Residential Rehabilitation
For Sale
$1,495,000
Pending
2210 Tucker Station Rd, Louisville, KY 40299
Special-use campus with residential accommodations, offices, meeting areas, and operational support spaces.
Property Size8,543 SF
Lot Size3.45 Acres
Days on Market356
Property Features for 2210 Tucker Station Rd
General Information
Standard status
Pending
Size
8,543 SF
Total Parking Spaces
11
Lot size
3.45 Acres
Property subtype
Hospitality
Zoning
R4
Amenities
Power
Water
Sewer
Natural Gas
Vacant
11 Parking Spaces
Building Details
Year Built
1948
Year Renovated
2008
Listing Agency:
Commonwealth Commercial Real Estate
(502) 379-6003
Listed By:
Rhonda Karageorge · License #46762
(502) 379-6003
Source:
Kcrea.resimplifi
Added: Sep 8, 2025
Changed: Aug 28
Last Checked: Aug 28 at 6:49AM
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 Commonwealth Commercial Real Estate
Investment Insights
Based on property information with market context.
This 3.45-acre rehabilitation campus contains 8,543 square feet across a main building, walk-out lower level, and detached recreation structure. The main level measures approximately 6,196 square feet, with an additional 1,372 square feet below grade and a 975-square-foot detached recreation building. Interior features include 8 bedrooms, 7 full bathrooms, offices, conference and group meeting rooms, a large dining area, commercial-grade kitchen equipment, storage, and mechanical areas. The building was constructed in 1948 and expanded or renovated in 2002 and 2008.
A conditional use permit allows operation as a rehabilitation home for up to 16 residents, plus staff and employees. The property also includes ADA compliance features, a commercial-grade gas-powered backup generator, a grand driveway entrance, 11+ car parking, and an additional detached meeting room. Zoning is R4. Nearby commercial areas include Blankenbaker Crossing and Bluegrass Corporate Center, while surrounding development includes office, medical, and institutional uses.
A conditional use permit allows operation as a rehabilitation home for up to 16 residents, plus staff and employees. The property also includes ADA compliance features, a commercial-grade gas-powered backup generator, a grand driveway entrance, 11+ car parking, and an additional detached meeting room. Zoning is R4. Nearby commercial areas include Blankenbaker Crossing and Bluegrass Corporate Center, while surrounding development includes office, medical, and institutional uses.
Key Highlights
- 3.45± acre campus with 8,543 square feet across multiple structures
- Conditional use permit for a rehabilitation home serving up to 16 residents, plus staff and employees
- 8 bedrooms, 7 full bathrooms, offices, conference rooms, and group meeting areas
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
$101,860
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
6.81%
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%
$2,037,200
$2.0M
Cap Rate 7%
$1,455,143
$1.5M
Cap Rate 9%
$1,131,778
$1.1M
Market Conditions
NOI Build-Up for 8,543 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
$184.5K $21.60/SF
− Vacancy
−$14.8K −$1.73/SF
EGI
$169.8K $19.87/SF
− OpEx
−$67.9K −$7.95/SF
NOI
$101.9K $11.92/SF
Area
ZIP 40299
Vacancy
8.00%
Lease Rate
$21.60 /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%
$2,037,200
Cap Rate 7%
$1,455,143
Cap Rate 9%
$1,131,778
Alternative Uses
Best Use
Healthcare Medical
$1.46M
$1.27M – $1.70M
NOI $101,860 @ 7.0% cap · market cap 6.81%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.09M
$1.83M – $2.44M
NOI $146,393 @ 7.0% cap · market cap 9.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
404
Businesses Nearby
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Rehabilitation center - Special-use campus with residential accommodations, offices, meeting areas, and operational support spaces.
Where is this rehabilitation center located?
The property is located at 2210 Tucker Station Rd Louisville, KY.
What is the asking price?
The asking price for this property is $1,495,000.
What are key features of this property?
This property features: 3.45± acre campus with 8,543 square feet across multiple structures; Conditional use permit for a rehabilitation home serving up to 16 residents, plus staff and employees; 8 bedrooms, 7 full bathrooms, offices, conference rooms, and group meeting areas
