Three-Story Mixed-Use
New
For Sale
$1,300,000
3000 S 3rd St, Louisville, KY 40208
Corner-lot property combines a restaurant storefront with six remodeled apartment units and convenient access to major Louisville destinations.
Property Size7,709 SF
Price / SF$168.63
Days on Market7
Property Features for 3000 S 3rd St
General Information
Standard status
Active
Size
7,709 SF
Property subtype
Residential Income
Units
Unit Mix
3 x 1BR/1BA, 1 x 1BR/1.5BA, 2 x 2BR/1BA
Multifamily Units
6
Building Details
Buildings
1
Stories
3
Listing Agency:
RE/MAX Premier Properties
(502) 356-0412
Listed By:
Camicia Evans · License #274631
(502) 356-0412
Source:
Exprealty
Added: Aug 25
Changed: Aug 30
Last Checked: Aug 30 at 1:47AM
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 RE/MAX Premier Properties
Investment Insights
Based on property information with market context.
This three-story mixed-use property combines a restaurant storefront with six remodeled apartment units. The residential component includes three one-bedroom, one-bath units, one one-bedroom unit with one and a half baths, and two two-bedroom, one-bath units. The restaurant occupies approximately 2,100 square feet on the main floor and an additional approximately 2,100 square feet in the basement, with three separate restrooms on the main level.
The building occupies a prominent corner lot in Louisville, with access to the University of Louisville baseball and football stadiums, Churchill Downs, Central Station Shopping Center, the Kentucky State Fairgrounds, Downtown Louisville, and major expressways.
The building occupies a prominent corner lot in Louisville, with access to the University of Louisville baseball and football stadiums, Churchill Downs, Central Station Shopping Center, the Kentucky State Fairgrounds, Downtown Louisville, and major expressways.
Key Highlights
- Six remodeled apartment units in a three‑story mixed‑use building
- Unit mix includes three 1‑bedroom/1‑bath, one 1‑bedroom/1.5‑bath, and two 2‑bedroom/1‑bath units
- Restaurant space includes approximately 2,100 square feet on the main floor and approximately 2,100 square feet in the basement
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
$108,335
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
8.33%
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%
$2,166,700
$2.2M
Cap Rate 7%
$1,547,643
$1.5M
Cap Rate 9%
$1,203,722
$1.2M
Market Conditions
NOI Build-Up for 7,709 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
$154.5K $20.04/SF
− Vacancy
−$10.0K −$1.30/SF
EGI
$144.4K $18.74/SF
− OpEx
−$36.1K −$4.68/SF
NOI
$108.3K $14.05/SF
Area
Louisville, KY
Vacancy
6.50%
Lease Rate
$20.04 /SF/Yr
Expense Ratio
25.00%
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%
$2,166,700
Cap Rate 7%
$1,547,643
Cap Rate 9%
$1,203,722
Alternative Uses
Best Use
Specialty Retail
$1.55M
$1.35M – $1.81M
NOI $108,335 @ 7.0% cap · market cap 8.33%
Second Best
Mixed Use
$1.31M
$1.14M – $1.53M
NOI $91,583 @ 7.0% cap · market cap 7.04%
Theoretical Best
Office A
$2.00M
$1.75M – $2.33M
NOI $139,872 @ 7.0% cap · market cap 10.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
732
Businesses Nearby
Explore this area
Business Placement
Demographics for 40208, KY
17,048
Population
6,675
Households
2.6
Avg Household Size
27
Median Age
34%
College-Educated
88%
High-School Grad
2.6 sq mi
ZIP Area
6,557
Density / Sq Mi
$37,714
Median Household Income
$17,255
Median Earnings
$914
Median Rent
$153,100
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Corner-lot property combines a restaurant storefront with six remodeled apartment units and convenient access to major Louisville destinations.
Where is this mixed-use property located?
The property is located at 3000 S 3rd St Louisville, KY.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: Six remodeled apartment units in a three‑story mixed‑use building; Unit mix includes three 1‑bedroom/1‑bath, one 1‑bedroom/1.5‑bath, and two 2‑bedroom/1‑bath units; Restaurant space includes approximately 2,100 square feet on the main floor and approximately 2,100 square feet in the basement
