Conventional Restaurant with Real
For Sale
Contact for pricing
3021 River Road, Louisville, KY 40207
Restaurant business and real property are offered together along River Road near Interstate 71.
Property Size17,537 SF
Price / SF$456.18
Days on Market12
Property Features for 3021 River Road
General Information
Standard status
Active
Size
17,537 SF
Property subtype
Retail, Business for Sale
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Business Included
Yes
Land Use
commercial
Building Details
Year Built
1975
Listing Agency:
Cushman & Wakefield Commercial Kentucky
(502) 719-3221
Listed By:
Austin English · License #KY 271161
Source:
Crexi
Added: Aug 20
Changed: Aug 28
Last Checked: Aug 30 at 8:30PM
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 Cushman & Wakefield Commercial Kentucky
Investment Insights
Based on property information with market context.
The offering combines the KingFish restaurant business with its underlying real estate at 3021 River Road in Louisville, Kentucky. The restaurant property was built in 1975 and has operated as a recognized local dining destination. The acquisition can support continued restaurant operations while also providing flexibility for a buyer considering repositioning or redevelopment of the site.
The property fronts River Road and is less than 0.5 mile from Interstate 71 via Zorn Avenue. Its setting along the Ohio River corridor places it near established residential neighborhoods, retail, dining, and employment centers, with access to Downtown Louisville, the East End, and the broader metropolitan area.
The property fronts River Road and is less than 0.5 mile from Interstate 71 via Zorn Avenue. Its setting along the Ohio River corridor places it near established residential neighborhoods, retail, dining, and employment centers, with access to Downtown Louisville, the East End, and the broader metropolitan area.
Key Highlights
- KingFish restaurant business and real estate offered together
- 3021 River Road location in Louisville, Kentucky
- Less than 0.5 mile from Interstate 71 via Zorn Avenue
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
$246,448
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
3.08%
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%
$4,928,960
$4.9M
Cap Rate 7%
$3,520,686
$3.5M
Cap Rate 9%
$2,738,311
$2.7M
Market Conditions
NOI Build-Up for 17,537 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
$351.4K $20.04/SF
− Vacancy
−$22.8K −$1.30/SF
EGI
$328.6K $18.74/SF
− OpEx
−$82.1K −$4.68/SF
NOI
$246.4K $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%
$4,928,960
Cap Rate 7%
$3,520,686
Cap Rate 9%
$2,738,311
Alternative Uses
Best Use
Specialty Retail
$3.52M
$3.08M – $4.11M
NOI $246,448 @ 7.0% cap · market cap 3.08%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.55M
$3.98M – $5.30M
NOI $318,191 @ 7.0% cap · market cap 3.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
152
Businesses Nearby
16k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 92%
Hotels & Casinos 8%
Shell
Shops & Services
13,448 visits/mo
0.2 miles
Candlewood Suites Louisville
Hotels & Casinos
1,243 visits/mo
0.3 miles
Valero Energy
Shops & Services
1,224 visits/mo
0.3 miles
Demographics for 40207, KY
30,104
Population
14,507
Households
2.1
Avg Household Size
43
Median Age
68%
College-Educated
98%
High-School Grad
11.7 sq mi
ZIP Area
2,573
Density / Sq Mi
$98,583
Median Household Income
$59,242
Median Earnings
$1,248
Median Rent
$401,500
Median Home Value
Market
Vacancy Rate% for Retail in Louisville, KY
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Restaurant business and real property are offered together along River Road near Interstate 71.
Where is this conventional restaurant located?
The property is located at 3021 River Road Louisville, KY.
What is the asking price?
The asking price for this property is $8,000,000.
What are key features of this property?
This property features: KingFish restaurant business and real estate offered together; 3021 River Road location in Louisville, Kentucky; Less than 0.5 mile from Interstate 71 via Zorn Avenue
