Building Details

Year Built 2005

Buildings 1

Stories 3

Building Size 31,000 SF

Parking Ratio 6.5 per 1,000 SF

Listing Agency: Colliers

Listed By: Jonathan Fairfield Show Phone

Source: Kcrea.resimplifi

Added: Aug 6 Changed: Sep 9 Last Checked: Oct 7 at 8:39AM

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Investment Insights

Based on property information with market context.

This approximately 31,000 SF, three-story office building offers a substantial commercial footprint for office operations or educational use. The property was constructed for and formerly occupied by Indiana Wesleyan University, supporting its potential adaptation as a learning center or continued use as traditional office space. High-speed internet capabilities and telecommunications infrastructure are in place for data-intensive operations and hybrid work environments.

The building is located near I-64 and Blankenbaker Lane in Jeffersontown, with nearby restaurants, hospitals, retail, hotels, offices, a movie theater, and an all-ages gaming center. Parking is provided at a ratio of 6.5 spaces per 1,000 SF, offering more parking than typically associated with comparable office properties.

Key Highlights

• Approximately 31,000 SF across three office building levels
• Former Indiana Wesleyan University facility with learning‑center potential
• 6.5 parking spaces per 1,000 SF

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$366,048

Cap Rate

7.16%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$7,320,960 $7.3M

Cap Rate 7%

$5,229,257 $5.2M

Cap Rate 9%

$4,067,200 $4.1M

Market Conditions

NOI Build-Up for 31,000 SF

Gross rent

$595.2K $19.20/SF

− Vacancy

−$107.1K −$3.46/SF

EGI

$488.1K $15.74/SF

− OpEx

−$122.0K −$3.94/SF

NOI

$366.0K $11.81/SF

Area

ZIP 40299

Vacancy

18.00%

Lease Rate

$19.20 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$7,320,960

Cap Rate 7%

$5,229,257

Cap Rate 9%

$4,067,200

Alternative Uses

Best Use

Office B

$5.23M

$4.58M – $6.10M (±1% cap)

NOI $366,048 @ 7.0% cap · market cap 7.16%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$7.59M

$6.64M – $8.85M (±1% cap)

NOI $531,216 @ 7.0% cap · market cap 10.39%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Office buildings

Suggested Use

Top Pick Parking Lot & Garage (Bike/Boat/Book/etc) Store Bakery Electrical Service Locksmith Nail Salon

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Yes

Highway access

Location Intelligence

Trade Area within ½ mile

544

Businesses Nearby

Explore this area Business Placement

Demographics for 40299, KY

43,030

Population

17,567

Households

2.4

Avg Household Size

41

Median Age

41%

College-Educated

95%

High-School Grad

54.0 sq mi

ZIP Area

797

Density / Sq Mi

$85,419

Median Household Income

$50,427

Median Earnings

$1,290

Median Rent

$274,900

Median Home Value

Market

Vacancy Rate% for Office in South region

14.4% 2019

16.4% 2020

17.3% 2021

18% 2022

18.6% 2023

20.3% 2024

20.2% 2025

Questions? Ask Rey

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What type of property is this? Where is this office buildings located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Office building - Flexible office property with learning-center potential, robust telecommunications infrastructure, and convenient access near I-64.

Where is this office building located?

The property is located at 1500 Alliant Ave Jeffersontown, KY.

What is the asking price?

The asking price for this property is $5,115,000.

What are key features of this property?

This property features: Approximately 31,000 SF across three office building levels; Former Indiana Wesleyan University facility with learning‑center potential; 6.5 parking spaces per 1,000 SF