Sunbelt Rentals Industrial
For Sale
Contact for pricing
3505 Bashford Avenue, Louisville, KY 40218
Absolute net equipment rental facility with long-term corporate tenancy and an established Louisville commercial location.
Property Size17,595 SF
Lot Size3.10 Acres
Price / SF$170.50
Days on Market12
Property Features for 3505 Bashford Avenue
General Information
Standard status
Active
Size
17,595 SF
Lot size
3.10 Acres
Property subtype
Retail, Industrial
Zoning
Commercial
Occupancy
100%
Lease Type
Absolute Net
Investment Type
Net Lease
Net Operating Income
$165,036
Building Details
Year Built
1985
Buildings
1
Tenancy
Single
Building Size
17,595 SF
Listing Agency:
Colliers - Royal Oak/Detroit, Michigan
Listed By:
Jordan Woodcock · License #MI 6501373633
Source:
Crexi
Added: Aug 18
Changed: Aug 29
Last Checked: Aug 29 at 11:45AM
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 Colliers - Royal Oak/Detroit, Michigan
Investment Insights
Based on property information with market context.
Located at 3505 Bashford Avenue in Louisville, Kentucky, this industrial warehouse supports an operating equipment rental branch. The property contains 17,595 square feet within a 3.1-acre site and was built in 1985. Its operations accommodate aerial and access equipment, earthmoving machinery, forklifts, generators, compressors, and construction-related tools.
The asset is positioned in Louisville’s Bashford Manor industrial-commercial corridor with access to major transportation routes and nearby construction markets. The lease has 10 years remaining, followed by two five-year extension options. Structured as an absolute net lease, it includes a full corporate guarantee from Sunbelt Rentals, Inc., annual CPI-based rent escalations, and no landlord responsibilities.
The asset is positioned in Louisville’s Bashford Manor industrial-commercial corridor with access to major transportation routes and nearby construction markets. The lease has 10 years remaining, followed by two five-year extension options. Structured as an absolute net lease, it includes a full corporate guarantee from Sunbelt Rentals, Inc., annual CPI-based rent escalations, and no landlord responsibilities.
Key Highlights
- 17,595‑square‑foot industrial warehouse on 3.1 acres
- Built in 1985 and operated as a full‑service equipment rental branch
- 10 years remaining on the original lease plus two successive five‑year options
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
$142,256
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
4.74%
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%
$2,845,120
$2.8M
Cap Rate 7%
$2,032,229
$2.0M
Cap Rate 9%
$1,580,622
$1.6M
Market Conditions
NOI Build-Up for 17,595 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
$175.2K $9.96/SF
− Vacancy
−$7.9K −$0.45/SF
EGI
$167.4K $9.51/SF
− OpEx
−$25.1K −$1.43/SF
NOI
$142.3K $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%
$2,845,120
Cap Rate 7%
$2,032,229
Cap Rate 9%
$1,580,622
Alternative Uses
Best Use
Warehouse
$2.03M
$1.78M – $2.37M
NOI $142,256 @ 7.0% cap · market cap 4.74%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.56M
$3.99M – $5.32M
NOI $319,244 @ 7.0% cap · market cap 10.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,039
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 40218, KY
33,437
Population
14,697
Households
2.3
Avg Household Size
36
Median Age
29%
College-Educated
89%
High-School Grad
9.0 sq mi
ZIP Area
3,715
Density / Sq Mi
$56,191
Median Household Income
$35,784
Median Earnings
$1,059
Median Rent
$195,600
Median Home Value
Market
Vacancy Rate% for Industrial in Louisville, KY
Questions? Ask Rey
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Similar Off Market Nearby
- PODS Moving & Storage — 4310 chefs way, louisville, ky 40218
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- StoreUp Self Storage — 4021 Shepherdsville Rd, Louisville, KY 40218
- Self Storage — 3410 bashford ave ct, louisville, ky 40218
Frequently Asked Questions
What type of property is this?
Warehouse - Absolute net equipment rental facility with long-term corporate tenancy and an established Louisville commercial location.
Where is this warehouse located?
The property is located at 3505 Bashford Avenue Louisville, KY.
What is the asking price?
The asking price for this property is $3,000,000.
What are key features of this property?
This property features: 17,595‑square‑foot industrial warehouse on 3.1 acres; Built in 1985 and operated as a full‑service equipment rental branch; 10 years remaining on the original lease plus two successive five‑year options
