Industrial Flex
For Sale
$1,500,000
1824 Berry Blvd, Louisville, KY 40215
CM-zoned flex property with an industrial layout for fabrication, warehousing, or service operations.
Property Size15,649 SF
Price / SF$95.85
Days on Market133
Property Features for 1824 Berry Blvd
General Information
Standard status
Active
Size
15,649 SF
Property subtype
Industrial
Zoning
CM
Additional Details
Road Access
Yes
Listing Agency:
Horizon Commercial Realty, LLC
(502) 500-2504
Listed By:
Michael DeHart · License #206388
(502) 500-2504
Source:
Kcrea.resimplifi
Added: Apr 20
Changed: Aug 30
Last Checked: Aug 30 at 12:18AM
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 Horizon Commercial Realty, LLC
Investment Insights
Based on property information with market context.
This 15,649 SF flex property offers an industrial configuration with functionality for fabrication, warehouse, and service operations. The building has a documented history of supporting sign production and contractor-type activity, providing a basis for continued industrial or flex occupancy. CM zoning further identifies its commercial manufacturing classification.
The property fronts Berry Boulevard in Louisville and connects to major transportation corridors serving the greater Louisville MSA. Its setting includes a combination of industrial, commercial, and service-oriented businesses. The building can accommodate an owner-user seeking operational space or an investor evaluating a repositioning strategy, as supported by the existing industrial layout and prior occupancy profile.
The property fronts Berry Boulevard in Louisville and connects to major transportation corridors serving the greater Louisville MSA. Its setting includes a combination of industrial, commercial, and service-oriented businesses. The building can accommodate an owner-user seeking operational space or an investor evaluating a repositioning strategy, as supported by the existing industrial layout and prior occupancy profile.
Key Highlights
- 15,649 SF flex property
- CM zoning
- Industrial layout supporting fabrication, warehouse, and service operations
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
$126,523
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
8.43%
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%
$2,530,460
$2.5M
Cap Rate 7%
$1,807,471
$1.8M
Cap Rate 9%
$1,405,811
$1.4M
Market Conditions
NOI Build-Up for 15,649 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
$155.9K $9.96/SF
− Vacancy
−$7.0K −$0.45/SF
EGI
$148.9K $9.51/SF
− OpEx
−$22.3K −$1.43/SF
NOI
$126.5K $8.09/SF
Area
Louisville, KY
Vacancy
4.50%
Lease Rate
$9.96 /SF/Yr
Expense Ratio
15.00%
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%
$2,530,460
Cap Rate 7%
$1,807,471
Cap Rate 9%
$1,405,811
Alternative Uses
Best Use
Flex RnD
$2.03M
$1.77M – $2.36M
NOI $141,897 @ 7.0% cap · market cap 9.46%
Second Best
Warehouse
$1.81M
$1.58M – $2.11M
NOI $126,523 @ 7.0% cap · market cap 8.43%
Theoretical Best
Office A
$4.06M
$3.55M – $4.73M
NOI $283,935 @ 7.0% cap · market cap 18.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
582
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 40215, KY
21,230
Population
9,070
Households
2.3
Avg Household Size
35
Median Age
13%
College-Educated
79%
High-School Grad
3.5 sq mi
ZIP Area
6,066
Density / Sq Mi
$42,762
Median Household Income
$32,815
Median Earnings
$976
Median Rent
$106,500
Median Home Value
Market
Vacancy Rate% for Industrial in Louisville, KY
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - CM-zoned flex property with an industrial layout for fabrication, warehousing, or service operations.
Where is this flex space located?
The property is located at 1824 Berry Blvd Louisville, KY.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: 15,649 SF flex property; CM zoning; Industrial layout supporting fabrication, warehouse, and service operations
