Mixed-Use Building with
For Sale
$899,000
216 - 232 Breckenridge Ln, Louisville, KY 40207
Two-story property combines residential units with ground-floor office space.
Property Size7,415 SF
Lot Size0.62 Acres
Price / SF$121.24
Days on Market70
Property Features for 216 - 232 Breckenridge Ln
General Information
Standard status
Active
Size
7,415 SF
Lot size
0.62 Acres
Property subtype
Multifamily
Zoning
OR3
Units
Unit Mix
8 x 1BR/1BA
Multifamily Units
8
Building Details
Year Built
1952
Listing Agency:
Realty Sales & Service, Inc.
(502) 296-6437
Listed By:
Mary Suzanne Walser
(502) 296-6437
Source:
Kcrea.resimplifi
Added: Jun 22
Changed: Aug 30
Last Checked: Aug 30 at 12:58PM
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 Realty Sales & Service, Inc.
Investment Insights
Based on property information with market context.
This mixed-use property spans two parcels totaling 0.619 acres, with a building that contains 8,229 square feet of gross area and 7,855 square feet of rentable area. Eight efficiency apartments occupy the second floor, each configured with one bedroom and one bathroom. The first floor provides five office units, creating a combination of residential and commercial occupancy within the same building.
The property is located at the intersection of Breckenridge Lane and Grandview Avenue in St. Matthews, with zoning designated OR3. Constructed in 1952, the asset offers a defined mix of apartment and office space across its two-level layout.
The property is located at the intersection of Breckenridge Lane and Grandview Avenue in St. Matthews, with zoning designated OR3. Constructed in 1952, the asset offers a defined mix of apartment and office space across its two-level layout.
Key Highlights
- 0.619‑acre site assembled from two parcels
- 8,229 square feet of gross building area
- 7,855 square feet of rentable 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
$50,463
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
5.61%
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%
$1,009,260
$1.0M
Cap Rate 7%
$720,900
$720.9K
Cap Rate 9%
$560,700
$560.7K
Market Conditions
NOI Build-Up for 7,415 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
$97.0K $13.08/SF
− Vacancy
−$5.2K −$0.71/SF
EGI
$91.8K $12.37/SF
− OpEx
−$41.3K −$5.57/SF
NOI
$50.5K $6.81/SF
Area
Louisville, KY
Vacancy
5.40%
Lease Rate
$13.08 /SF/Yr
Expense Ratio
45.00%
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%
$1,009,260
Cap Rate 7%
$720,900
Cap Rate 9%
$560,700
Alternative Uses
Best Use
Office B
$1.37M
$1.20M – $1.60M
NOI $95,765 @ 7.0% cap · market cap 10.65%
Second Best
Mixed Use
$1.26M
$1.10M – $1.47M
NOI $88,090 @ 7.0% cap · market cap 9.80%
Theoretical Best
Office A
$1.92M
$1.68M – $2.24M
NOI $134,538 @ 7.0% cap · market cap 14.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
1,566
Businesses Nearby
Explore this area
Business Placement
Demographics for 40207, KY
30,104
Population
14,507
Households
2.1
Avg Household Size
43
Median Age
68%
College-Educated
98%
High-School Grad
11.7 sq mi
ZIP Area
2,573
Density / Sq Mi
$98,583
Median Household Income
$59,242
Median Earnings
$1,248
Median Rent
$401,500
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 - Two-story property combines residential units with ground-floor office space.
Where is this mixed-use property located?
The property is located at 216 - 232 Breckenridge Ln Louisville, KY.
What is the asking price?
The asking price for this property is $899,000.
What are key features of this property?
This property features: 0.619‑acre site assembled from two parcels; 8,229 square feet of gross building area; 7,855 square feet of rentable area
