Fully Leased Retail
For Sale
$2,200,000
2305 Bardstown Rd, Louisville, KY 40205
C2-zoned shopping center with all ground-floor retail space leased, positioned opposite a Kroger grocery store.
Property Size12,566 SF
Price / SF$175.08
Days on Market60
Property Features for 2305 Bardstown Rd
General Information
Standard status
Active
Size
12,566 SF
Total Parking Spaces
6
Property subtype
Retail
Zoning
C2
Occupancy
100%
Amenities
6 Parking Spaces
Building Details
Year Built
1947
Tenancy
Multi
Listing Agency:
Totally About Houses
(214) 680-5272
Listed By:
Ernest Rodriguez · License #652737
(214) 680-5272
Source:
Kcrea.resimplifi
Added: Jul 1
Changed: Aug 28
Last Checked: Aug 28 at 3:11PM
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 Totally About Houses
Investment Insights
Based on property information with market context.
This shopping center at 2305 Bardstown Rd in Louisville’s Highlands was built in 1947 and includes ground-level retail space that is fully leased. The property carries C2 zoning and is positioned across from a Kroger grocery store, placing the center within an established retail setting along Bardstown Road.
The asset offers an existing retail configuration in a recognized Louisville commercial corridor. Its location, tenant occupancy, zoning designation, and established construction date provide the primary physical and operational reference points for evaluating the property.
The asset offers an existing retail configuration in a recognized Louisville commercial corridor. Its location, tenant occupancy, zoning designation, and established construction date provide the primary physical and operational reference points for evaluating the property.
Key Highlights
- Fully leased ground‑floor retail space
- Located at 2305 Bardstown Rd in Louisville’s Highlands
- Across from a Kroger grocery store
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
$144,873
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
6.59%
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%
$2,897,460
$2.9M
Cap Rate 7%
$2,069,614
$2.1M
Cap Rate 9%
$1,609,700
$1.6M
Market Conditions
NOI Build-Up for 12,566 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
$226.2K $18.00/SF
− Vacancy
−$19.2K −$1.53/SF
EGI
$207.0K $16.47/SF
− OpEx
−$62.1K −$4.94/SF
NOI
$144.9K $11.53/SF
Area
Louisville, KY
Vacancy
8.50%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
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%
$2,897,460
Cap Rate 7%
$2,069,614
Cap Rate 9%
$1,609,700
Alternative Uses
Best Use
Retail
$2.07M
$1.81M – $2.41M
NOI $144,873 @ 7.0% cap · market cap 6.59%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.26M
$2.85M – $3.80M
NOI $227,998 @ 7.0% cap · market cap 10.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
851
Businesses Nearby
93k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 46%
Dining 39%
Shops & Services 13%
Beauty & Spa 3%
Kroger
Groceries
42,722 visits/mo
0.2 miles
McDonald's
Dining
20,067 visits/mo
0.3 miles
First Watch
Dining
9,032 visits/mo
0.3 miles
FedEx Office Print & Ship Center
Shops & Services
3,839 visits/mo
0.2 miles
Jet's Pizza
Dining
3,530 visits/mo
0.3 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.
Similar Off Market Nearby
- Coinstar Kiosk | Bitcoin ATM — Kroger - Louisville, 2440 Bardstown Rd, Louisville, KY 40205
- The Shops at Deer Park — 1745 Bardstown Rd, Louisville, KY 40205
Frequently Asked Questions
What type of property is this?
Shopping center - C2-zoned shopping center with all ground-floor retail space leased, positioned opposite a Kroger grocery store.
Where is this shopping center located?
The property is located at 2305 Bardstown Rd Louisville, KY.
What is the asking price?
The asking price for this property is $2,200,000.
What are key features of this property?
This property features: Fully leased ground‑floor retail space; Located at 2305 Bardstown Rd in Louisville’s Highlands; Across from a Kroger grocery store
