
General Information
Standard status
Active
Size
2,186 SF
Property subtype
Office
Additional Details
Highway Access
Yes
Amenities
Property is in a great location with excellent visibility and accessibility!
This office features an open and flexible floor plan with ample space to accommodate growing teams or multiple departments.
Conveniently located just minutes from I-64.
Building Details
Building Size
2,186 SF
Year Built
1993
Tenancy
Multi
Listing Agency:
Marcus & Millichap - Louisville
Listed By:
David Badgett Jr. · License #License(s): KY: 215224
(502) 329-5999
Source:
Marcusmillichap
Added: Apr 3
Changed: Aug 8
Last Checked: Sep 5 at 4:07AM
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 Marcus & Millichap - Louisville
Investment Insights
Based on property information with market context.
Located within the Stonybrook Office Condominium complex, this well-maintained office condo was built in 1993 and offers individual office units ranging from approximately 1,140 to 1,200 square feet. Each suite features a functional layout with private offices, open work areas, and restroom facilities.
The property is set on a highly visible site along Hurstbourne Parkway with monument signage and ample surface parking. It is also just minutes from I-64, placing it within convenient reach of Louisville’s major business districts. The surrounding area includes restaurants, banks, and retail centers.
As part of a condominium structure, the offering provides dedicated office space designed for day-to-day professional use within a maintained multi-unit environment.
The property is set on a highly visible site along Hurstbourne Parkway with monument signage and ample surface parking. It is also just minutes from I-64, placing it within convenient reach of Louisville’s major business districts. The surrounding area includes restaurants, banks, and retail centers.
As part of a condominium structure, the offering provides dedicated office space designed for day-to-day professional use within a maintained multi-unit environment.
Key Highlights
- Office condo within Stonybrook Office Condominium complex, built in 1993
- Individual condo units feature private offices, open work areas, and restroom facilities
- Unit sizes range from approximately 1,140 to 1,200 SF
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
$28,232
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
8.07%
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%
$564,640
$564.6K
Cap Rate 7%
$403,314
$403.3K
Cap Rate 9%
$313,689
$313.7K
Market Conditions
NOI Build-Up for 2,186 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
$45.9K $21.00/SF
− Vacancy
−$8.3K −$3.78/SF
EGI
$37.6K $17.22/SF
− OpEx
−$9.4K −$4.31/SF
NOI
$28.2K $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%
$564,640
Cap Rate 7%
$403,314
Cap Rate 9%
$313,689
Alternative Uses
Best Use
Office B
$403.3K
$352.9K – $470.5K
NOI $28,232 @ 7.0% cap · market cap 8.07%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$566.6K
$495.8K – $661.1K
NOI $39,663 @ 7.0% cap · market cap 11.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
700
Businesses Nearby
Explore this area
Business Placement
Demographics for 40220, KY
34,315
Population
16,019
Households
2.1
Avg Household Size
39
Median Age
44%
College-Educated
96%
High-School Grad
7.7 sq mi
ZIP Area
4,456
Density / Sq Mi
$73,502
Median Household Income
$47,283
Median Earnings
$1,187
Median Rent
$249,700
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 - Well-maintained office condo built in 1993, offering private offices, open work areas, and restrooms with ample surface parking.
Where is this office units located?
The property is located at 2821 S Hurstbourne Pkwy Louisville, KY.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: Office condo within Stonybrook Office Condominium complex, built in 1993; Individual condo units feature private offices, open work areas, and restroom facilities; Unit sizes range from approximately 1,140 to 1,200 SF
