Bardstown Road Retail
For Sale
Contact for pricing
1610 Bardstown Rd, Louisville, KY 40205
Former Guitar Emporium building for sale on Bardstown Road.
Property Size4,446 SF
Price / SF$201.30
Days on Market701
Property Features for 1610 Bardstown Rd
General Information
Standard status
Active
Size
4,446 SF
Property subtype
Retail
Zoning
C2
Listing Agency:
Hoagland Commercial Realtors
(502) 897-3310
Listed By:
John Hoagland Jr, CCIM · License #KY 67295
Source:
Crexi
Added: Sep 9, 2024
Changed: Aug 8
Last Checked: Aug 8 at 4:36AM
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 Realtors
Investment Insights
Based on property information with market context.
This is a rare opportunity to purchase a building on Bardstown Road. The property features a mostly wide open 4,446-square-foot first floor space, several private offices, and two restrooms. It includes both front and rear entrances, as well as an elevator that provides access to the parking lot, first floor, and lower level. A 3,525-square-foot lower level is included as bonus space, accessible via stairs and the elevator, bringing the total space to 7,971 square feet. The building was formerly the Guitar Emporium.
Key Highlights
- High‑visibility location on Bardstown Rd.
- Large 7,971 Sq. Ft. total space (4,446 Sq. Ft. on 1st floor + 3,525 Sq. Ft. bonus lower level)
- Elevator access to all levels (parking lot, 1st floor, and lower level)
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
$51,258
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
5.73%
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%
$1,025,160
$1.0M
Cap Rate 7%
$732,257
$732.3K
Cap Rate 9%
$569,533
$569.5K
Market Conditions
NOI Build-Up for 4,446 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
$80.0K $18.00/SF
− Vacancy
−$6.8K −$1.53/SF
EGI
$73.2K $16.47/SF
− OpEx
−$22.0K −$4.94/SF
NOI
$51.3K $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%
$1,025,160
Cap Rate 7%
$732,257
Cap Rate 9%
$569,533
Alternative Uses
Best Use
Retail
$732.3K
$640.7K – $854.3K
NOI $51,258 @ 7.0% cap · market cap 5.73%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.15M
$1.01M – $1.34M
NOI $80,668 @ 7.0% cap · market cap 9.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
921
Businesses Nearby
21k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 68%
Dining 32%
BP
Shops & Services
6,314 visits/mo
0.5 miles
Uptown Cafe
Dining
4,917 visits/mo
0.1 miles
Chase Bank
Shops & Services
4,591 visits/mo
0.2 miles
Valvoline Instant Oil Change
Shops & Services
2,687 visits/mo
0.3 miles
Pizza Pub
Dining
1,809 visits/mo
0.1 miles
Demographics for 40205, KY
24,077
Population
11,021
Households
2.2
Avg Household Size
43
Median Age
65%
College-Educated
97%
High-School Grad
6.9 sq mi
ZIP Area
3,489
Density / Sq Mi
$98,990
Median Household Income
$54,604
Median Earnings
$1,095
Median Rent
$361,900
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?
Retail space - Former Guitar Emporium building for sale on Bardstown Road.
Where is this retail space located?
The property is located at 1610 Bardstown Rd Louisville, KY.
What is the asking price?
The asking price for this property is $895,000.
What are key features of this property?
This property features: High‑visibility location on Bardstown Rd.; Large 7,971 Sq. Ft. total space (4,446 Sq. Ft. on 1st floor + 3,525 Sq. Ft. bonus lower level); Elevator access to all levels (parking lot, 1st floor, and lower level)
