Mixed-Use Property with Salon
For Sale
$1,300,000
2-1905 Bardstown Rd, Louisville, KY 40204
Ground-floor salon and med-spa improvements complement three residential apartments in a live-work configuration.
Property Size5,102 SF
Price / SF$254.80
Days on Market8
Property Features for 2-1905 Bardstown Rd
General Information
Standard status
Active
Size
5,102 SF
Property subtype
Residential Income
Additional Details
Multifamily Units
3
Building Details
Buildings
1
Tenancy
Single
Listing Agency:
EXP Realty LLC
(888) 624-6448
Listed By:
Stephanie L Gilezan · License ##56013
(502) 817-6484
Source:
Exprealty
Added: Sep 9
Changed: Sep 15
Last Checked: Sep 15 at 2:48PM
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 EXP Realty LLC
Investment Insights
Based on property information with market context.
This mixed-use property at 1905 Bardstown Road combines a commercial first floor with three apartments above. The ground-level space is configured as a second-generation salon and med-spa, while the upper residential component includes one occupied apartment and two vacant units. The property contains 5,102 square feet overall, supporting both business operations and residential occupancy within the same building.
Located along the Bardstown Road corridor in Louisville’s Highlands neighborhood, the property is surrounded by dining, boutique retail, coffee shops, and nightlife. Its combination of commercial improvements and residential units supports an owner-user arrangement or a mixed-use leasing strategy, subject to applicable requirements.
Located along the Bardstown Road corridor in Louisville’s Highlands neighborhood, the property is surrounded by dining, boutique retail, coffee shops, and nightlife. Its combination of commercial improvements and residential units supports an owner-user arrangement or a mixed-use leasing strategy, subject to applicable requirements.
Key Highlights
- 5,102‑square‑foot mixed‑use property on Bardstown Road
- Ground floor configured as a second‑generation salon and med‑spa
- Three apartments located above the commercial space
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
Current Use
Lease Details
3
Residential units
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,358
Businesses Nearby
Explore this area
Business Placement
Demographics for 40204, KY
14,600
Population
8,759
Households
1.7
Avg Household Size
38
Median Age
63%
College-Educated
97%
High-School Grad
3.2 sq mi
ZIP Area
4,563
Density / Sq Mi
$70,706
Median Household Income
$50,246
Median Earnings
$1,225
Median Rent
$314,700
Median Home Value
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 salon and med-spa improvements complement three residential apartments in a live-work configuration.
Where is this mixed-use property located?
The property is located at 2-1905 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‑foot mixed‑use property on Bardstown Road; Ground floor configured as a second‑generation salon and med‑spa; Three apartments located above the commercial space
