C1 Restaurant
For Sale
$1,459,000
2224 Dundee Rd, Louisville, KY 40205
C1-zoned restaurant property with FF&E included in Louisville’s Highlands neighborhood.
Property Size4,798 SF
Price / SF$304.09
Days on Market142
Property Features for 2224 Dundee Rd
General Information
Standard status
Active
Size
4,798 SF
Total Parking Spaces
15
Property subtype
Retail
Zoning
C1
Additional Details
Furnished
Yes
Equipment Included
Yes
Amenities
15 Parking Spaces
Building Details
Year Built
1965
Listing Agency:
The Dattilo Realty Company
(502) 641-3199
Listed By:
Tommy Clark
(502) 641-3199
Source:
Kcrea.resimplifi
Added: Apr 12
Changed: Aug 29
Last Checked: Aug 30 at 1:35PM
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 The Dattilo Realty Company
Investment Insights
Based on property information with market context.
This conventional restaurant property includes 4,798 square feet of space and FF&E. Constructed in 1965, the property is zoned C1 and is positioned for continued restaurant use within Louisville’s Highlands neighborhood.
The property is located at 2224 Dundee Rd in Louisville, Kentucky, near Bellarmine University and within an area surrounded by dense residential communities. Its Highlands setting places the restaurant within a recognized dining and entertainment district, with nearby residential and institutional context supporting the surrounding commercial environment.
The property is located at 2224 Dundee Rd in Louisville, Kentucky, near Bellarmine University and within an area surrounded by dense residential communities. Its Highlands setting places the restaurant within a recognized dining and entertainment district, with nearby residential and institutional context supporting the surrounding commercial environment.
Key Highlights
- 4,798‑square‑foot conventional restaurant property
- FF&E included with the property
- C1 zoning supports the restaurant asset classification
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
$67,427
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
4.62%
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%
$1,348,540
$1.3M
Cap Rate 7%
$963,243
$963.2K
Cap Rate 9%
$749,189
$749.2K
Market Conditions
NOI Build-Up for 4,798 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
$96.2K $20.04/SF
− Vacancy
−$6.2K −$1.30/SF
EGI
$89.9K $18.74/SF
− OpEx
−$22.5K −$4.68/SF
NOI
$67.4K $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%
$1,348,540
Cap Rate 7%
$963,243
Cap Rate 9%
$749,189
Alternative Uses
Best Use
Specialty Retail
$963.2K
$842.8K – $1.12M
NOI $67,427 @ 7.0% cap · market cap 4.62%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.24M
$1.09M – $1.45M
NOI $87,055 @ 7.0% cap · market cap 5.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
931
Businesses Nearby
92k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 46%
Dining 39%
Shops & Services 12%
Beauty & Spa 3%
Kroger
Groceries
42,722 visits/mo
0.3 miles
McDonald's
Dining
20,067 visits/mo
0.5 miles
First Watch
Dining
9,032 visits/mo
0.5 miles
FedEx Office Print & Ship Center
Shops & Services
3,839 visits/mo
0.1 miles
Jet's Pizza
Dining
3,530 visits/mo
0.5 miles
Demographics for 40205, KY
24,077
Population
11,021
Households
2.2
Avg Household Size
43
Median Age
65%
College-Educated
97%
High-School Grad
6.9 sq mi
ZIP Area
3,489
Density / Sq Mi
$98,990
Median Household Income
$54,604
Median Earnings
$1,095
Median Rent
$361,900
Median Home Value
Market
Vacancy Rate% for Retail in Louisville, KY
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Conventional restaurant - C1-zoned restaurant property with FF&E included in Louisville’s Highlands neighborhood.
Where is this conventional restaurant located?
The property is located at 2224 Dundee Rd Louisville, KY.
What is the asking price?
The asking price for this property is $1,459,000.
What are key features of this property?
This property features: 4,798‑square‑foot conventional restaurant property; FF&E included with the property; C1 zoning supports the restaurant asset classification
