Modern Office Condo with Glass
For Sale
$699,900
639 E Jefferson St, Louisville, KY 40202
Combined condominium units provide private offices, open workspace, and a kitchenette.
Property Size1,714 SF
Price / SF$408.34
Days on Market81
Property Features for 639 E Jefferson St
General Information
Standard status
Active
Size
1,714 SF
Total Parking Spaces
1
Property subtype
Office
Zoning
C2
Amenities
three private offices with glass walls and doors
open collaborative workspace
extremely tall ceilings
kitchenette
restroom with two stalls
storage closet
abundant natural light
corner location with excellent visibility
building signage opportunity
professionally managed condominium owners association
Power
Water
Sewer
1 Parking Spaces
Building Details
Year Built
2007
Listing Agency:
EXP Realty LLC
(502) 410-8181
Listed By:
Jonathan Klunk · License #KY251476
(502) 410-8181
Source:
Kcrea.resimplifi
Added: Jun 11
Changed: Aug 29
Last Checked: Aug 29 at 7:33PM
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 EXP Realty LLC
Investment Insights
Based on property information with market context.
This 1,714-square-foot office condominium in Louisville’s Gallery Square development combines two units into a single contemporary workspace. The buildout includes three glass-enclosed private offices, an open collaborative area, kitchenette, restroom with two stalls, storage closet, tall ceilings, and substantial natural light. The property was built in 2007 and is zoned C2. One dedicated gated parking space is included, with surrounding street parking also available.
The corner property offers visibility within the development and a building signage opportunity. It is across from Rabbit Hole Distillery and diagonal from NULU Yard, with the Hyatt Tempo Hotel, Fifth Third Bank’s Louisville headquarters, and Mashup Food Hall nearby. A professionally managed condominium owners association serves the property. The flexible layout can accommodate future reconfiguration, subject to applicable approvals.
The corner property offers visibility within the development and a building signage opportunity. It is across from Rabbit Hole Distillery and diagonal from NULU Yard, with the Hyatt Tempo Hotel, Fifth Third Bank’s Louisville headquarters, and Mashup Food Hall nearby. A professionally managed condominium owners association serves the property. The flexible layout can accommodate future reconfiguration, subject to applicable approvals.
Key Highlights
- 1,714‑square‑foot office condominium combining two units
- Three private offices enclosed by glass walls and doors
- Open collaborative workspace with kitchenette, storage, and restroom with two stalls
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
$22,136
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
3.16%
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%
$442,720
$442.7K
Cap Rate 7%
$316,229
$316.2K
Cap Rate 9%
$245,956
$246.0K
Market Conditions
NOI Build-Up for 1,714 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
$36.0K $21.00/SF
− Vacancy
−$6.5K −$3.78/SF
EGI
$29.5K $17.22/SF
− OpEx
−$7.4K −$4.31/SF
NOI
$22.1K $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%
$442,720
Cap Rate 7%
$316,229
Cap Rate 9%
$245,956
Alternative Uses
Best Use
Office B
$316.2K
$276.7K – $368.9K
NOI $22,136 @ 7.0% cap · market cap 3.16%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$444.3K
$388.7K – $518.3K
NOI $31,099 @ 7.0% cap · market cap 4.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
7,446
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 units - Combined condominium units provide private offices, open workspace, and a kitchenette.
Where is this office units located?
The property is located at 639 E Jefferson St Louisville, KY.
What is the asking price?
The asking price for this property is $699,900.
What are key features of this property?
This property features: 1,714‑square‑foot office condominium combining two units; Three private offices enclosed by glass walls and doors; Open collaborative workspace with kitchenette, storage, and restroom with two stalls
