Three-Story Office
For Sale
$5,115,000
1500 Alliant Ave, Jeffersontown, KY 40299
Flexible office property with learning-center potential, robust telecommunications infrastructure, and convenient access near I-64.
Property Size31,000 SF
Price / SF$165
Days on Market9
Property Features for 1500 Alliant Ave
General Information
Standard status
Active
Size
31,000 SF
Property subtype
Office
Additional Details
Highway Access
Yes
Amenities
high-speed internet capabilities
telecommunications infrastructure
Building Details
Buildings
1
Stories
3
Building Size
31,000 SF
Parking Ratio
6.5 per 1,000 SF
Listing Agency:
Louisville
(502) 466-6502
Listed By:
Jon Fairfield · License #284276
(502) 466-6502
Source:
Colliers
Added: Aug 14
Changed: Aug 21
Last Checked: Aug 22 at 3:32AM
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 Louisville
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.
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 = 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
$366,048
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
7.16%
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%
$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
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
$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 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%
$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
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
NOI $531,216 @ 7.0% cap · market cap 10.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
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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
