Building Details

Year Built 1978

Buildings 1

Tenancy Multi

Listing Agency: Century 21 Dick Vreeland & Asc

Listed By: Richard Vreeland Show Phone

Source: Kcrea.resimplifi

Added: Oct 6 Changed: Oct 13 Last Checked: Oct 13 at 2:20AM

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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 Century 21 Dick Vreeland & Asc

Investment Insights

Based on property information with market context.

This 2,160-square-foot storefront building contains two occupied units, each with a bathroom and just over 1,000 square feet. Built in 1978, the property is zoned C1, while the back portion of the lot carries R4 zoning.

The site is just off the intersection of Preston Highway and Fern Valley Road. It is not connected to MSD sewer service; a holding tank is installed behind the building.

Key Highlights

• Two units, each just over 1,000 square feet
• 2,160‑square‑foot building constructed in 1978
• Both units are currently rented and have a bathroom

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$24,903

Cap Rate

8.33%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$498,060 $498.1K

Cap Rate 7%

$355,757 $355.8K

Cap Rate 9%

$276,700 $276.7K

Market Conditions

NOI Build-Up for 2,160 SF

Gross rent

$38.9K $18.00/SF

− Vacancy

−$3.3K −$1.53/SF

EGI

$35.6K $16.47/SF

− OpEx

−$10.7K −$4.94/SF

NOI

$24.9K $11.53/SF

Area

Louisville, KY

Vacancy

8.50%

Lease Rate

$18.00 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$498,060

Cap Rate 7%

$355,757

Cap Rate 9%

$276,700

Alternative Uses

Best Use

Retail

$355.8K

$311.3K – $415.1K (±1% cap)

NOI $24,903 @ 7.0% cap · market cap 8.33%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$559.9K

$489.9K – $653.2K (±1% cap)

NOI $39,191 @ 7.0% cap · market cap 13.11%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Louisville Fit Gym & Fitness Center Affordable Pest Control ... Garden Center

Suggested Use

Top Pick Real Estate Agency Dental Office Law Firm Garden Center Gym & Fitness Center Parking Lot & Garage

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

100%

Occupancy

Multi-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

579

Businesses Nearby

202k

Monthly Visits Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Foot Traffic Nearby

Superstores 57% Shops & Services 23% Dining 8% Groceries 6%

Sam's Club Superstores

114,597 visits/mo 0.2 miles

Circle K Shops & Services

18,209 visits/mo 0.2 miles

Zaxby's Chicken Fingers & Buffalo Wings Dining

12,669 visits/mo 0.2 miles

Liquor Barn Groceries

11,532 visits/mo 0.1 miles

Goodwill Apparel

9,941 visits/mo 0.4 miles

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 Retail in Louisville, KY

5.4% 2019

5.4% 2020

4.7% 2021

4.8% 2022

5.1% 2023

4.2% 2024

4.8% 2025

Questions? Ask Rey

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What type of property is this? Where is this storefront properties located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Storefront property - Both commercial suites are occupied and include individual bathrooms.

Where is this storefront property located?

The property is located at 6617 Preston Hwy Louisville, KY.

What is the asking price?

The asking price for this property is $299,000.

What are key features of this property?

This property features: Two units, each just over 1,000 square feet; 2,160‑square‑foot building constructed in 1978; Both units are currently rented and have a bathroom