Decagonal Glass-and-Stone Mixed-Use
For Sale
$1,750,000
2303 Watterson Trail, Louisville, KY 40299
Three-level configuration combines professional offices, residential quarters, landscaped grounds, and gated parking.
Property Size7,406 SF
Lot Size1.38 Acres
Price / SF$236.29
Days on Market53
Property Features for 2303 Watterson Trail
General Information
Standard status
Active
Size
7,406 SF
Total Parking Spaces
20
Lot size
1.38 Acres
Property subtype
Office
Zoning
C1
Amenities
elevated walkway
pond
private patio
covered observation deck
balconies
Power
Water
Sewer
20 Parking Spaces
Building Details
Year Built
2002
Year Renovated
2016
Buildings
1
Stories
3
Construction
glass and stone
Listing Agency:
Gant Hill & Associates, LLC
(502) 515-4455
Listed By:
Gant Hill · License #45425
(502) 515-4455
Source:
Kcrea.resimplifi
Added: Jul 9
Changed: Aug 30
Last Checked: Aug 30 at 1:32PM
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 Gant Hill & Associates, LLC
Investment Insights
Based on property information with market context.
Located at 2303 Watterson Trail in Jeffersontown, this mixed-use property presents a distinctive decagonal glass-and-stone design across a three-story structure. The building contains 9,400 square feet above grade and more than 13,000 usable square feet when the lower level is included. Interior improvements include a lobby, private offices, work areas, conference rooms, bathrooms, open areas, and a residential-style second floor with three bedrooms and three full bathrooms. The upper-level residence was renovated in 2016, while the building dates to 2002.
Set on 1.38 acres within Bluegrass Industrial Park, the property includes landscaped grounds, a pond, patio, observation deck, balconies, and a raised walkway connecting the parking area to the upper level. Front and rear gated lots accommodate up to 28 vehicles. C1 zoning, lower-level exterior access, and the combination of office and residential areas support the documented commercial and live-work configuration. The property is identified as being in flood zone B and X, described as an area of moderate flood hazard.
Set on 1.38 acres within Bluegrass Industrial Park, the property includes landscaped grounds, a pond, patio, observation deck, balconies, and a raised walkway connecting the parking area to the upper level. Front and rear gated lots accommodate up to 28 vehicles. C1 zoning, lower-level exterior access, and the combination of office and residential areas support the documented commercial and live-work configuration. The property is identified as being in flood zone B and X, described as an area of moderate flood hazard.
Key Highlights
- More than 13,000 usable square feet across above‑grade and lower‑level areas
- Three‑story building with 9,400 square feet above grade
- 1.38‑acre landscaped setting in Bluegrass Industrial Park
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
$87,483
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
5.00%
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%
$1,749,660
$1.7M
Cap Rate 7%
$1,249,757
$1.2M
Cap Rate 9%
$972,033
$972.0K
Market Conditions
NOI Build-Up for 7,406 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
$155.5K $21.00/SF
− Vacancy
−$15.6K −$2.10/SF
EGI
$140.0K $18.90/SF
− OpEx
−$52.5K −$7.09/SF
NOI
$87.5K $11.81/SF
Area
ZIP 40299
Vacancy
10.00%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
37.50%
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%
$1,749,660
Cap Rate 7%
$1,249,757
Cap Rate 9%
$972,033
Alternative Uses
Best Use
Mixed Use
$1.25M
$1.09M – $1.46M
NOI $87,483 @ 7.0% cap · market cap 5.00%
Second Best
Office B
$1.25M
$1.09M – $1.46M
NOI $87,450 @ 7.0% cap · market cap 5.00%
Theoretical Best
Office A
$1.81M
$1.59M – $2.12M
NOI $126,909 @ 7.0% cap · market cap 7.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
667
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
Market
Vacancy Rate% for Office in Louisville, KY
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Three-level configuration combines professional offices, residential quarters, landscaped grounds, and gated parking.
Where is this mixed-use property located?
The property is located at 2303 Watterson Trail Louisville, KY.
What is the asking price?
The asking price for this property is $1,750,000.
What are key features of this property?
This property features: More than 13,000 usable square feet across above‑grade and lower‑level areas; Three‑story building with 9,400 square feet above grade; 1.38‑acre landscaped setting in Bluegrass Industrial Park
