Auto Service Corner
For Sale
Contact for pricing
1828 Bank St, Louisville, KY 40203
Corner lot property with operational lift and newer roof.
Property Size1,317 SF
Price / SF$151.86
Days on Market192
Property Features for 1828 Bank St
General Information
Standard status
Active
Size
1,317 SF
Property subtype
Retail
Zoning
C1
Occupancy
100%
Lease Type
Gross
Building Details
Year Built
1952
Listing Agency:
Key Point Realty
Listed By:
Senahid Bektas · License #295475
Source:
Crexi
Added: Feb 11
Changed: Aug 12
Last Checked: Aug 19 at 9:38PM
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 Key Point Realty
Investment Insights
Based on property information with market context.
This corner lot property is suitable for auto service and is currently rented for $1400 per month under a one-year lease that commenced on September 1, 2025. The property features an operational lift and a newer roof. The property size is 1317 square feet. The lease agreement is available upon request.
Key Highlights
- Corner lot property with auto service opportunity.
- Operational lift included.
- Newer roof.
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
$15,184
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
7.59%
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%
$303,680
$303.7K
Cap Rate 7%
$216,914
$216.9K
Cap Rate 9%
$168,711
$168.7K
Market Conditions
NOI Build-Up for 1,317 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
$23.7K $18.00/SF
− Vacancy
−$2.0K −$1.53/SF
EGI
$21.7K $16.47/SF
− OpEx
−$6.5K −$4.94/SF
NOI
$15.2K $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%
$303,680
Cap Rate 7%
$216,914
Cap Rate 9%
$168,711
Alternative Uses
Best Use
Retail
$216.9K
$189.8K – $253.1K
NOI $15,184 @ 7.0% cap · market cap 7.59%
Second Best
Industrial
$112.6K
$98.5K – $131.4K
NOI $7,882 @ 7.0% cap · market cap 3.94%
Theoretical Best
Office A
$341.4K
$298.7K – $398.3K
NOI $23,896 @ 7.0% cap · market cap 11.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
813
Businesses Nearby
68k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 63%
Dining 35%
Electronics 2%
McDonald's
Dining
16,580 visits/mo
0.3 miles
Circle K
Shops & Services
15,968 visits/mo
0.4 miles
Speedway
Shops & Services
7,976 visits/mo
0.2 miles
Marathon
Shops & Services
6,822 visits/mo
0.3 miles
Family Dollar
Shops & Services
6,408 visits/mo
0.3 miles
Demographics for 40203, KY
16,801
Population
10,754
Households
1.6
Avg Household Size
37
Median Age
22%
College-Educated
86%
High-School Grad
2.9 sq mi
ZIP Area
5,793
Density / Sq Mi
$31,430
Median Household Income
$32,581
Median Earnings
$828
Median Rent
$179,300
Median Home Value
Market
Vacancy Rate% for Retail in Louisville, KY
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Auto shop - Corner lot property with operational lift and newer roof.
Where is this auto shop located?
The property is located at 1828 Bank St Louisville, KY.
What is the asking price?
The asking price for this property is $200,000.
What are key features of this property?
This property features: Corner lot property with auto service opportunity.; Operational lift included.; Newer roof.
