Mixed-Use Building with Retail
For Sale
$1,799,000
4951 Manslick Rd, Louisville, KY 40214
C1-zoned property combines customer-facing space, office and warehouse areas, and an upstairs apartment.
Property Size14,280 SF
Price / SF$125.98
Days on Market270
Property Features for 4951 Manslick Rd
General Information
Standard status
Active
Size
14,280 SF
Total Parking Spaces
17
Property subtype
Retail
Zoning
C1
Amenities
Power
Water
Sewer
17 Parking Spaces
Listing Agency:
Venture Realty LLC
(502) 648-2510
Listed By:
Terry Allgeier · License #213815
(502) 648-2510
Source:
Kcrea.resimplifi
Added: Dec 2, 2025
Changed: Aug 29
Last Checked: Aug 29 at 1:06PM
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 Venture Realty LLC
Investment Insights
Based on property information with market context.
This 14,280-square-foot freestanding mixed-use building brings together several commercial functions under one roof. The front includes a 2,200-square-foot retail area with bright open space, while approximately 10,000 square feet is arranged for office and warehouse use. An overhead door supports deliveries, and the building also provides an upstairs apartment exceeding 2,000 square feet.
The property includes a paved parking lot for customer and employee access. Its varied layout can support multiple businesses or occupants, with retail, office, warehouse, and residential components within the same building. C1 zoning is in place.
The property includes a paved parking lot for customer and employee access. Its varied layout can support multiple businesses or occupants, with retail, office, warehouse, and residential components within the same building. C1 zoning is in place.
Key Highlights
- 14,280 sq ft freestanding mixed‑use building
- 2,200 sq ft front retail area
- Approx. 10,000 sq ft of office and warehouse space
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
$165,534
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
9.20%
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%
$3,310,680
$3.3M
Cap Rate 7%
$2,364,771
$2.4M
Cap Rate 9%
$1,839,267
$1.8M
Market Conditions
NOI Build-Up for 14,280 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
$257.0K $18.00/SF
− Vacancy
−$20.6K −$1.44/SF
EGI
$236.5K $16.56/SF
− OpEx
−$70.9K −$4.97/SF
NOI
$165.5K $11.59/SF
Area
ZIP 40214
Vacancy
8.00%
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%
$3,310,680
Cap Rate 7%
$2,364,771
Cap Rate 9%
$1,839,267
Alternative Uses
Best Use
Mixed Use
$2.41M
$2.11M – $2.81M
NOI $168,683 @ 7.0% cap · market cap 9.38%
Second Best
Retail
$2.36M
$2.07M – $2.76M
NOI $165,534 @ 7.0% cap · market cap 9.20%
Theoretical Best
Office A
$3.42M
$2.99M – $3.99M
NOI $239,520 @ 7.0% cap · market cap 13.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
705
Businesses Nearby
Explore this area
Business Placement
Demographics for 40214, KY
46,220
Population
20,459
Households
2.3
Avg Household Size
37
Median Age
23%
College-Educated
85%
High-School Grad
15.0 sq mi
ZIP Area
3,081
Density / Sq Mi
$53,563
Median Household Income
$37,121
Median Earnings
$950
Median Rent
$176,700
Median Home Value
Market
Vacancy Rate% for Industrial in Louisville, KY
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - C1-zoned property combines customer-facing space, office and warehouse areas, and an upstairs apartment.
Where is this mixed-use property located?
The property is located at 4951 Manslick Rd Louisville, KY.
What is the asking price?
The asking price for this property is $1,799,000.
What are key features of this property?
This property features: 14,280 sq ft freestanding mixed‑use building; 2,200 sq ft front retail area; Approx. 10,000 sq ft of office and warehouse space
