NNN Retail
New
For Sale
$3,000,000
3505 Bashford Ave, Louisville, KY 40218
Absolute net lease structure carries no landlord responsibilities for the owner.
Property Size17,595 SF
Lot Size3.00 Acres
Price / SF$170.50
Days on Market3
Property Features for 3505 Bashford Ave
General Information
Standard status
Active
Size
17,595 SF
Lot size
3.00 Acres
Property subtype
Retail
Building Details
Buildings
1
Tenancy
Single
Listing Agency:
Detroit
(248) 226-1629
Listed By:
Jordan Woodcock
(248) 226-1629
Source:
Colliers
Added: Aug 20
Changed: Aug 21
Last Checked: Aug 21 at 4:01AM
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 Detroit
Investment Insights
Based on property information with market context.
This 17,595 SF retail building is leased to Sunbelt Rentals under an absolute net structure, leaving zero landlord responsibilities. The lease was recently extended and has just under 10 years remaining, with annual increases of up to 2.00% and two additional 5-year options.
The property occupies a large 3 acre lot, pairing the retail building with substantial underlying land. The combination of an extended lease term, contractual increases, option periods, and an absolute net structure defines the current operating profile.
The property occupies a large 3 acre lot, pairing the retail building with substantial underlying land. The combination of an extended lease term, contractual increases, option periods, and an absolute net structure defines the current operating profile.
Key Highlights
- 17,595 SF retail building leased to Sunbelt Rentals
- Absolute net lease with zero landlord responsibilities
- Just under 10 years remaining on the recently extended lease
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
$202,853
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
6.76%
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%
$4,057,060
$4.1M
Cap Rate 7%
$2,897,900
$2.9M
Cap Rate 9%
$2,253,922
$2.3M
Market Conditions
NOI Build-Up for 17,595 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
$316.7K $18.00/SF
− Vacancy
−$26.9K −$1.53/SF
EGI
$289.8K $16.47/SF
− OpEx
−$86.9K −$4.94/SF
NOI
$202.9K $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%
$4,057,060
Cap Rate 7%
$2,897,900
Cap Rate 9%
$2,253,922
Alternative Uses
Best Use
Retail
$2.90M
$2.54M – $3.38M
NOI $202,853 @ 7.0% cap · market cap 6.76%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.56M
$3.99M – $5.32M
NOI $319,244 @ 7.0% cap · market cap 10.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
728
Businesses Nearby
342k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Superstores 40%
Groceries 13%
Dining 12%
Home Improvements & Furnishings 11%
Walmart
Superstores
138,239 visits/mo
0.4 miles
Kroger
Groceries
37,381 visits/mo
0.3 miles
Lowe's
Home Improvements & Furnishings
36,590 visits/mo
0.5 miles
Burlington
Apparel
33,431 visits/mo
0.4 miles
White Castle
Dining
15,782 visits/mo
0.4 miles
Demographics for 40218, KY
33,437
Population
14,697
Households
2.3
Avg Household Size
36
Median Age
29%
College-Educated
89%
High-School Grad
9.0 sq mi
ZIP Area
3,715
Density / Sq Mi
$56,191
Median Household Income
$35,784
Median Earnings
$1,059
Median Rent
$195,600
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?
NNN property - Absolute net lease structure carries no landlord responsibilities for the owner.
Where is this nnn property located?
The property is located at 3505 Bashford Ave Louisville, KY.
What is the asking price?
The asking price for this property is $3,000,000.
What are key features of this property?
This property features: 17,595 SF retail building leased to Sunbelt Rentals; Absolute net lease with zero landlord responsibilities; Just under 10 years remaining on the recently extended lease
