Mixed-Use Property with Salon
New
For Sale
$1,300,000
1905 Bardstown Rd, Louisville, KY 40205
Multi Family, Louisville, KY
Property Size5,102 SF
Lot Size0.02 Acres
Price / SF$254.80
Days on Market3
Property Features for 1905 Bardstown Rd
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Bathrooms
1
Full bathrooms
1
Rooms
Bathroom 1
Patio and Porch features
Porch, Deck
Exterior features
Balcony
Subdivision
KENILWORTH
Lot features
Sidewalk
Directions
Taylorsville Rd. to Bardstown Rd. Turn right onto Bardstown Rd. Building on right.
Standard status
Active
APN
10077K00230000
Size
5,102 SF
Lot size
0.02 Acres
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating)
Cooling system
Central Air
Water source
Public
Building Details
Year built
1920
Number of units
1
Roof type
Shingle
Architectural style
Other
Listing Agency:
EXP Realty LLC
(888) 624-6448
Listed By:
Stephanie L Gilezan · License #199560
(502) 817-6484
Added: Sep 9
Changed: Sep 10
Last Checked: Sep 11 at 11:06PM
MLS# 1728619
Copyright © 2026 Greater Louisville Association of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This mixed-use building contains 5,102 square feet across a ground-floor commercial area and three residential apartments. The main level is configured as a second-generation salon and med-spa, while the upper levels provide apartment space. A balcony, deck, and porch add exterior features, with central air, electric heating, public water, and public sewer serving the property. The building was constructed in 1920 and has a shingle roof.
Located at 1905 Bardstown Road in Louisville, the property sits along a corridor described as having dining, boutique shopping, coffee shops, and nightlife. The combination of commercial and residential components supports both business use and multifamily occupancy within the same building.
Located at 1905 Bardstown Road in Louisville, the property sits along a corridor described as having dining, boutique shopping, coffee shops, and nightlife. The combination of commercial and residential components supports both business use and multifamily occupancy within the same building.
Key Highlights
- 5,102 square feet of mixed‑use space
- Ground‑floor second‑generation salon and med‑spa configuration
- Three residential apartments above the commercial area
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
$65,892
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
5.07%
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%
$1,317,840
$1.3M
Cap Rate 7%
$941,314
$941.3K
Cap Rate 9%
$732,133
$732.1K
Market Conditions
NOI Build-Up for 5,102 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
$107.1K $21.00/SF
− Vacancy
−$19.3K −$3.78/SF
EGI
$87.9K $17.22/SF
− OpEx
−$22.0K −$4.31/SF
NOI
$65.9K $12.92/SF
Area
Louisville, KY
Vacancy
18.00%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
25.00%
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%
$1,317,840
Cap Rate 7%
$941,314
Cap Rate 9%
$732,133
Alternative Uses
Best Use
Office B
$941.3K
$823.7K – $1.10M
NOI $65,892 @ 7.0% cap · market cap 5.07%
Second Best
Mixed Use
$865.9K
$757.7K – $1.01M
NOI $60,612 @ 7.0% cap · market cap 4.66%
Theoretical Best
Office A
$1.32M
$1.16M – $1.54M
NOI $92,571 @ 7.0% cap · market cap 7.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
3
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
879
Businesses Nearby
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Louisville, KY
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Ground-floor commercial space is paired with three residential apartments.
Where is this mixed-use property located?
The property is located at 1905 Bardstown Rd Louisville, KY.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: 5,102 square feet of mixed‑use space; Ground‑floor second‑generation salon and med‑spa configuration; Three residential apartments above the commercial area
