Live-Work Property with
For Sale
$695,000
2301 Meadow Dr, Louisville, KY 40218
The three-level layout combines commercial space with apartment units, mechanical areas, and storage.
Property Size6,412 SF
Price / SF$108.39
Days on Market137
Property Features for 2301 Meadow Dr
General Information
Standard status
Active
Size
6,412 SF
Property subtype
Multifamily
Zoning
OR2
Units
Unit Mix
2 x 2BR, 1 x studio
Multifamily Units
3
Additional Details
Highway Access
Yes
Amenities
Power
Water
Sewer
Natural Gas
Vacant
Building Details
Year Built
1958
Buildings
1
Stories
3
Owner Occupied
No
Listing Agency:
PDG Realty
(502) 896-1900
Listed By:
Brian Puryear · License #194084
(502) 896-1900
Source:
Kcrea.resimplifi
Added: Apr 17
Changed: Aug 31
Last Checked: Aug 31 at 12:17AM
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 PDG Realty
Investment Insights
Based on property information with market context.
This vacant, three-level live-work property combines commercial and residential components within one building. The ground floor provides commercial space suited to office, retail, or client-facing operations. Two two-bedroom apartments occupy the second level, while the lower level includes a studio apartment, mechanical systems, and storage. The layout has also supported professional office uses, including real estate, legal, and dental operations.
Located in Louisville, the property is one block from Bardstown Road and near Costco, Chick-fil-A, and Starbucks. I-264 is close by, with access to I-65 and I-64 providing connections throughout the Louisville area and into Southern Indiana. The property is zoned OR2 and was built in 1958.
Located in Louisville, the property is one block from Bardstown Road and near Costco, Chick-fil-A, and Starbucks. I-264 is close by, with access to I-65 and I-64 providing connections throughout the Louisville area and into Southern Indiana. The property is zoned OR2 and was built in 1958.
Key Highlights
- Three‑level live‑work configuration with commercial and residential components
- Ground‑floor commercial space for office, retail, or client‑facing use
- Two second‑floor 2‑bedroom apartments
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
$43,637
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
6.28%
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%
$872,740
$872.7K
Cap Rate 7%
$623,386
$623.4K
Cap Rate 9%
$484,856
$484.9K
Market Conditions
NOI Build-Up for 6,412 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
$83.9K $13.08/SF
− Vacancy
−$4.5K −$0.71/SF
EGI
$79.3K $12.37/SF
− OpEx
−$35.7K −$5.57/SF
NOI
$43.6K $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%
$872,740
Cap Rate 7%
$623,386
Cap Rate 9%
$484,856
Alternative Uses
Best Use
Office B
$1.18M
$1.04M – $1.38M
NOI $82,811 @ 7.0% cap · market cap 11.92%
Second Best
Mixed Use
$1.09M
$952.2K – $1.27M
NOI $76,175 @ 7.0% cap · market cap 10.96%
Theoretical Best
Office A
$1.66M
$1.45M – $1.94M
NOI $116,339 @ 7.0% cap · market cap 16.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
962
Businesses Nearby
Explore this area
Business Placement
Demographics for 40218, KY
33,437
Population
14,697
Households
2.3
Avg Household Size
36
Median Age
29%
College-Educated
89%
High-School Grad
9.0 sq mi
ZIP Area
3,715
Density / Sq Mi
$56,191
Median Household Income
$35,784
Median Earnings
$1,059
Median Rent
$195,600
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?
Live-work space - The three-level layout combines commercial space with apartment units, mechanical areas, and storage.
Where is this live-work space located?
The property is located at 2301 Meadow Dr Louisville, KY.
What is the asking price?
The asking price for this property is $695,000.
What are key features of this property?
This property features: Three‑level live‑work configuration with commercial and residential components; Ground‑floor commercial space for office, retail, or client‑facing use; Two second‑floor 2‑bedroom apartments
