Mixed-Use Retail and Apartment
For Sale
$1,650,000
1328 Bardstown Road, Louisville, KY 40204
High-visibility Bardstown Road space paired with a roughly 1,500 SF apartment for owner-occupancy or supplemental rental income.
Property Size5,000 SF
Price / SF$330
Days on Market120
Property Features for 1328 Bardstown Road
General Information
Standard status
Active
Size
5,000 SF
Property subtype
Retail
Additional Details
Multifamily Units
1
Amenities
3
Building Details
Year Built
1900
Listing Agency:
Block + Lot Homes
(859) 421-3376
Listed By:
Gresham Wilson
(859) 421-3376
Source:
Xome
Added: Apr 26
Changed: Aug 22
Last Checked: Aug 22 at 4:45AM
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 Block + Lot Homes
Investment Insights
Based on property information with market context.
This mixed-use building offers a flexible retail, office, or restaurant configuration along Bardstown Road, designed to support a variety of commercial uses. The property also includes an approximately 1,500 SF apartment within the same building, creating a live-work option or a separate residential income component.
The building is located in the heart of The Highlands Entertainment District with visibility on Bardstown Road and foot traffic referenced as steady in the public remarks. It is positioned next to the historic Highlands Station 7 firehouse.
For an owner-operator, the combination of a street-facing commercial space and an on-site apartment can simplify day-to-day control while maintaining flexibility in how the property is used. Buyers seeking a mixed-use structure may find the multi-purpose commercial area paired with residential space aligns with owner-occupancy, live/work setups, or additional rental income, as described in the remarks.
The building is located in the heart of The Highlands Entertainment District with visibility on Bardstown Road and foot traffic referenced as steady in the public remarks. It is positioned next to the historic Highlands Station 7 firehouse.
For an owner-operator, the combination of a street-facing commercial space and an on-site apartment can simplify day-to-day control while maintaining flexibility in how the property is used. Buyers seeking a mixed-use structure may find the multi-purpose commercial area paired with residential space aligns with owner-occupancy, live/work setups, or additional rental income, as described in the remarks.
Key Highlights
- High‑visibility retail/restaurant space on Bardstown Road in The Highlands Entertainment District
- Purchase includes an apartment of +/- 1,500 SF inside the building
- Flexible layout suited for retail, office, or restaurant use
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
$64,575
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
3.91%
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%
$1,291,500
$1.3M
Cap Rate 7%
$922,500
$922.5K
Cap Rate 9%
$717,500
$717.5K
Market Conditions
NOI Build-Up for 5,000 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
$105.0K $21.00/SF
− Vacancy
−$18.9K −$3.78/SF
EGI
$86.1K $17.22/SF
− OpEx
−$21.5K −$4.31/SF
NOI
$64.6K $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%
$1,291,500
Cap Rate 7%
$922,500
Cap Rate 9%
$717,500
Alternative Uses
Best Use
Office B
$922.5K
$807.2K – $1.08M
NOI $64,575 @ 7.0% cap · market cap 3.91%
Second Best
Mixed Use
$848.6K
$742.5K – $990.0K
NOI $59,400 @ 7.0% cap · market cap 3.60%
Theoretical Best
Office A
$1.30M
$1.13M – $1.51M
NOI $90,720 @ 7.0% cap · market cap 5.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
1,080
Businesses Nearby
Explore this area
Business Placement
Demographics for 40204, KY
14,600
Population
8,759
Households
1.7
Avg Household Size
38
Median Age
63%
College-Educated
97%
High-School Grad
3.2 sq mi
ZIP Area
4,563
Density / Sq Mi
$70,706
Median Household Income
$50,246
Median Earnings
$1,225
Median Rent
$314,700
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?
Live-work space - High-visibility Bardstown Road space paired with a roughly 1,500 SF apartment for owner-occupancy or supplemental rental income.
Where is this live-work space located?
The property is located at 1328 Bardstown Road Louisville, KY.
What is the asking price?
The asking price for this property is $1,650,000.
What are key features of this property?
This property features: High‑visibility retail/restaurant space on Bardstown Road in The Highlands Entertainment District; Purchase includes an apartment of +/- 1,500 SF inside the building; Flexible layout suited for retail, office, or restaurant use
