Renovated Storefront with Live-Work
For Sale
$425,000
2219 Frankfort Ave, Louisville, KY 40206
C2-zoned storefront with an updated upstairs kitchen and bathroom suited to commercial or live-work use.
Property Size1,629 SF
Price / SF$260.90
Days on Market48
Property Features for 2219 Frankfort Ave
General Information
Standard status
Active
Size
1,629 SF
Property subtype
Retail
Zoning
C2
Amenities
Power
Water
Sewer
Natural Gas
Building Details
Year Built
1944
Tenancy
Single Tenant
Listing Agency:
Enrich Realty, LLC
(502) 533-9149
Listed By:
Courtney Dietrich
(502) 533-9149
Source:
Kcrea.resimplifi
Added: Jul 16
Changed: Aug 30
Last Checked: Aug 31 at 1:23PM
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 Enrich Realty, LLC
Investment Insights
Based on property information with market context.
This 1,629-square-foot storefront property was built in 1944 and has undergone substantial recent updates. The upper level now includes a kitchen and bathroom, creating a configuration that supports live-work use or short-term rental operations alongside the commercial storefront.
Located at 2219 Frankfort Ave in Louisville’s Clifton neighborhood, the property is positioned within walking distance of local shops, restaurants, and cultural destinations. C2 zoning adds flexibility for commercial occupancy, while the combination of updated improvements and an upper-level residential-style component gives the building a range of supported use possibilities.
Located at 2219 Frankfort Ave in Louisville’s Clifton neighborhood, the property is positioned within walking distance of local shops, restaurants, and cultural destinations. C2 zoning adds flexibility for commercial occupancy, while the combination of updated improvements and an upper-level residential-style component gives the building a range of supported use possibilities.
Key Highlights
- 1,629‑square‑foot storefront property
- C2 zoning
- Recent updates throughout the property
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
$21,039
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
4.95%
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%
$420,780
$420.8K
Cap Rate 7%
$300,557
$300.6K
Cap Rate 9%
$233,767
$233.8K
Market Conditions
NOI Build-Up for 1,629 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
$34.2K $21.00/SF
− Vacancy
−$6.2K −$3.78/SF
EGI
$28.1K $17.22/SF
− OpEx
−$7.0K −$4.31/SF
NOI
$21.0K $12.92/SF
Area
Louisville, KY
Vacancy
18.00%
Lease Rate
$21.00 /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%
$420,780
Cap Rate 7%
$300,557
Cap Rate 9%
$233,767
Alternative Uses
Best Use
Office B
$300.6K
$263.0K – $350.7K
NOI $21,039 @ 7.0% cap · market cap 4.95%
Second Best
Mixed Use
$276.5K
$241.9K – $322.6K
NOI $19,353 @ 7.0% cap · market cap 4.55%
Theoretical Best
Office A
$422.2K
$369.5K – $492.6K
NOI $29,557 @ 7.0% cap · market cap 6.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
802
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 40206, KY
20,196
Population
11,637
Households
1.7
Avg Household Size
38
Median Age
55%
College-Educated
95%
High-School Grad
5.8 sq mi
ZIP Area
3,482
Density / Sq Mi
$72,543
Median Household Income
$48,506
Median Earnings
$1,142
Median Rent
$276,100
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?
Storefront property - C2-zoned storefront with an updated upstairs kitchen and bathroom suited to commercial or live-work use.
Where is this storefront property located?
The property is located at 2219 Frankfort Ave Louisville, KY.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: 1,629‑square‑foot storefront property; C2 zoning; Recent updates throughout the property
