Four-Unit Flex
For Sale
$4,400,000
Pending
13720 Aiken Rd, Louisville, KY 40245
M2-zoned flex property with leased, vacant, owner-occupied, and Coast Guard-occupied space in one industrial configuration.
Property Size24,162 SF
Days on Market289
Property Features for 13720 Aiken Rd
General Information
Standard status
Pending
Size
24,162 SF
Property subtype
Investment
Zoning
M2
Listing Agency:
Hoagland Commercial
Listed By:
Zachary Swanson · License #76272
(502) 664-5277
Source:
Kcrea.resimplifi
Added: Nov 17, 2025
Changed: Aug 31
Last Checked: Sep 1 at 3:06PM
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 Hoagland Commercial
Investment Insights
Based on property information with market context.
This M2-zoned flex property contains approximately 24,162 square feet arranged across four units. The offering includes 1110 Avoca Dr., where approximately 10,000 square feet is leased to APHIS following completion of a five-year firm term and is now occupied on a month-to-month basis. At 13720 Aiken Rd., Suite A contains approximately 3,502 square feet and is vacant as of 10/15/2025. Suite B provides approximately 3,300 square feet of owner-occupied space, with the owner considering a short lease-back period. Suite C contributes approximately 7,360 square feet and is occupied by the Coast Guard under a five-year non-firm period that began 10/1/2025.
The property is located at 13720 Aiken Rd, Louisville, KY 40245, with additional space identified at 1110 Avoca Dr. The varied occupancy profile and separate suite configuration provide a combination of leased, available, and owner-used areas within the same flex property.
The property is located at 13720 Aiken Rd, Louisville, KY 40245, with additional space identified at 1110 Avoca Dr. The varied occupancy profile and separate suite configuration provide a combination of leased, available, and owner-used areas within the same flex property.
Key Highlights
- Approximately 24,162 SF across 4 flex units
- M2 zoning supports the property's industrial/flex classification
- Approximately 10,000 SF at 1110 Avoca Dr. leased to APHIS on a month‑to‑month basis
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
$194,871
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
4.43%
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%
$3,897,420
$3.9M
Cap Rate 7%
$2,783,871
$2.8M
Cap Rate 9%
$2,165,233
$2.2M
Market Conditions
NOI Build-Up for 24,162 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
$318.9K $13.20/SF
− Vacancy
−$19.1K −$0.79/SF
EGI
$299.8K $12.41/SF
− OpEx
−$104.9K −$4.34/SF
NOI
$194.9K $8.07/SF
Area
ZIP 40245
Vacancy
6.00%
Lease Rate
$13.20 /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%
$3,897,420
Cap Rate 7%
$2,783,871
Cap Rate 9%
$2,165,233
Alternative Uses
Best Use
Flex RnD
$2.78M
$2.44M – $3.25M
NOI $194,871 @ 7.0% cap · market cap 4.43%
Second Best
Industrial
$2.36M
$2.07M – $2.76M
NOI $165,443 @ 7.0% cap · market cap 3.76%
Theoretical Best
Office A
$5.91M
$5.18M – $6.90M
NOI $414,040 @ 7.0% cap · market cap 9.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
169
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 40245, KY
37,866
Population
15,226
Households
2.5
Avg Household Size
41
Median Age
59%
College-Educated
97%
High-School Grad
32.6 sq mi
ZIP Area
1,162
Density / Sq Mi
$120,171
Median Household Income
$63,623
Median Earnings
$1,605
Median Rent
$432,900
Median Home Value
Market
Vacancy Rate% for Industrial in Louisville, KY
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Flex space - M2-zoned flex property with leased, vacant, owner-occupied, and Coast Guard-occupied space in one industrial configuration.
Where is this flex space located?
The property is located at 13720 Aiken Rd Louisville, KY.
What is the asking price?
The asking price for this property is $4,400,000.
What are key features of this property?
This property features: Approximately 24,162 SF across 4 flex units; M2 zoning supports the property's industrial/flex classification; Approximately 10,000 SF at 1110 Avoca Dr. leased to APHIS on a month‑to‑month basis
