Freestanding Office Building with
For Sale
Contact for pricing
5004 Poplar Level Rd, Louisville, KY 40219
Single-story property with retained drive-thru lanes and extensive paving for customer access.
Property Size2,140 SF
Lot Size0.47 Acres
Price / SF$163.55
Days on Market158
Property Features for 5004 Poplar Level Rd
General Information
Standard status
Active
Size
2,140 SF
Total Parking Spaces
24
Lot size
0.47 Acres
Property subtype
Retail, Office
Zoning
C2 Commercial District
Site & Location
Drive-Thru
Yes
Highway Access
Yes
Road Access
Yes
Building Details
Year Built
1974
Buildings
1
Stories
1
Tenancy
Single
Building Size
2,140 SF
Listing Agency:
Cushman & Wakefield Commercial Kentucky
(502) 719-3240
Listed By:
Sam Gray · License #KY 249598
Source:
Crexi
Added: Mar 27
Changed: Aug 30
Last Checked: Aug 30 at 8:33PM
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 Cushman & Wakefield Commercial Kentucky
Investment Insights
Based on property information with market context.
This freestanding office building contains 2,140 square feet of above-grade space on approximately 0.47 acres. Built in 1974 as a bank, the single-story property retains drive-thru lanes and substantial paving around the building. Its layout and existing improvements support continued office use or conversion for retail operations, subject to applicable requirements.
The property is positioned on Poplar Level Road near Rangeland Road, along a major commercial arterial in south central Louisville. Access to the I-65 corridor adds connectivity, while the C2 Commercial District zoning supports a range of commercial uses. The existing site configuration includes dedicated areas for customer arrival and circulation.
The property is positioned on Poplar Level Road near Rangeland Road, along a major commercial arterial in south central Louisville. Access to the I-65 corridor adds connectivity, while the C2 Commercial District zoning supports a range of commercial uses. The existing site configuration includes dedicated areas for customer arrival and circulation.
Key Highlights
- 2,140 square feet of above‑grade building space
- Approximately 0.47 acres with substantial site paving
- C2 Commercial District 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
$27,638
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
7.90%
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%
$552,760
$552.8K
Cap Rate 7%
$394,829
$394.8K
Cap Rate 9%
$307,089
$307.1K
Market Conditions
NOI Build-Up for 2,140 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
$44.9K $21.00/SF
− Vacancy
−$8.1K −$3.78/SF
EGI
$36.9K $17.22/SF
− OpEx
−$9.2K −$4.31/SF
NOI
$27.6K $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%
$552,760
Cap Rate 7%
$394,829
Cap Rate 9%
$307,089
Alternative Uses
Best Use
Office B
$394.8K
$345.5K – $460.6K
NOI $27,638 @ 7.0% cap · market cap 7.90%
Second Best
Retail
$352.5K
$308.4K – $411.2K
NOI $24,672 @ 7.0% cap · market cap 7.05%
Theoretical Best
Office A
$554.7K
$485.4K – $647.1K
NOI $38,828 @ 7.0% cap · market cap 11.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
390
Businesses Nearby
Explore this area
Business Placement
Demographics for 40219, KY
40,300
Population
16,699
Households
2.4
Avg Household Size
37
Median Age
20%
College-Educated
87%
High-School Grad
14.9 sq mi
ZIP Area
2,705
Density / Sq Mi
$52,271
Median Household Income
$37,108
Median Earnings
$967
Median Rent
$186,000
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 - Single-story property with retained drive-thru lanes and extensive paving for customer access.
Where is this office building located?
The property is located at 5004 Poplar Level Rd Louisville, KY.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: 2,140 square feet of above‑grade building space; Approximately 0.47 acres with substantial site paving; C2 Commercial District zoning
