Freestanding Medical Office in St.
For Sale
Contact for pricing
217 Breckenridge Ln, Louisville, KY 40207
Two-story medical office with basement and on-site parking.
Property Size2,183 SF
Price / SF$320.66
Days on Market206
Property Features for 217 Breckenridge Ln
General Information
Standard status
Active
Size
2,183 SF
Property subtype
Office
Zoning
OR1
Building Details
Buildings
1
Listing Agency:
Hoagland Commercial Realtors
(502) 753-2087
Listed By:
Tim Brown · License #KY66257
Source:
Crexi
Added: Jan 27
Changed: Aug 13
Last Checked: Aug 19 at 1:12AM
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 Hoagland Commercial Realtors
Investment Insights
Based on property information with market context.
This freestanding two-story building in St. Matthews offers 2,183 square feet of space, plus a large bonus basement, suitable for medical or professional office use. The first floor features a waiting room, reception/office area, six exam rooms, and two restrooms. The second floor includes a large open area, break area, a private office, and an additional restroom, providing flexibility for administrative offices or future reconfiguration. The basement level offers additional value with washer/dryer hookups and ample storage space. Recent capital improvements include a new roof and a new 5-ton HVAC condenser installed in 2024. The property is currently leased to an Aesthetics and MedSpa tenant, generating $3,250 per month in rental income. The lease expires June 30, 2028, with no renewal options, creating an opportunity for an investor or an owner-occupant seeking interim income with a clear path to future occupancy.
Key Highlights
- Rare freestanding medical office building in desirable St. Matthews location.
- Existing lease provides $3,250/month income through June 2028, offering income during transition.
- Functional medical layout featuring 6 exam rooms, waiting room, and reception 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
$28,292
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
4.04%
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%
$565,840
$565.8K
Cap Rate 7%
$404,171
$404.2K
Cap Rate 9%
$314,356
$314.4K
Market Conditions
NOI Build-Up for 2,183 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
$52.4K $24.00/SF
− Vacancy
−$5.2K −$2.40/SF
EGI
$47.2K $21.60/SF
− OpEx
−$18.9K −$8.64/SF
NOI
$28.3K $12.96/SF
Area
Louisville, KY
Vacancy
10.00%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
40.00%
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%
$565,840
Cap Rate 7%
$404,171
Cap Rate 9%
$314,356
Alternative Uses
Best Use
Healthcare Medical
$404.2K
$353.7K – $471.5K
NOI $28,292 @ 7.0% cap · market cap 4.04%
Second Best
Office B
$402.8K
$352.4K – $469.9K
NOI $28,193 @ 7.0% cap · market cap 4.03%
Theoretical Best
Office A
$565.8K
$495.1K – $660.1K
NOI $39,608 @ 7.0% cap · market cap 5.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,566
Businesses Nearby
Balanced
Demand for This Use
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Two-story medical office with basement and on-site parking.
Where is this medical office space located?
The property is located at 217 Breckenridge Ln Louisville, KY.
What is the asking price?
The asking price for this property is $700,000.
What are key features of this property?
This property features: Rare freestanding medical office building in desirable St. Matthews location.; Existing lease provides $3,250/month income through June 2028, offering income during transition.; Functional medical layout featuring **6 exam rooms, waiting room, and reception area.**
