EZ-1 Commercial
For Sale
$4,000,000
146 N Clay St, Louisville, KY 40202
Urban parcel near E Main Street in Louisville’s Butchertown and NuLu districts.
Property Size14,900 SF
Price / SF$268.46
Days on Market665
Property Features for 146 N Clay St
General Information
Standard status
Active
Size
14,900 SF
Property subtype
Retail
Zoning
EZ-1
Amenities
Water
Sewer
Listing Agency:
Nahata Realty
(323) 899-2763
Listed By:
Rohit Nahata
(323) 899-2763
Source:
Kcrea.resimplifi
Added: Nov 5, 2024
Changed: Aug 30
Last Checked: Aug 31 at 1:31PM
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 Nahata Realty
Investment Insights
Based on property information with market context.
This commercial land parcel at 146 N Clay St in Louisville encompasses 14,900 square feet and carries EZ-1 zoning. Its position places the site just north of E Main Street, within the Butchertown and NuLu areas.
Concepts identified for the property include apartments, retail, mixed-use development, a bourbon distillery or experience, a pickleball facility, and a medical marijuana facility. The site is also situated near multiple developments described as being planned along E Main Street.
Concepts identified for the property include apartments, retail, mixed-use development, a bourbon distillery or experience, a pickleball facility, and a medical marijuana facility. The site is also situated near multiple developments described as being planned along E Main Street.
Key Highlights
- 14,900‑square‑foot commercial land parcel
- EZ‑1 zoning
- 146 N Clay St in Louisville, KY 40202
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
$135,106
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
3.38%
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%
$2,702,120
$2.7M
Cap Rate 7%
$1,930,086
$1.9M
Cap Rate 9%
$1,501,178
$1.5M
Market Conditions
NOI Build-Up for 14,900 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
$223.5K $15.00/SF
− Vacancy
−$15.6K −$1.05/SF
EGI
$207.9K $13.95/SF
− OpEx
−$72.7K −$4.88/SF
NOI
$135.1K $9.07/SF
Area
Louisville, KY
Vacancy
7.00%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
35.00%
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%
$2,702,120
Cap Rate 7%
$1,930,086
Cap Rate 9%
$1,501,178
Alternative Uses
Best Use
Flex RnD
$1.93M
$1.69M – $2.25M
NOI $135,106 @ 7.0% cap · market cap 3.38%
Second Best
Industrial
$1.27M
$1.11M – $1.49M
NOI $89,177 @ 7.0% cap · market cap 2.23%
Theoretical Best
Office A
$3.86M
$3.38M – $4.51M
NOI $270,346 @ 7.0% cap · market cap 6.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,967
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 Industrial in Louisville, KY
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Commercial land - Urban parcel near E Main Street in Louisville’s Butchertown and NuLu districts.
Where is this commercial land located?
The property is located at 146 N Clay St Louisville, KY.
What is the asking price?
The asking price for this property is $4,000,000.
What are key features of this property?
This property features: 14,900‑square‑foot commercial land parcel; EZ‑1 zoning; 146 N Clay St in Louisville, KY 40202
