Storefront Retail
For Sale
$189,900
3127-3129 Preston Hwy, Louisville, KY 40213
C-1-zoned package with both properties currently rented between the two entrances to Audubon Park.
Property Size1,400 SF
Price / SF$135.64
Days on Market997
Property Features for 3127-3129 Preston Hwy
General Information
Standard status
Active
Size
1,400 SF
Property subtype
Retail
Zoning
C-1
Financials
Asking Price
$379,900
Cap Rate
7.9%
Amenities
Water
Sewer
Building Details
Buildings
2
Listing Agency:
Commercial Acquisition Brokers
(502) 500-0680
Listed By:
Mark Suna
(502) 500-0680
Source:
Kcrea.resimplifi
Added: Dec 7, 2023
Changed: Aug 30
Last Checked: Aug 30 at 1:40PM
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 Commercial Acquisition Brokers
Investment Insights
Based on property information with market context.
This offering combines two storefront properties at 3127-3129 Preston Hwy. The package includes approximately 1,600 square feet of business-use space and carries C-1 zoning. Examples of uses identified for the property include a beauty salon, barbershop, laundromat, variety store, and office space.
Both properties are currently rented. The site is situated between the two entrances to Audubon Park in Louisville, Kentucky. The stated cap rate is 7.9%.
Both properties are currently rented. The site is situated between the two entrances to Audubon Park in Louisville, Kentucky. The stated cap rate is 7.9%.
Key Highlights
- Two‑property package at 3127‑3129 Preston Hwy, Louisville, KY 40213
- C‑1 zoning supports identified business uses
- Approximately 1600 sq.ft.+ or - of business‑use space
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
$16,141
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
8.50%
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%
$322,820
$322.8K
Cap Rate 7%
$230,586
$230.6K
Cap Rate 9%
$179,344
$179.3K
Market Conditions
NOI Build-Up for 1,400 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
$25.2K $18.00/SF
− Vacancy
−$2.1K −$1.53/SF
EGI
$23.1K $16.47/SF
− OpEx
−$6.9K −$4.94/SF
NOI
$16.1K $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%
$322,820
Cap Rate 7%
$230,586
Cap Rate 9%
$179,344
Alternative Uses
Best Use
Retail
$230.6K
$201.8K – $269.0K
NOI $16,141 @ 7.0% cap · market cap 8.50%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$362.9K
$317.5K – $423.4K
NOI $25,402 @ 7.0% cap · market cap 13.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
362
Businesses Nearby
115k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 46%
Dining 40%
Groceries 8%
Home Improvements & Furnishings 3%
McDonald's
Dining
26,862 visits/mo
0.4 miles
Thorntons
Shops & Services
20,895 visits/mo
0.3 miles
Dollar Tree
Shops & Services
14,532 visits/mo
0.3 miles
Restaurant Depot
Groceries
9,099 visits/mo
0.5 miles
Scooter's Coffee
Dining
7,066 visits/mo
0.5 miles
Demographics for 40213, KY
16,698
Population
7,730
Households
2.2
Avg Household Size
38
Median Age
25%
College-Educated
90%
High-School Grad
9.6 sq mi
ZIP Area
1,739
Density / Sq Mi
$60,734
Median Household Income
$38,595
Median Earnings
$952
Median Rent
$169,000
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
- Susan's Florist — 2731 Preston Hwy, Louisville, KY 40217
- Wildflowers Florist — 2406 S Preston St, Louisville, KY 40217
Frequently Asked Questions
What type of property is this?
Storefront property - C-1-zoned package with both properties currently rented between the two entrances to Audubon Park.
Where is this storefront property located?
The property is located at 3127-3129 Preston Hwy Louisville, KY.
What is the asking price?
The asking price for this property is $189,900.
What are key features of this property?
This property features: Two‑property package at 3127‑3129 Preston Hwy, Louisville, KY 40213; C‑1 zoning supports identified business uses; Approximately 1600 sq.ft.+ or - of business‑use space
