Listing Agency: Cardinal Real Estate p***@murphybusiness.com Show Phone

Listed By: Phillip Eleson Show Phone

Source: Kcrea.resimplifi

Added: Feb 12 Changed: Aug 31 Last Checked: Sep 1 at 2:54PM

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Investment Insights

Based on property information with market context.

Office condominium Unit 303 offers 1,020 square feet of space within an OR-3-zoned property. The layout includes a generous reception area, three private offices, storage or workstation space, and additional room that can accommodate conference or shared-work functions. Westport Road signage provides an identified presence at the property.

Recent improvements include replacement windows, updated flooring, LED lighting, and fresh paint. Units 203 and 204 may be combined with Unit 303 when additional space is needed. The property is located at 4165 Westport Rd in St. Matthews, Kentucky.

Key Highlights

• 1,020‑square‑foot office condominium unit
• Three private offices plus reception, storage, and workstation areas
• Westport Road signage

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

$13,173

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

6.62%

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%

$263,460 $263.5K

Cap Rate 7%

$188,186 $188.2K

Cap Rate 9%

$146,367 $146.4K

Market Conditions

NOI Build-Up for 1,020 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

$21.4K $21.00/SF

− Vacancy

−$3.9K −$3.78/SF

EGI

$17.6K $17.22/SF

− OpEx

−$4.4K −$4.31/SF

NOI

$13.2K $12.92/SF

Area

Louisville, KY

Vacancy

18.00%

Lease Rate

$21.00 /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%

$263,460

Cap Rate 7%

$188,186

Cap Rate 9%

$146,367

Alternative Uses

Best Use

Office B

$188.2K

$164.7K – $219.6K (±1% cap)

NOI $13,173 @ 7.0% cap · market cap 6.62%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$264.4K

$231.3K – $308.5K (±1% cap)

NOI $18,507 @ 7.0% cap · market cap 9.30%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Current Use

Prince College Counselling Consultant Lisa McDonald Cheney, ... Physician Spears Agency INC Insurance Agency Edwin Fox - Raymond ... Financial Advisor Raymond James Financial ... Financial Advisor

Suggested Use

Top Pick HVAC Service Storage Facility Auto Parts Store Parking Lot & Garage Grocery & Convenience Store Hotel & Motel

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

1

Office units

Location Intelligence

Trade Area within ½ mile

1,443

Businesses Nearby

Explore this area Business Placement

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 Office in South region

14.4% 2019

16.4% 2020

17.3% 2021

18% 2022

18.6% 2023

20.3% 2024

20.2% 2025

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Frequently Asked Questions

What type of property is this?

Office units - Flexible office condominium with private offices, adaptable shared space, and recent interior improvements.

Where is this office units located?

The property is located at 4165 Westport Rd St Matthews, KY.

What is the asking price?

The asking price for this property is $199,000.

What are key features of this property?

This property features: 1,020‑square‑foot office condominium unit; Three private offices plus reception, storage, and workstation areas; Westport Road signage