Self-Storage Facility with Expansion
For Sale
Contact for pricing
6651 Paramount Park Dr, Louisville, KY 40213
Public Storage-managed asset with an on-site management office, parking, and prepared areas for additional rentable space.
Property Size41,445 SF
Lot Size5.47 Acres
Price / SF$129.33
Days on Market108
Property Features for 6651 Paramount Park Dr
General Information
Standard status
Active
Size
41,445 SF
Total Parking Spaces
94
Lot size
5.47 Acres
Property subtype
INDUSTRIAL
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Asking Price
$5,360,000
Self-Storage Units
410
Building Details
Buildings
14
Listing Agency:
Colliers | Nashville
(615) 734-9541
Listed By:
Ashley Compton · License #77340
(615) 734-9541
Source:
Moodyscre
Added: May 15
Changed: Aug 29
Last Checked: Aug 29 at 5:24PM
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 Colliers | Nashville
Investment Insights
Based on property information with market context.
This Public Storage-managed self-storage property contains 41,445 RSF across 410 units in thirteen single-story buildings, complemented by a two-story management office. The approximately 5.47-acre site includes 94 parking spaces arranged over two concrete pads that can support roughly 28,150 additional rentable square feet.
The facility is located at 6651 Paramount Park Drive in Louisville, with visibility along I 65 and direct access to Fern Valley Road. Traffic counts are 155,303 AADT on I 65 and 37,092 AADT on Fern Valley Road. The five-mile trade area includes 196,148 residents, while renter-occupied housing represents 60.2% of local housing units. The property is also near the University of Louisville and major regional employers, including UPS, Humana, Norton Healthcare, GE Appliances, and Ford Motor Company.
The facility is located at 6651 Paramount Park Drive in Louisville, with visibility along I 65 and direct access to Fern Valley Road. Traffic counts are 155,303 AADT on I 65 and 37,092 AADT on Fern Valley Road. The five-mile trade area includes 196,148 residents, while renter-occupied housing represents 60.2% of local housing units. The property is also near the University of Louisville and major regional employers, including UPS, Humana, Norton Healthcare, GE Appliances, and Ford Motor Company.
Key Highlights
- 41,445 RSF self‑storage facility with 410 units
- Thirteen single‑story buildings plus a two‑story management office
- Approximately 5.47 acres with 94 existing parking spaces
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
$356,145
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
6.64%
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%
$7,122,900
$7.1M
Cap Rate 7%
$5,087,786
$5.1M
Cap Rate 9%
$3,957,167
$4.0M
Market Conditions
NOI Build-Up for 41,445 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
$547.1K $13.20/SF
− Vacancy
−$38.3K −$0.92/SF
EGI
$508.8K $12.28/SF
− OpEx
−$152.6K −$3.68/SF
NOI
$356.1K $8.59/SF
Area
Louisville, KY
Vacancy
7.00%
Lease Rate
$13.20 /SF/Yr
Expense Ratio
30.00%
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%
$7,122,900
Cap Rate 7%
$5,087,786
Cap Rate 9%
$3,957,167
Alternative Uses
Best Use
Self Storage
$5.09M
$4.45M – $5.94M
NOI $356,145 @ 7.0% cap · market cap 6.64%
Second Best
Warehouse
$4.79M
$4.19M – $5.58M
NOI $335,084 @ 7.0% cap · market cap 6.25%
Theoretical Best
Office A
$10.74M
$9.40M – $12.53M
NOI $751,978 @ 7.0% cap · market cap 14.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
312
Businesses Nearby
Explore this area
Business Placement
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 Industrial 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?
Self storage facility - Public Storage-managed asset with an on-site management office, parking, and prepared areas for additional rentable space.
Where is this self storage facility located?
The property is located at 6651 Paramount Park Dr Louisville, KY.
What is the asking price?
The asking price for this property is $5,360,000.
What are key features of this property?
This property features: 41,445 RSF self‑storage facility with 410 units; Thirteen single‑story buildings plus a two‑story management office; Approximately 5.47 acres with 94 existing parking spaces
