Occupied Medical Office
For Sale
$2,350,000
4331 Churchman Ave, Louisville, KY 40215
Two-building healthcare facility with NNN lease structure and on-site parking.
Property Size11,630 SF
Price / SF$202.06
Days on Market131
Property Features for 4331 Churchman Ave
General Information
Standard status
Active
Size
11,630 SF
Total Parking Spaces
45
Property subtype
Healthcare
Zoning
OR2
Occupancy
100%
Additional Details
Highway Access
Yes
Amenities
45 Parking Spaces
Building Details
Year Built
1964
Buildings
2
Building Size
11,630 SF
Tenancy
Single
Listing Agency:
TRIO Commercial Property Group
(502) 553-4180
Listed By:
Seth Edens · License #204053
(502) 553-4180
Source:
Kcrea.resimplifi
Added: Apr 22
Changed: Aug 29
Last Checked: Aug 29 at 1:31PM
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 TRIO Commercial Property Group
Investment Insights
Based on property information with market context.
This medical office property comprises two buildings totaling approximately 11,630 square feet. Constructed in 1964, the facilities are fully occupied by UofL Health and support UofL Pain Management and Frazier Rehab services. The property is zoned OR-2 and includes on-site parking for tenants and visitors.
The site at 4331 Churchman Avenue is directly adjacent to UofL Health Mary & Elizabeth Hospital and positioned within an established healthcare corridor in South Louisville. Access to Dixie Highway, Interstate 264, and Downtown Louisville supports connections across the Louisville MSA.
The lease has 5.5 years remaining, uses an NNN structure, and is self-managed by the tenant. Occupancy is reported at 100%.
The site at 4331 Churchman Avenue is directly adjacent to UofL Health Mary & Elizabeth Hospital and positioned within an established healthcare corridor in South Louisville. Access to Dixie Highway, Interstate 264, and Downtown Louisville supports connections across the Louisville MSA.
The lease has 5.5 years remaining, uses an NNN structure, and is self-managed by the tenant. Occupancy is reported at 100%.
Key Highlights
- Approximately 11,630 SF across two medical office buildings
- 100% occupied by UofL Health
- Directly adjacent to UofL Health Mary & Elizabeth Hospital
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
$150,725
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
6.41%
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%
$3,014,500
$3.0M
Cap Rate 7%
$2,153,214
$2.2M
Cap Rate 9%
$1,674,722
$1.7M
Market Conditions
NOI Build-Up for 11,630 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
$279.1K $24.00/SF
− Vacancy
−$27.9K −$2.40/SF
EGI
$251.2K $21.60/SF
− OpEx
−$100.5K −$8.64/SF
NOI
$150.7K $12.96/SF
Area
Louisville, KY
Vacancy
10.00%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
40.00%
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%
$3,014,500
Cap Rate 7%
$2,153,214
Cap Rate 9%
$1,674,722
Alternative Uses
Best Use
Healthcare Medical
$2.15M
$1.88M – $2.51M
NOI $150,725 @ 7.0% cap · market cap 6.41%
Second Best
Office B
$2.15M
$1.88M – $2.50M
NOI $150,201 @ 7.0% cap · market cap 6.39%
Theoretical Best
Office A
$3.01M
$2.64M – $3.52M
NOI $211,015 @ 7.0% cap · market cap 8.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
100%
Occupancy
Single-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
864
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 40215, KY
21,230
Population
9,070
Households
2.3
Avg Household Size
35
Median Age
13%
College-Educated
79%
High-School Grad
3.5 sq mi
ZIP Area
6,066
Density / Sq Mi
$42,762
Median Household Income
$32,815
Median Earnings
$976
Median Rent
$106,500
Median Home Value
Market
Vacancy Rate% for Office in Louisville, KY
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Two-building healthcare facility with NNN lease structure and on-site parking.
Where is this medical office space located?
The property is located at 4331 Churchman Ave Louisville, KY.
What is the asking price?
The asking price for this property is $2,350,000.
What are key features of this property?
This property features: Approximately 11,630 SF across two medical office buildings; 100% occupied by UofL Health; Directly adjacent to UofL Health Mary & Elizabeth Hospital
