Fern Creek Mixed-Use
For Sale
Contact for pricing
5650 Bardstown Rd, Louisville, KY 40291
Renovated mixed-use property with office and retail spaces available.
Property Size14,400 SF
Price / SF$152.78
Days on Market111
Property Features for 5650 Bardstown Rd
General Information
Standard status
Active
Size
14,400 SF
Property subtype
Retail, Office
Zoning
C1
Lease Type
NNN
Investment Type
Owner/User
Building Details
Year Built
2007
Year Renovated
2019
Stories
1
Tenancy
Single
Listing Agency:
Horizon Commercial Realty
(502) 594-5540
Listed By:
Nick Carroll · License #294698
Source:
Crexi
Added: May 12
Changed: Aug 28
Last Checked: Aug 29 at 1:55PM
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 Horizon Commercial Realty
Investment Insights
Based on property information with market context.
Available for sale or lease, this well-maintained mixed-use property, renovated in 2019, is located in Fern Creek, just off Bardstown Road. The property offers both office and retail opportunities. The office portion totals approximately 7,000 square feet and features an efficient and functional layout. It is ideal for office users seeking a move-in ready workspace. The property also includes two retail suites, providing flexibility for owner-users or investors. The property is conveniently located near a strong mix of retail amenities, offering access and visibility within the established Fern Creek trade area. The property size is 14,400 square feet.
Key Highlights
- Renovated in 2019, offering a move‑in ready workspace.
- Combines office (7,000 SF) and retail opportunities.
- Located in the established Fern Creek trade area off Bardstown Road.
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
$136,080
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
6.19%
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%
$2,721,600
$2.7M
Cap Rate 7%
$1,944,000
$1.9M
Cap Rate 9%
$1,512,000
$1.5M
Market Conditions
NOI Build-Up for 14,400 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
$241.9K $16.80/SF
− Vacancy
−$24.2K −$1.68/SF
EGI
$217.7K $15.12/SF
− OpEx
−$81.6K −$5.67/SF
NOI
$136.1K $9.45/SF
Area
ZIP 40291
Vacancy
10.00%
Lease Rate
$16.80 /SF/Yr
Expense Ratio
37.50%
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%
$2,721,600
Cap Rate 7%
$1,944,000
Cap Rate 9%
$1,512,000
Alternative Uses
Best Use
Mixed Use
$1.94M
$1.70M – $2.27M
NOI $136,080 @ 7.0% cap · market cap 6.19%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.04M
$2.66M – $3.54M
NOI $212,503 @ 7.0% cap · market cap 9.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
473
Businesses Nearby
Explore this area
Business Placement
Demographics for 40291, KY
39,719
Population
16,894
Households
2.4
Avg Household Size
41
Median Age
33%
College-Educated
94%
High-School Grad
22.6 sq mi
ZIP Area
1,757
Density / Sq Mi
$81,576
Median Household Income
$46,186
Median Earnings
$1,161
Median Rent
$264,700
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Renovated mixed-use property with office and retail spaces available.
Where is this mixed-use property located?
The property is located at 5650 Bardstown Rd Louisville, KY.
What is the asking price?
The asking price for this property is $2,200,000.
What are key features of this property?
This property features: Renovated in 2019, offering a move‑in ready workspace.; Combines office (7,000 SF) and retail opportunities.; Located in the established Fern Creek trade area off Bardstown Road.
