Townhome Condominium
For Sale
Contact for pricing
1800 Victory Lane, Prospect, KY 40059
Newly constructed townhome condominium project with approvals for an additional expansion phase.
Property Size11,256 SF
Price / SF$286.96
Days on Market63
Property Features for 1800 Victory Lane
General Information
Standard status
Active
Size
11,256 SF
Property subtype
Multifamily
Zoning
R-4 Residential
Occupancy
12%
Investment Type
Value Add
Additional Details
Multifamily Units
8
Building Details
Year Built
2026
Units
8
Tenancy
Single
Listing Agency:
TRIO Commercial Property Group LLC
(502) 454-0911
Listed By:
Justin Baker · License #KY 204053
Source:
Crexi
Added: Jun 11
Changed: Aug 7
Last Checked: Aug 11 at 8:33AM
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 LLC
Investment Insights
Based on property information with market context.
Victory Lane Townhomes is a newly constructed townhome condominium development featuring eight completed units, with approvals in place for an additional eight-unit expansion phase. The property is structured for condominium ownership, providing flexibility for different disposition approaches depending on how an owner wants to manage the asset over time.
The project is located in the Prospect submarket. Public remarks indicate the community is actively leased as of the offering, and the approvals support a planned expansion beyond the initial completed phase.
For buyers seeking a residential income asset with an ownership structure designed for multiple exit paths, this offering combines current completed units with a clear, approved next step for growth. The combination of an initial set of completed homes and an approved expansion phase can align well with investors or operators looking to manage near-term performance from existing inventory while planning for additional unit development through the approved future phase. All information is based on the provided public remarks and the stated development scope of eight completed units plus an additional eight-unit expansion phase.
The project is located in the Prospect submarket. Public remarks indicate the community is actively leased as of the offering, and the approvals support a planned expansion beyond the initial completed phase.
For buyers seeking a residential income asset with an ownership structure designed for multiple exit paths, this offering combines current completed units with a clear, approved next step for growth. The combination of an initial set of completed homes and an approved expansion phase can align well with investors or operators looking to manage near-term performance from existing inventory while planning for additional unit development through the approved future phase. All information is based on the provided public remarks and the stated development scope of eight completed units plus an additional eight-unit expansion phase.
Key Highlights
- Year built: 2026 for this newly constructed townhome condominium project
- Eight completed units in place as part of the Victory Lane Townhomes development
- Approvals in hand for an additional eight‑unit expansion phase
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
$105,222
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
3.26%
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%
$2,104,440
$2.1M
Cap Rate 7%
$1,503,171
$1.5M
Cap Rate 9%
$1,169,133
$1.2M
Market Conditions
NOI Build-Up for 11,256 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
$204.0K $18.12/SF
− Vacancy
−$12.6K −$1.12/SF
EGI
$191.3K $17.00/SF
− OpEx
−$86.1K −$7.65/SF
NOI
$105.2K $9.35/SF
Area
Jefferson County, KY
Vacancy
6.20%
Lease Rate
$18.12 /SF/Yr
Expense Ratio
45.00%
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%
$2,104,440
Cap Rate 7%
$1,503,171
Cap Rate 9%
$1,169,133
Alternative Uses
Best Use
Apartment 5plus
$1.50M
$1.32M – $1.75M
NOI $105,222 @ 7.0% cap · market cap 3.26%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$2.23M
$1.95M – $2.60M
NOI $155,947 @ 7.0% cap · market cap 4.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
31
Businesses Nearby
Explore this area
Business Placement
Demographics for 40059, KY
20,254
Population
8,400
Households
2.4
Avg Household Size
45
Median Age
71%
College-Educated
99%
High-School Grad
28.2 sq mi
ZIP Area
718
Density / Sq Mi
$165,000
Median Household Income
$83,963
Median Earnings
$1,844
Median Rent
$533,800
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Newly constructed townhome condominium project with approvals for an additional expansion phase.
Where is this apartment building located?
The property is located at 1800 Victory Lane Prospect, KY.
What is the asking price?
The asking price for this property is $3,230,000.
What are key features of this property?
This property features: Year built: 2026 for this newly constructed townhome condominium project; Eight completed units in place as part of the Victory Lane Townhomes development; Approvals in hand for an additional eight‑unit expansion phase
