Two-Tenant Storefront
For Sale
$1,600,000
3801 Frankfort Ave, Louisville, KY 40207
C2-zoned retail building serving established neighborhoods and nearby local businesses.
Property Size7,842 SF
Price / SF$204.03
Days on Market298
Property Features for 3801 Frankfort Ave
General Information
Standard status
Active
Size
7,842 SF
Property subtype
Retail
Zoning
C2
Building Details
Tenancy
Multi
Listing Agency:
Hoagland Commercial Realtors
(502) 593-3304
Listed By:
Brooks Hower · License #72257
(502) 593-3304
Source:
Kcrea.resimplifi
Added: Nov 5, 2025
Changed: Aug 29
Last Checked: Aug 26 at 12:18PM
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 Hoagland Commercial Realtors
Investment Insights
Based on property information with market context.
This 7,842-square-foot storefront property is configured as a two-tenant retail building and carries C2 zoning. Its commercial format supports a range of retail occupancy arrangements within an established building.
Located at 3801 Frankfort Ave in St. Matthews, Louisville, Kentucky, the property sits among established neighborhoods and nearby local businesses. The surrounding commercial setting adds context for retailers seeking a presence in an active local business area.
Located at 3801 Frankfort Ave in St. Matthews, Louisville, Kentucky, the property sits among established neighborhoods and nearby local businesses. The surrounding commercial setting adds context for retailers seeking a presence in an active local business area.
Key Highlights
- 7,842‑square‑foot storefront property
- Two‑tenant retail building configuration
- C2 zoning
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
$90,410
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
5.65%
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%
$1,808,200
$1.8M
Cap Rate 7%
$1,291,571
$1.3M
Cap Rate 9%
$1,004,556
$1.0M
Market Conditions
NOI Build-Up for 7,842 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
$141.2K $18.00/SF
− Vacancy
−$12.0K −$1.53/SF
EGI
$129.2K $16.47/SF
− OpEx
−$38.7K −$4.94/SF
NOI
$90.4K $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%
$1,808,200
Cap Rate 7%
$1,291,571
Cap Rate 9%
$1,004,556
Alternative Uses
Best Use
Retail
$1.29M
$1.13M – $1.51M
NOI $90,410 @ 7.0% cap · market cap 5.65%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.03M
$1.78M – $2.37M
NOI $142,285 @ 7.0% cap · market cap 8.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,367
Businesses Nearby
98k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 77%
Shops & Services 18%
Groceries 2%
Home Improvements & Furnishings 1%
Burger King
Dining
12,442 visits/mo
0.4 miles
Starbucks
Dining
11,935 visits/mo
0.2 miles
Graeter's Ice Cream
Dining
9,658 visits/mo
0.2 miles
Jimmy John's
Dining
8,090 visits/mo
0.3 miles
Heine Brothers Coffee
Dining
7,226 visits/mo
0.1 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?
Storefront property - C2-zoned retail building serving established neighborhoods and nearby local businesses.
Where is this storefront property located?
The property is located at 3801 Frankfort Ave 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: 7,842‑square‑foot storefront property; Two‑tenant retail building configuration; C2 zoning
