Multi-Tenant Office
For Sale
$2,550,000
214 Breckenridge Ln, Louisville, KY 40207
Well-maintained office building with potential for full 1st-floor occupancy and a second-floor rental component.
Property Size11,220 SF
Price / SF$227.27
Days on Market49
Property Features for 214 Breckenridge Ln
General Information
Standard status
Active
Size
11,220 SF
Class
C
Property subtype
Office - General Office
Site & Location
Highway Access
Yes
Road Access
Yes
Building Details
Building Size
11,220 SF
Year Built
1972
Units
26
Listing Agency:
Hoagland Commercial Realtors
Listed By:
John Hoagland Jr. · License #67295
(502) 897-3310
Source:
Commercialcafe
Added: Jul 26
Changed: Sep 10
Last Checked: Sep 12 at 3:49AM
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 Hoagland Commercial Realtors
Investment Insights
Based on property information with market context.
Located in St. Matthews, this well-maintained office building at 214 Breckenridge Lane offers convenient access to Shelbyville Road, Lexington Road, and I-264. The property is positioned within an established mix of retail, dining, medical, and professional office users.
The building totals approximately 11,220 ± square feet and is configured with space across a first and second floor. The entire first floor can be made available, providing flexibility for an owner-occupant. At the same time, the second floor supports rental income potential.
For businesses seeking an accessible, in-submarket office address, this offering combines a practical interior split with straightforward leasing/occupancy options across the two floors.
The building totals approximately 11,220 ± square feet and is configured with space across a first and second floor. The entire first floor can be made available, providing flexibility for an owner-occupant. At the same time, the second floor supports rental income potential.
For businesses seeking an accessible, in-submarket office address, this offering combines a practical interior split with straightforward leasing/occupancy options across the two floors.
Key Highlights
- 11,220 ± SF office building built in 1972 in the St. Matthews submarket
- Entire 1st floor can be made available for owner‑occupancy
- Second floor provides a rental income component
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
$144,906
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
5.68%
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%
$2,898,120
$2.9M
Cap Rate 7%
$2,070,086
$2.1M
Cap Rate 9%
$1,610,067
$1.6M
Market Conditions
NOI Build-Up for 11,220 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
$235.6K $21.00/SF
− Vacancy
−$42.4K −$3.78/SF
EGI
$193.2K $17.22/SF
− OpEx
−$48.3K −$4.31/SF
NOI
$144.9K $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%
$2,898,120
Cap Rate 7%
$2,070,086
Cap Rate 9%
$1,610,067
Alternative Uses
Best Use
Office B
$2.07M
$1.81M – $2.42M
NOI $144,906 @ 7.0% cap · market cap 5.68%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.91M
$2.54M – $3.39M
NOI $203,576 @ 7.0% cap · market cap 7.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,566
Businesses Nearby
Explore this area
Business Placement
Demographics for 40207, KY
30,104
Population
14,507
Households
2.1
Avg Household Size
43
Median Age
68%
College-Educated
98%
High-School Grad
11.7 sq mi
ZIP Area
2,573
Density / Sq Mi
$98,583
Median Household Income
$59,242
Median Earnings
$1,248
Median Rent
$401,500
Median Home Value
Check the figures for this property
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?
Office building - Well-maintained office building with potential for full 1st-floor occupancy and a second-floor rental component.
Where is this office building located?
The property is located at 214 Breckenridge Ln Louisville, KY.
What is the asking price?
The asking price for this property is $2,550,000.
What are key features of this property?
This property features: 11,220 ± SF office building built in 1972 in the St. Matthews submarket; Entire 1st floor can be made available for owner‑occupancy; Second floor provides a rental income component
