Mixed-Use Property with Outdoor
For Sale
$2,000,000
214 S Clay St, Louisville, KY 40202
C2-zoned property combines a wine bar, law office, and additional office space.
Property Size5,733 SF
Price / SF$348.86
Days on Market210
Property Features for 214 S Clay St
General Information
Standard status
Active
Size
5,733 SF
Property subtype
Office
Zoning
C2
Building Details
Tenancy
Multi
Listing Agency:
Fischer's R E Brkg & Betterment Haus LLC
(502) 608-3133
Listed By:
John Fischer · License #72871
(502) 608-3133
Source:
Kcrea.resimplifi
Added: Feb 3
Changed: Aug 31
Last Checked: Aug 31 at 1:07PM
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 Fischer's R E Brkg & Betterment Haus LLC
Investment Insights
Based on property information with market context.
This 5,733-square-foot mixed-use property contains a wine bar, a law office, and several additional small office spaces. The existing building fronts S Clay Street and is paired with a landscaped outdoor area behind the structure.
The property is at 214 S Clay St in Louisville’s NULU downtown neighborhood, adjacent to Meesh Meesh, identified as a James Beard Award restaurant. Its C2 zoning supports the property’s established commercial character and provides a framework for evaluating continued use or redevelopment.
The property is at 214 S Clay St in Louisville’s NULU downtown neighborhood, adjacent to Meesh Meesh, identified as a James Beard Award restaurant. Its C2 zoning supports the property’s established commercial character and provides a framework for evaluating continued use or redevelopment.
Key Highlights
- 5,733‑square‑foot mixed‑use property at 214 S Clay St
- C2 zoning
- Existing wine bar, law office, and additional small office spaces
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
$80,566
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
4.03%
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%
$1,611,320
$1.6M
Cap Rate 7%
$1,150,943
$1.2M
Cap Rate 9%
$895,178
$895.2K
Market Conditions
NOI Build-Up for 5,733 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
$114.9K $20.04/SF
− Vacancy
−$7.5K −$1.30/SF
EGI
$107.4K $18.74/SF
− OpEx
−$26.9K −$4.68/SF
NOI
$80.6K $14.05/SF
Area
Louisville, KY
Vacancy
6.50%
Lease Rate
$20.04 /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%
$1,611,320
Cap Rate 7%
$1,150,943
Cap Rate 9%
$895,178
Alternative Uses
Best Use
Specialty Retail
$1.15M
$1.01M – $1.34M
NOI $80,566 @ 7.0% cap · market cap 4.03%
Second Best
Office B
$1.06M
$925.5K – $1.23M
NOI $74,042 @ 7.0% cap · market cap 3.70%
Theoretical Best
Office A
$1.49M
$1.30M – $1.73M
NOI $104,020 @ 7.0% cap · market cap 5.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
6,901
Businesses Nearby
Explore this area
Business Placement
Demographics for 40202, KY
7,179
Population
4,242
Households
1.7
Avg Household Size
39
Median Age
27%
College-Educated
83%
High-School Grad
1.6 sq mi
ZIP Area
4,487
Density / Sq Mi
$29,382
Median Household Income
$33,205
Median Earnings
$881
Median Rent
$340,000
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 - C2-zoned property combines a wine bar, law office, and additional office space.
Where is this mixed-use property located?
The property is located at 214 S Clay St Louisville, KY.
What is the asking price?
The asking price for this property is $2,000,000.
What are key features of this property?
This property features: 5,733‑square‑foot mixed‑use property at 214 S Clay St; C2 zoning; Existing wine bar, law office, and additional small office spaces
