Listing Agency: EOS Real Estate

Listed By: Hallie Muldoon Show Phone

Source: Kcrea.resimplifi

Added: Aug 14, 2024 Changed: Oct 7 Last Checked: Oct 19 at 3:29AM

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Investment Insights

Based on property information with market context.

This 9,870 SF mixed-use property at 2512 Portland Ave combines residential and commercial units within a newly constructed building. The units, building systems, and interior finishes are all brand new, providing a recently completed physical plant with limited near-term replacement needs identified in the property information.

The asset is located in Louisville’s active urban corridor and is described as having stabilized occupancy. Its residential and commercial components create separate income streams within one property, while the R6 zoning designation provides an additional point of reference for evaluating the asset’s current configuration.

Key Highlights

• 9,870 SF mixed‑use property at 2512 Portland Ave
• Residential and commercial units in one building
• New construction with brand‑new units, systems, and finishes

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$117,256

Cap Rate

7.56%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,345,120 $2.3M

Cap Rate 7%

$1,675,086 $1.7M

Cap Rate 9%

$1,302,844 $1.3M

Is this asking price fair?

Market Conditions

NOI Build-Up for 9,870 SF

Gross rent

$213.2K $21.60/SF

− Vacancy

−$25.6K −$2.59/SF

EGI

$187.6K $19.01/SF

− OpEx

−$70.4K −$7.13/SF

NOI

$117.3K $11.88/SF

Area

Louisville, KY

Vacancy

12.00%

Lease Rate

$21.60 /SF/Yr

Expense Ratio

37.50%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,345,120

Cap Rate 7%

$1,675,086

Cap Rate 9%

$1,302,844

Alternative Uses

Best Use

Mixed Use

$1.68M

$1.47M – $1.95M (±1% cap)

NOI $117,256 @ 7.0% cap · market cap 7.56%

Second Best

Apartment 5plus

$959.6K

$839.6K – $1.12M (±1% cap)

NOI $67,171 @ 7.0% cap · market cap 4.33%

Theoretical Best

Office A

$2.56M

$2.24M – $2.98M (±1% cap)

NOI $179,081 @ 7.0% cap · market cap 11.55%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Mixed-use properties

Suggested Use

Top Pick Real Estate Agency Law Firm Spa & Massage Center HVAC Service Restaurant Skin Care Clinic

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

479

Businesses Nearby

Explore this area Business Placement

Demographics for 40212, KY

16,360

Population

8,061

Households

2

Avg Household Size

38

Median Age

13%

College-Educated

81%

High-School Grad

3.8 sq mi

ZIP Area

4,305

Density / Sq Mi

$35,389

Median Household Income

$28,506

Median Earnings

$917

Median Rent

$78,100

Median Home Value

Market

Vacancy Rate% for Multifamily in South region

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

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Frequently Asked Questions

What type of property is this?

Mixed-use property - R6-zoned building combines residential and commercial occupancy in a newly constructed asset.

Where is this mixed-use property located?

The property is located at 2512 Portland Ave Louisville, KY.

What is the asking price?

The asking price for this property is $1,550,000.

What are key features of this property?

This property features: 9,870 SF mixed‑use property at 2512 Portland Ave; Residential and commercial units in one building; New construction with brand‑new units, systems, and finishes