Historic Office Building with
For Sale
$5,300,000
445 E Market St, Louisville, KY 40202
Office space is complemented by first-floor food and beverage retail and private onsite parking.
Property Size41,976 SF
Price / SF$126.26
Days on Market349
Property Features for 445 E Market St
General Information
Standard status
Active
Size
41,976 SF
Total Parking Spaces
65
Property subtype
Office
Zoning
C3
Occupancy
100%
Amenities
private onsite parking
Power
Water
Sewer
Natural Gas
65 Parking Spaces
Building Details
Year Built
1885
Buildings
1
Tenancy
Multiple Tenants
Building Size
41,976 SF
Listing Agency:
Commercial Kentucky, Inc.
(502) 523-8582
Listed By:
Sam Gray · License #249598
(502) 523-8582
Source:
Kcrea.resimplifi
Added: Sep 17, 2025
Changed: Aug 30
Last Checked: Aug 30 at 2:18PM
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 Commercial Kentucky, Inc.
Investment Insights
Based on property information with market context.
Cobalt Marketplace is a 41,976-square-foot historic office property at 445 E Market St in Louisville’s East Market District. Built in 1885, the building combines office space with food and beverage retail on the first floor along Market Street. Private onsite parking is included, an uncommon feature for a downtown office property.
Positioned between Main and Market Streets in Downtown Louisville, the property offers a prominent East Market District address with access to both office and retail frontage. The building is zoned C3 and is reported as 100% leased, providing an established occupancy profile for the asset.
Positioned between Main and Market Streets in Downtown Louisville, the property offers a prominent East Market District address with access to both office and retail frontage. The building is zoned C3 and is reported as 100% leased, providing an established occupancy profile for the asset.
Key Highlights
- 41,976‑square‑foot historic office building constructed in 1885
- First‑floor food and beverage retail space along Market Street
- 100% leased occupancy
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
$483,941
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
9.13%
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%
$9,678,820
$9.7M
Cap Rate 7%
$6,913,443
$6.9M
Cap Rate 9%
$5,377,122
$5.4M
Market Conditions
NOI Build-Up for 41,976 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
$755.6K $18.00/SF
− Vacancy
−$64.2K −$1.53/SF
EGI
$691.3K $16.47/SF
− OpEx
−$207.4K −$4.94/SF
NOI
$483.9K $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%
$9,678,820
Cap Rate 7%
$6,913,443
Cap Rate 9%
$5,377,122
Alternative Uses
Best Use
Office B
$7.74M
$6.78M – $9.04M
NOI $542,120 @ 7.0% cap · market cap 10.23%
Second Best
Retail
$6.91M
$6.05M – $8.07M
NOI $483,941 @ 7.0% cap · market cap 9.13%
Theoretical Best
Office A
$10.88M
$9.52M – $12.69M
NOI $761,613 @ 7.0% cap · market cap 14.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
7,270
Businesses Nearby
Explore this area
Business Placement
Demographics for 40202, KY
7,179
Population
4,242
Households
1.7
Avg Household Size
39
Median Age
27%
College-Educated
83%
High-School Grad
1.6 sq mi
ZIP Area
4,487
Density / Sq Mi
$29,382
Median Household Income
$33,205
Median Earnings
$881
Median Rent
$340,000
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?
Office building - Office space is complemented by first-floor food and beverage retail and private onsite parking.
Where is this office building located?
The property is located at 445 E Market St Louisville, KY.
What is the asking price?
The asking price for this property is $5,300,000.
What are key features of this property?
This property features: 41,976‑square‑foot historic office building constructed in 1885; First‑floor food and beverage retail space along Market Street; 100% leased occupancy
