Industrial Flex Building with
For Sale
$1,490,000
4626 Illinois Ave, Louisville, KY 40213
M2 Industrial flex property with substantial office space, overhead lifting capacity, drive-in access, and covered exterior storage.
Property Size18,825 SF
Price / SF$79.15
Days on Market545
Property Features for 4626 Illinois Ave
General Information
Standard status
Active
Size
18,825 SF
Property subtype
Industrial
Zoning
M2 Industrial
Site & Location
Highway Access
Yes
Outdoor Storage
Yes
Utilities to Site
Yes
Warehouse & Industrial
Office Build-Out
1,800 SF
Drive-In Doors
2
Rail Access
Yes
Heavy Power
Yes
Amenities
Power
Water
Sewer
Listing Agency:
TRIO Commercial Property Group
(502) 387-8479
Listed By:
Dalton Dreisbach
(502) 387-8479
Source:
Kcrea.resimplifi
Added: Mar 5, 2025
Changed: Aug 30
Last Checked: Aug 30 at 10:53PM
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 18,825-square-foot industrial flex building combines production and storage functionality with more than 1,800 square feet of office area, including over 600 square feet on the second floor. A 5-ton crane operates at an 18-foot hook height along a 45-foot railway. The property also includes a 12-by-12-foot drive-in door, a 16-by-19-foot drive-in door, heavy distributed electrical service, and 1,484 square feet of additional covered outdoor storage.
Zoned M2 Industrial, the facility is near the I-264 and Poplar Level Road interchange. Its access supports connections to Louisville International Airport, UPS, and Ford LAP. The combination of office, industrial improvements, overhead crane infrastructure, and multiple drive-in openings provides a practical configuration for manufacturing, fabrication, distribution, or storage operations.
Zoned M2 Industrial, the facility is near the I-264 and Poplar Level Road interchange. Its access supports connections to Louisville International Airport, UPS, and Ford LAP. The combination of office, industrial improvements, overhead crane infrastructure, and multiple drive-in openings provides a practical configuration for manufacturing, fabrication, distribution, or storage operations.
Key Highlights
- 18,825 SF industrial flex building with M2 Industrial zoning
- 5‑ton crane with 18’ hook height on a 45’ railway
- 1,800+ SF of office space, including 600+ SF of second‑floor office
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
$112,668
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
7.56%
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%
$2,253,360
$2.3M
Cap Rate 7%
$1,609,543
$1.6M
Cap Rate 9%
$1,251,867
$1.3M
Market Conditions
NOI Build-Up for 18,825 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
$169.4K $9.00/SF
− Vacancy
−$8.5K −$0.45/SF
EGI
$161.0K $8.55/SF
− OpEx
−$48.3K −$2.56/SF
NOI
$112.7K $5.98/SF
Area
Louisville, KY
Vacancy
5.00%
Lease Rate
$9.00 /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%
$2,253,360
Cap Rate 7%
$1,609,543
Cap Rate 9%
$1,251,867
Alternative Uses
Best Use
Office B
$3.47M
$3.04M – $4.05M
NOI $243,125 @ 7.0% cap · market cap 16.32%
Second Best
Flex RnD
$2.44M
$2.13M – $2.84M
NOI $170,696 @ 7.0% cap · market cap 11.46%
Theoretical Best
Office A
$4.88M
$4.27M – $5.69M
NOI $341,561 @ 7.0% cap · market cap 22.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Drive-in doors
Yes
Heavy power
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
658
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 40213, KY
16,698
Population
7,730
Households
2.2
Avg Household Size
38
Median Age
25%
College-Educated
90%
High-School Grad
9.6 sq mi
ZIP Area
1,739
Density / Sq Mi
$60,734
Median Household Income
$38,595
Median Earnings
$952
Median Rent
$169,000
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?
Flex space - M2 Industrial flex property with substantial office space, overhead lifting capacity, drive-in access, and covered exterior storage.
Where is this flex space located?
The property is located at 4626 Illinois Ave Louisville, KY.
What is the asking price?
The asking price for this property is $1,490,000.
What are key features of this property?
This property features: 18,825 SF industrial flex building with M2 Industrial zoning; 5‑ton crane with 18’ hook height on a 45’ railway; 1,800+ SF of office space, including 600+ SF of second‑floor office
