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    Residential Land Near Legacy Park Title is generated by Realmo AI

    1908 Herbert Ln, Louisville, KY 40272

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    For Sale
    $749,999

    LAND - Louisville, KY

    Lot size:
    19.43 Acres
    Added:
    Feb 24, 2026
    Days on Market:
    87
    Last Refresh:
    May 22 at 12:06 pm

    Property Features for 1908 Herbert Ln

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    APN
    24104908300000
    Lot size
    19.43 Acres

    Utilities

    Sewer type
    Public Sewer
    Water source
    Public

    We can help!

    Listing Contact
    Leilah Lockard
    Leilah Lockard

    Listing agent Leilah Lockard License #223543

    Listing office DREAM J P Pirtle REALTORS 8219 Shelbyville Road, louisville, KY

    Listing date Feb 24, 2026

    MLS# 1709779 Listing URL

    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.

    HighLights

    • 19+ acres of flat, cleared residential land (R4 zoning) in a high‑growth area.
    • Directly adjacent to Nick Rodman Legacy Park with splash pad, inclusive playgrounds, and Louisville Loop access.
    • Over $2M in recent infrastructure and park improvements next door.
    • Prime development opportunity for a "park‑side" community.
    • Convenient location near Dixie Hwy and the Gene Snyder Freeway.
    • Public water and sewer available.

    Overview

    This is a rare opportunity to acquire approximately 19 flat, cleared acres of residential land zoned R4 in a high-growth area of Southwest Louisville. The expansive parcel directly adjoins the recently expanded Nick Rodman Legacy Park, offering future residents access to a splash pad, inclusive playgrounds, and the Louisville Loop. The sale is for the land only. The existing house and a portion of the immediate surrounding land are not included in this sale and will be surveyed and deeded off at or before closing at the seller's expense. The property is being sold AS-IS, WHERE-IS. The acreage is located within a designated floodplain, and buyers are encouraged to perform their own due diligence regarding drainage mitigation, insurance, and building requirements with Louisville Metro and MSD. With over $2M in recent infrastructure and park improvements next door, this level site is prime for a developer looking to create a "park-side" community. Its flat topography and R4 zoning provide a significant footprint for creative site planning in a convenient location near Dixie Hwy and the Gene Snyder Freeway.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Thompson's Propery Maintenan Property Management Company

    Suggested Use

    Real Estate Agency Spa & Massage Center Building Supply Auto Repair Shop Gym & Fitness Center Big Box & Wholesale Store Skin Care Clinic Auto Parts Store Kitchen & Bath Showroom Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Louisville
    County
    Jefferson
    State
    Kentucky
    Longitude
    -85.802343
    Latitude
    38.118225

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    FAQs

    What type of property is this?
    Residential land & home lot - 19+ acres of residential land adjacent to Nick Rodman Park.
    Where is this residential land & home lot located?
    The property is located at 1908 Herbert Ln Louisville, KY.
    What is the asking price?
    The asking price for this property is $749,999.
    What are key features of this property?
    This property features: 19+ acres of flat, cleared residential land (R4 zoning) in a high‑growth area.; Directly adjacent to Nick Rodman Legacy Park with splash pad, inclusive playgrounds, and Louisville Loop access.; Over $2M in recent infrastructure and park improvements next door.
    (502) 693-6760
    We can help!
    Listing Contact
    Leilah Lockard
    Leilah Lockard
    Real Estate License ID: 223543
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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