Fenced Commercial
For Sale
$1,600,000
3620-3602 S 7th St Rd, Louisville, KY 40216
EZ1-zoned land combines secured outdoor space with existing leased and vacant improvements.
Property Size8,812 SF
Price / SF$181.57
Days on Market378
Property Features for 3620-3602 S 7th St Rd
General Information
Standard status
Active
Size
8,812 SF
Property subtype
Land
Zoning
EZ1
Amenities
Power
Water
Sewer
Natural Gas
Listing Agency:
Genesis Realty LLC
(502) 468-7553
Listed By:
Heather Allen · License #203656
(502) 468-7553
Source:
Kcrea.resimplifi
Added: Aug 19, 2025
Changed: Aug 30
Last Checked: Aug 31 at 12:33PM
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 Genesis Realty LLC
Investment Insights
Based on property information with market context.
This 4.2441-acre commercial land offering consists of two consecutive parcels with EZ1 zoning. Improvements at 3602 S 7th St Rd include a dome-shaped garage and two small office buildings on approximately 2 acres, while the remaining portion is vacant. Two active NNN leases are in place at 3608 and 3612 S 7th St Rd. Privacy fencing extends along the property’s southern and northern sides and encloses the rear area.
The site provides 672 feet of road frontage along a five-lane thoroughfare serving Downtown Louisville. It is located in Shively, near Churchill Downs, with access from S 7th St Rd. The property combines income-producing space, open land, and existing functional improvements within one commercial land offering.
The site provides 672 feet of road frontage along a five-lane thoroughfare serving Downtown Louisville. It is located in Shively, near Churchill Downs, with access from S 7th St Rd. The property combines income-producing space, open land, and existing functional improvements within one commercial land offering.
Key Highlights
- 4.2441 acres across two consecutive parcels
- EZ1 zoning
- 672 feet of road frontage on a five‑lane road
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
$117,059
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
7.32%
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%
$2,341,180
$2.3M
Cap Rate 7%
$1,672,271
$1.7M
Cap Rate 9%
$1,300,656
$1.3M
Market Conditions
NOI Build-Up for 8,812 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
$190.3K $21.60/SF
− Vacancy
−$34.3K −$3.89/SF
EGI
$156.1K $17.71/SF
− OpEx
−$39.0K −$4.43/SF
NOI
$117.1K $13.28/SF
Area
ZIP 40216
Vacancy
18.00%
Lease Rate
$21.60 /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%
$2,341,180
Cap Rate 7%
$1,672,271
Cap Rate 9%
$1,300,656
Alternative Uses
Best Use
Office B
$1.67M
$1.46M – $1.95M
NOI $117,059 @ 7.0% cap · market cap 7.32%
Second Best
Warehouse
$1.02M
$892.9K – $1.19M
NOI $71,434 @ 7.0% cap · market cap 4.46%
Theoretical Best
Office A
$2.26M
$1.98M – $2.64M
NOI $158,193 @ 7.0% cap · market cap 9.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
652
Businesses Nearby
Explore this area
Business Placement
Demographics for 40216, KY
43,434
Population
19,257
Households
2.3
Avg Household Size
40
Median Age
14%
College-Educated
87%
High-School Grad
15.7 sq mi
ZIP Area
2,766
Density / Sq Mi
$50,211
Median Household Income
$35,503
Median Earnings
$883
Median Rent
$154,500
Median Home Value
Market
Vacancy Rate% for Office in Louisville, KY
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Commercial land - EZ1-zoned land combines secured outdoor space with existing leased and vacant improvements.
Where is this commercial land located?
The property is located at 3620-3602 S 7th St Rd Louisville, KY.
What is the asking price?
The asking price for this property is $1,600,000.
What are key features of this property?
This property features: 4.2441 acres across two consecutive parcels; EZ1 zoning; 672 feet of road frontage on a five‑lane road
