Two-Tenant Medical Office
For Sale
$2,199,950
1815 Bardstown Rd 1813 Bardstown Rd, Louisville, KY 40205
Fully occupied commercial property with established dental and salon businesses along a well-traveled corridor.
Property Size10,628 SF
Days on Market8
Property Features for 1815 Bardstown Rd 1813 Bardstown Rd
General Information
Standard status
Active
Size
10,628 SF
Class
C
Property subtype
Office - Medical Office
Occupancy
100%
Building Details
Building Size
10,628 SF
Buildings
2
Tenancy
Multi
Listing Agency:
Hoagland Commercial Realtors
(502) 897-3310
Listed By:
John Hoagland Jr. · License #67295
Source:
Commercialcafe
Added: Aug 25
Changed: Aug 31
Last Checked: Aug 31 at 1:26PM
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.
The offering includes two commercial properties at 1813 and 1815 Bardstown Road, with medical office space occupied by Dental Works and a separate salon business. Both premises have been maintained and include finished interior spaces suited to their established operations. The property is fully occupied, providing an existing tenancy profile for an owner-user or investor.
Situated along the Bardstown Road corridor in Louisville’s Highlands neighborhood, the property is surrounded by restaurants, retailers, service businesses, and residential areas. The corridor provides access to surrounding Louisville communities and places the buildings within an active commercial setting. Dental Works operates more than 110 locations in the United States, adding an established regional business presence to the tenancy mix.
Situated along the Bardstown Road corridor in Louisville’s Highlands neighborhood, the property is surrounded by restaurants, retailers, service businesses, and residential areas. The corridor provides access to surrounding Louisville communities and places the buildings within an active commercial setting. Dental Works operates more than 110 locations in the United States, adding an established regional business presence to the tenancy mix.
Key Highlights
- Two commercial properties at 1813 and 1815 Bardstown Road
- Fully occupied by Dental Works and a salon
- Medical office space with established dental tenancy
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
$137,739
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
6.26%
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%
$2,754,780
$2.8M
Cap Rate 7%
$1,967,700
$2.0M
Cap Rate 9%
$1,530,433
$1.5M
Market Conditions
NOI Build-Up for 10,628 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
$255.1K $24.00/SF
− Vacancy
−$25.5K −$2.40/SF
EGI
$229.6K $21.60/SF
− OpEx
−$91.8K −$8.64/SF
NOI
$137.7K $12.96/SF
Area
Louisville, KY
Vacancy
10.00%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
40.00%
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%
$2,754,780
Cap Rate 7%
$1,967,700
Cap Rate 9%
$1,530,433
Alternative Uses
Best Use
Healthcare Medical
$1.97M
$1.72M – $2.30M
NOI $137,739 @ 7.0% cap · market cap 6.26%
Second Best
Office B
$1.96M
$1.72M – $2.29M
NOI $137,261 @ 7.0% cap · market cap 6.24%
Theoretical Best
Office A
$2.75M
$2.41M – $3.21M
NOI $192,834 @ 7.0% cap · market cap 8.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
879
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
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 Office in Louisville, KY
Questions? Ask Rey
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Similar Off Market Nearby
- The Animal Hospital of the Highlands — 2216 Dundee Rd Suite 1, Louisville, KY 40205
Frequently Asked Questions
What type of property is this?
Medical Office Space - Fully occupied commercial property with established dental and salon businesses along a well-traveled corridor.
Where is this medical office space located?
The property is located at 1815 Bardstown Rd 1813 Bardstown Rd Louisville, KY.
What is the asking price?
The asking price for this property is $2,199,950.
What are key features of this property?
This property features: Two commercial properties at 1813 and 1815 Bardstown Road; Fully occupied by Dental Works and a salon; Medical office space with established dental tenancy
