First-Floor Office
For Sale
$302,500
415 E Market St, Louisville, KY 40202
Flexible first-floor workspace in the CBD with off-street parking available.
Property Size1,210 SF
Price / SF$250
Days on Market1020
Property Features for 415 E Market St
General Information
Standard status
Active
Size
1,210 SF
Property subtype
Office
Zoning
C3-O
Amenities
Water
Sewer
Listing Agency:
TRIO Commercial Property Group
(502) 645-1911
Listed By:
Justin Baker · License #204053
(502) 645-1911
Source:
Kcrea.resimplifi
Added: Nov 16, 2023
Changed: Aug 31
Last Checked: Sep 1 at 3:03PM
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 TRIO Commercial Property Group
Investment Insights
Based on property information with market context.
This 1,210 SF first-floor office unit at 415 E Market St offers an open configuration that can be arranged for a range of office functions. The property is zoned C3-O and includes access to off-street parking.
The unit is situated in Louisville’s CBD, next to Angel’s Envy’s new expansion project. Hotels, Class A apartments, and restaurants are nearby, while Interstate access is convenient. The property information also identifies redevelopment potential for office, hospitality, or multifamily use.
The unit is situated in Louisville’s CBD, next to Angel’s Envy’s new expansion project. Hotels, Class A apartments, and restaurants are nearby, while Interstate access is convenient. The property information also identifies redevelopment potential for office, hospitality, or multifamily use.
Key Highlights
- 1,210 SF first‑floor office unit
- Open layout with flexible office configuration
- Zoned C3‑O
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
$15,627
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
5.17%
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%
$312,540
$312.5K
Cap Rate 7%
$223,243
$223.2K
Cap Rate 9%
$173,633
$173.6K
Market Conditions
NOI Build-Up for 1,210 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
$25.4K $21.00/SF
− Vacancy
−$4.6K −$3.78/SF
EGI
$20.8K $17.22/SF
− OpEx
−$5.2K −$4.31/SF
NOI
$15.6K $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%
$312,540
Cap Rate 7%
$223,243
Cap Rate 9%
$173,633
Alternative Uses
Best Use
Office B
$223.2K
$195.3K – $260.5K
NOI $15,627 @ 7.0% cap · market cap 5.17%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$313.6K
$274.4K – $365.9K
NOI $21,954 @ 7.0% cap · market cap 7.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
7,270
Businesses Nearby
Explore this area
Business Placement
Demographics for 40202, KY
7,179
Population
4,242
Households
1.7
Avg Household Size
39
Median Age
27%
College-Educated
83%
High-School Grad
1.6 sq mi
ZIP Area
4,487
Density / Sq Mi
$29,382
Median Household Income
$33,205
Median Earnings
$881
Median Rent
$340,000
Median Home Value
Market
Vacancy Rate% for Office in Louisville, KY
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office units - Flexible first-floor workspace in the CBD with off-street parking available.
Where is this office units located?
The property is located at 415 E Market St Louisville, KY.
What is the asking price?
The asking price for this property is $302,500.
What are key features of this property?
This property features: 1,210 SF first‑floor office unit; Open layout with flexible office configuration; Zoned C3‑O
