Drive-Through Restaurant
New
For Sale
Contact for pricing
5101 Preston Hwy, Louisville, KY 40213
C-1 Commercial zoning, multiple access points, and an established restaurant layout support varied commercial uses.
Property Size2,744 SF
Lot Size0.64 Acres
Price / SF$327.62
Days on Market7
Property Features for 5101 Preston Hwy
General Information
Standard status
Active
Size
2,744 SF
Lot size
0.64 Acres
Property subtype
RETAIL
Zoning
C-1
Site & Location
Drive-Thru
Yes
Pylon Signage
Yes
Traffic Count
24,463 vehicles/day
Highway Access
Yes
Road Access
Yes
Additional Details
Asking Price
$899,000
Building Details
Buildings
1
Listing Agency:
EXP Realty LLC
(502) 424-9484
Listed By:
Nour E Kurdi
(502) 424-9484
Source:
Moodyscre
Added: Aug 17
Changed: Aug 20
Last Checked: Aug 23 at 12:09PM
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 EXP Realty LLC
Investment Insights
Based on property information with market context.
Former Wendy’s restaurant property comprising approximately 2,744 square feet on approximately 0.64 acres. The site includes an existing drive-thru, on-site parking, roadside and pylon signage, and multiple access points. C-1 Commercial zoning supports a broad range of commercial uses, while the existing configuration may accommodate restaurant, retail, professional service, or other commercial operations.
The property is positioned along Preston Highway (KY 61) in Louisville, with approximately 24,463 vehicles per day recorded in 2023 according to a 2025 Kentucky Transportation Cabinet corridor study. Traffic is projected to reach approximately 30,056 vehicles per day by 2045. The location also offers access to I-65 and is near Louisville Muhammad Ali International Airport and UPS Worldport, with established commercial businesses, residential neighborhoods, and employment centers in the surrounding area.
The property is positioned along Preston Highway (KY 61) in Louisville, with approximately 24,463 vehicles per day recorded in 2023 according to a 2025 Kentucky Transportation Cabinet corridor study. Traffic is projected to reach approximately 30,056 vehicles per day by 2045. The location also offers access to I-65 and is near Louisville Muhammad Ali International Airport and UPS Worldport, with established commercial businesses, residential neighborhoods, and employment centers in the surrounding area.
Key Highlights
- Approximately 2,744 SF building on approximately 0.64 acres
- Existing drive‑thru with restaurant configuration
- C‑1 Commercial 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
$38,562
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
4.29%
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%
$771,240
$771.2K
Cap Rate 7%
$550,886
$550.9K
Cap Rate 9%
$428,467
$428.5K
Market Conditions
NOI Build-Up for 2,744 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
$55.0K $20.04/SF
− Vacancy
−$3.6K −$1.30/SF
EGI
$51.4K $18.74/SF
− OpEx
−$12.9K −$4.68/SF
NOI
$38.6K $14.05/SF
Area
Louisville, KY
Vacancy
6.50%
Lease Rate
$20.04 /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%
$771,240
Cap Rate 7%
$550,886
Cap Rate 9%
$428,467
Alternative Uses
Best Use
Specialty Retail
$550.9K
$482.0K – $642.7K
NOI $38,562 @ 7.0% cap · market cap 4.29%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$711.2K
$622.3K – $829.8K
NOI $49,787 @ 7.0% cap · market cap 5.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
24,463 VPD
Traffic count
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
459
Businesses Nearby
68k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 47%
Dining 41%
Home Improvements & Furnishings 7%
Hotels & Casinos 5%
Circle K
Shops & Services
16,087 visits/mo
0.1 miles
Popeyes Louisiana Kitchen
Dining
12,353 visits/mo
0.1 miles
Waffle House
Dining
8,191 visits/mo
0.5 miles
Thorntons
Shops & Services
8,186 visits/mo
0.3 miles
Dollar General
Shops & Services
4,533 visits/mo
0.1 miles
Demographics for 40213, KY
16,698
Population
7,730
Households
2.2
Avg Household Size
38
Median Age
25%
College-Educated
90%
High-School Grad
9.6 sq mi
ZIP Area
1,739
Density / Sq Mi
$60,734
Median Household Income
$38,595
Median Earnings
$952
Median Rent
$169,000
Median Home Value
Market
Vacancy Rate% for Retail in Louisville, KY
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Drive through restaurant - C-1 Commercial zoning, multiple access points, and an established restaurant layout support varied commercial uses.
Where is this drive through restaurant located?
The property is located at 5101 Preston Hwy Louisville, KY.
What is the asking price?
The asking price for this property is $899,000.
What are key features of this property?
This property features: Approximately 2,744 SF building on approximately 0.64 acres; Existing drive‑thru with restaurant configuration; C‑1 Commercial zoning
