Flex Space with Dock
For Sale
$4,100,000
1900 Watterson Trl, Louisville, KY 40299
Industrial flex property with office space, loading capacity, fenced storage, and on-site vehicle parking.
Property Size35,503 SF
Lot Size1.67 Acres
Price / SF$115.48
Days on Market437
Property Features for 1900 Watterson Trl
General Information
Standard status
Active
Size
35,503 SF
Lot size
1.67 Acres
Property subtype
Industrial
Zoning
PEC
Site & Location
Fenced Yard
Yes
Outdoor Storage
Yes
Warehouse & Industrial
Clear Height
20 ft
Office Build-Out
6,367 SF
Dock-High Doors
6
Drive-In Doors
1
Additional Details
Asking Price
$4,100,000
Amenities
6 Total dock positions (2 recessed)
1 Drive-In Door
Fenced outdoor storage area
Building Details
Year Built
1990
Building Size
35,503 SF
Listing Agency:
CBRE Inc.
(502) 797-2539
Listed By:
Alex Grove
(502) 797-2539
Source:
Kcrea.resimplifi
Added: Jun 20, 2025
Changed: Aug 29
Last Checked: Aug 30 at 1:22PM
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 CBRE Inc.
Investment Insights
Based on property information with market context.
This 35,503± SF flex property, constructed in 1990, combines 6,367± SF of office space with functional industrial areas. The building offers six total dock positions, including two recessed docks, plus one drive-in door and 20-foot clear height. On-site improvements also include ample auto parking and a fenced outdoor storage area.
The property is located at 1900 Watterson Trl in Louisville, Kentucky, and carries PEC zoning. Its mix of office, loading, clear height, parking, and secured exterior storage supports a range of industrial and flex-space operations.
The property is located at 1900 Watterson Trl in Louisville, Kentucky, and carries PEC zoning. Its mix of office, loading, clear height, parking, and secured exterior storage supports a range of industrial and flex-space operations.
Key Highlights
- 35,503± SF flex property with 6,367± SF of office space
- Six total dock positions, including 2 recessed docks
- 1 drive‑in door and 20’ clear height
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
$333,000
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
8.12%
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%
$6,660,000
$6.7M
Cap Rate 7%
$4,757,143
$4.8M
Cap Rate 9%
$3,700,000
$3.7M
Market Conditions
NOI Build-Up for 35,503 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
$553.8K $15.60/SF
− Vacancy
−$41.5K −$1.17/SF
EGI
$512.3K $14.43/SF
− OpEx
−$179.3K −$5.05/SF
NOI
$333.0K $9.38/SF
Area
ZIP 40299
Vacancy
7.50%
Lease Rate
$15.60 /SF/Yr
Expense Ratio
35.00%
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%
$6,660,000
Cap Rate 7%
$4,757,143
Cap Rate 9%
$3,700,000
Alternative Uses
Best Use
Flex RnD
$4.76M
$4.16M – $5.55M
NOI $333,000 @ 7.0% cap · market cap 8.12%
Second Best
Warehouse
$2.47M
$2.16M – $2.88M
NOI $172,682 @ 7.0% cap · market cap 4.21%
Theoretical Best
Office A
$8.69M
$7.60M – $10.14M
NOI $608,379 @ 7.0% cap · market cap 14.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
20 ft
Clear height
6
Dock-high doors
1
Drive-in doors
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
923
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 40299, KY
43,030
Population
17,567
Households
2.4
Avg Household Size
41
Median Age
41%
College-Educated
95%
High-School Grad
54.0 sq mi
ZIP Area
797
Density / Sq Mi
$85,419
Median Household Income
$50,427
Median Earnings
$1,290
Median Rent
$274,900
Median Home Value
Market
Vacancy Rate% for Industrial in Louisville, KY
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Industrial flex property with office space, loading capacity, fenced storage, and on-site vehicle parking.
Where is this flex space located?
The property is located at 1900 Watterson Trl Louisville, KY.
What is the asking price?
The asking price for this property is $4,100,000.
What are key features of this property?
This property features: 35,503± SF flex property with 6,367± SF of office space; Six total dock positions, including 2 recessed docks; 1 drive‑in door and 20’ clear height
