Secured-Lot Flex
For Sale
$12,000,000
2400 Nelson Miller Parkway, Louisville, KY 40223
Large flex facility combining office space, warehouse capacity, loading access, and expansion land.
Property Size134,016 SF
Lot Size14.60 Acres
Price / SF$89.54
Days on Market10
Property Features for 2400 Nelson Miller Parkway
General Information
Standard status
Active
Size
134,016 SF
Lot size
14.60 Acres
Property subtype
Industrial
Zoning
PEC
Warehouse & Industrial
Clear Height
24 ft
Office Build-Out
40,000 SF
Dock-High Doors
9
Drive-In Doors
5
Rail Access
Yes
Power
1,600 amps
Sprinkler System
Yes
Conditioned Warehouse
Yes
Additional Details
Fenced Yard
Yes
Amenities
LED lighting
24' clear height
Fully air conditioned
1,600 amps
Fenced, secured lot
Building Details
Year Built
1997
Listing Agency:
CBRE Inc.
(502) 412-7641
Listed By:
Doug Butcher
(502) 412-7641
Source:
Cbre
Added: Aug 14
Changed: Aug 22
Last Checked: Aug 22 at 8:29AM
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 CBRE Inc.
Investment Insights
Based on property information with market context.
This flex facility at 2400 Nelson Miller Parkway in Louisville offers 134,016± SF, including approximately 40,000± SF of office area. The building was constructed in 1997 and includes 24-foot clear height, full air conditioning, LED lighting, and a wet sprinkler system.
Loading and site features include 9 dock doors, 5 drive-in doors, 3 rail doors, and a fenced, secured lot. The property is served by 1,600 amps and includes 14.6± acres, with expansion land available. Zoning is PEC.
Loading and site features include 9 dock doors, 5 drive-in doors, 3 rail doors, and a fenced, secured lot. The property is served by 1,600 amps and includes 14.6± acres, with expansion land available. Zoning is PEC.
Key Highlights
- 134,016± SF flex facility with approximately 40,000± SF of office
- 14.6± acres with expansion land available
- 9 dock doors, 5 drive‑in doors, and 3 rail doors
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
$1,083,523
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
9.03%
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%
$21,670,460
$21.7M
Cap Rate 7%
$15,478,900
$15.5M
Cap Rate 9%
$12,039,144
$12.0M
Market Conditions
NOI Build-Up for 134,016 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
$1.33M $9.96/SF
− Vacancy
−$60.1K −$0.45/SF
EGI
$1.27M $9.51/SF
− OpEx
−$191.2K −$1.43/SF
NOI
$1.08M $8.09/SF
Area
Louisville, KY
Vacancy
4.50%
Lease Rate
$9.96 /SF/Yr
Expense Ratio
15.00%
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%
$21,670,460
Cap Rate 7%
$15,478,900
Cap Rate 9%
$12,039,144
Alternative Uses
Best Use
Office B
$24.73M
$21.64M – $28.85M
NOI $1,730,817 @ 7.0% cap · market cap 14.42%
Second Best
Flex RnD
$17.36M
$15.19M – $20.25M
NOI $1,215,190 @ 7.0% cap · market cap 10.13%
Theoretical Best
Office A
$34.74M
$30.39M – $40.53M
NOI $2,431,586 @ 7.0% cap · market cap 20.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
24 ft
Clear height
9
Dock-high doors
5
Drive-in doors
Yes
Sprinkler system
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
510
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 40223, KY
23,227
Population
10,387
Households
2.2
Avg Household Size
42
Median Age
58%
College-Educated
97%
High-School Grad
12.1 sq mi
ZIP Area
1,920
Density / Sq Mi
$97,033
Median Household Income
$60,744
Median Earnings
$1,431
Median Rent
$343,600
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?
Flex space - Large flex facility combining office space, warehouse capacity, loading access, and expansion land.
Where is this flex space located?
The property is located at 2400 Nelson Miller Parkway Louisville, KY.
What is the asking price?
The asking price for this property is $12,000,000.
What are key features of this property?
This property features: 134,016± SF flex facility with approximately 40,000± SF of office; 14.6± acres with expansion land available; 9 dock doors, 5 drive‑in doors, and 3 rail doors
