Climate-Controlled Flex
For Sale
$3,350,000
Pending
2104 Plantside Dr, Louisville, KY 40299
Vacant flex property with office space, loading infrastructure, and adaptable improvements for industrial or food-related operations.
Property Size29,745 SF
Days on Market157
Property Features for 2104 Plantside Dr
General Information
Standard status
Pending
Size
29,745 SF
Property subtype
Industrial
Zoning
PEC
Warehouse & Industrial
Dock-High Doors
4
Sprinkler System
Yes
Conditioned Warehouse
Yes
Additional Details
Highway Access
Yes
Amenities
Power
Water
Sewer
Natural Gas
Building Details
Year Built
1989
Listing Agency:
Homepage Realty
(502) 807-7319
Listed By:
Amanda Helfrich · License #222813
(502) 807-7319
Source:
Kcrea.resimplifi
Added: Mar 27
Changed: Aug 29
Last Checked: Aug 29 at 3:38PM
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 Homepage Realty
Investment Insights
Based on property information with market context.
This 29,745-square-foot flex facility combines climate-controlled warehouse space with a two-story office component and a layout shaped by two building additions. The warehouse is heated and cooled, fully sprinklered, and SQS certified. Four dock doors and a dedicated trash bay support receiving, production, and distribution functions. Existing commercial kitchen and bakery FF&E may be included in the sale or removed, providing flexibility for a food-oriented operation or another industrial use.
Located in Bluegrass Commerce Park, the property has direct access to Interstate 64 and sits among established industrial users. On-site parking is included, and the facility will be vacant at closing. PEC zoning is also in place, supporting evaluation of the property for a range of commercial and industrial applications.
Located in Bluegrass Commerce Park, the property has direct access to Interstate 64 and sits among established industrial users. On-site parking is included, and the facility will be vacant at closing. PEC zoning is also in place, supporting evaluation of the property for a range of commercial and industrial applications.
Key Highlights
- 29,745‑square‑foot flex facility in Bluegrass Commerce Park
- Heated and cooled warehouse with SQS certification and full sprinkler coverage
- Four dock doors plus a dedicated trash bay
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
$278,993
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
8.33%
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%
$5,579,860
$5.6M
Cap Rate 7%
$3,985,614
$4.0M
Cap Rate 9%
$3,099,922
$3.1M
Market Conditions
NOI Build-Up for 29,745 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
$464.0K $15.60/SF
− Vacancy
−$34.8K −$1.17/SF
EGI
$429.2K $14.43/SF
− OpEx
−$150.2K −$5.05/SF
NOI
$279.0K $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%
$5,579,860
Cap Rate 7%
$3,985,614
Cap Rate 9%
$3,099,922
Alternative Uses
Best Use
Specialty Retail
$5.39M
$4.72M – $6.29M
NOI $377,464 @ 7.0% cap · market cap 11.27%
Second Best
Flex RnD
$3.99M
$3.49M – $4.65M
NOI $278,993 @ 7.0% cap · market cap 8.33%
Theoretical Best
Office A
$7.28M
$6.37M – $8.50M
NOI $509,710 @ 7.0% cap · market cap 15.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Dock-high doors
Yes
Sprinkler system
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,101
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 - Vacant flex property with office space, loading infrastructure, and adaptable improvements for industrial or food-related operations.
Where is this flex space located?
The property is located at 2104 Plantside Dr Louisville, KY.
What is the asking price?
The asking price for this property is $3,350,000.
What are key features of this property?
This property features: 29,745‑square‑foot flex facility in Bluegrass Commerce Park; Heated and cooled warehouse with SQS certification and full sprinkler coverage; Four dock doors plus a dedicated trash bay
