Retail Strip Center with
For Sale
$1,625,000
1348 River Rd, Louisville, KY 40206
Multi-space commercial property with restaurant-oriented improvements, outdoor seating, and access to a drive-through configuration.
Property Size7,781 SF
Price / SF$208.84
Days on Market40
Property Features for 1348 River Rd
General Information
Standard status
Active
Size
7,781 SF
Property subtype
Retail
Zoning
W2-O
Site & Location
Drive-Thru
Yes
Road Access
Yes
Additional Details
Patio
Yes
Amenities
Outdoor Seating
Water
Sewer
Building Details
Tenancy
Multi
Listing Agency:
The Pantoja Commercial Group, LLC.
(502) 299-0306
Listed By:
Paul Pantoja
(502) 299-0306
Source:
Kcrea.resimplifi
Added: Jul 22
Changed: Aug 29
Last Checked: Aug 29 at 1:51PM
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 The Pantoja Commercial Group, LLC.
Investment Insights
Based on property information with market context.
This retail strip center includes multiple commercial spaces and has been improved for flexible occupancy. One area is configured for restaurant use with outdoor seating and a drive-through, while another is currently used as a venue rental space on a month-to-month lease. The property can also accommodate owner occupancy and may be divided into additional tenant areas.
Recent property improvements include a new asphalt parking lot along with electrical and plumbing work. The building is zoned W2-O and fronts River Rd. Its setting is next to Waterfront Park and near downtown Louisville, providing a commercial location suited to retail, food service, office, or other uses supported by the existing configuration.
Recent property improvements include a new asphalt parking lot along with electrical and plumbing work. The building is zoned W2-O and fronts River Rd. Its setting is next to Waterfront Park and near downtown Louisville, providing a commercial location suited to retail, food service, office, or other uses supported by the existing configuration.
Key Highlights
- Retail strip center with multiple commercial spaces
- Restaurant‑oriented area with outdoor seating and drive‑through
- Current venue rental space leased month to month
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
$89,707
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
5.52%
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%
$1,794,140
$1.8M
Cap Rate 7%
$1,281,529
$1.3M
Cap Rate 9%
$996,744
$996.7K
Market Conditions
NOI Build-Up for 7,781 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
$140.1K $18.00/SF
− Vacancy
−$11.9K −$1.53/SF
EGI
$128.2K $16.47/SF
− OpEx
−$38.4K −$4.94/SF
NOI
$89.7K $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%
$1,794,140
Cap Rate 7%
$1,281,529
Cap Rate 9%
$996,744
Alternative Uses
Best Use
Retail
$1.28M
$1.12M – $1.50M
NOI $89,707 @ 7.0% cap · market cap 5.52%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.02M
$1.76M – $2.35M
NOI $141,178 @ 7.0% cap · market cap 8.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
585
Businesses Nearby
Explore this area
Business Placement
Demographics for 40206, KY
20,196
Population
11,637
Households
1.7
Avg Household Size
38
Median Age
55%
College-Educated
95%
High-School Grad
5.8 sq mi
ZIP Area
3,482
Density / Sq Mi
$72,543
Median Household Income
$48,506
Median Earnings
$1,142
Median Rent
$276,100
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?
Strip mall - Multi-space commercial property with restaurant-oriented improvements, outdoor seating, and access to a drive-through configuration.
Where is this strip mall located?
The property is located at 1348 River Rd Louisville, KY.
What is the asking price?
The asking price for this property is $1,625,000.
What are key features of this property?
This property features: Retail strip center with multiple commercial spaces; Restaurant‑oriented area with outdoor seating and drive‑through; Current venue rental space leased month to month
