First-Floor Office
New
For Sale
$535,000
802 Lily Creek Rd, Louisville, KY 40243
Configured with reception, conference rooms, private offices, a break room, storage, and two restrooms.
Property Size3,000 SF
Price / SF$178.33
Days on Market7
Property Features for 802 Lily Creek Rd
General Information
Standard status
Active
Size
3,000 SF
Property subtype
Office
Zoning
OR3
Additional Details
Floor
First Floor
HOA Fee
$450.19
Office Units
1
Amenities
Power
Water
Sewer
Building Details
Year Built
2010
Owner Occupied
Yes
Listing Agency:
simpler.realestate
(502) 396-9595
Listed By:
Paul Jordan · License #PB21400935
(502) 396-9595
Source:
Kcrea.resimplifi
Added: Aug 26
Changed: Aug 31
Last Checked: Aug 31 at 1:10PM
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 simpler.realestate
Investment Insights
Based on property information with market context.
This 3,000-square-foot office condominium occupies the first floor of the Blankenbaker Centre office condominium development. The interior includes a reception area, two conference rooms, eight offices, a break room, two restrooms, and a storage room. Two HVAC systems serve the space, and the layout can be divided into two separate units if desired.
Built in 2010, the property is zoned OR3 and sits approximately one block west of Blankenbaker Parkway. The configuration supports a range of office arrangements, including a single-user setup or separately managed suites within the existing floor plan.
Built in 2010, the property is zoned OR3 and sits approximately one block west of Blankenbaker Parkway. The configuration supports a range of office arrangements, including a single-user setup or separately managed suites within the existing floor plan.
Key Highlights
- 3,000 SF first‑floor office condominium
- Eight offices, two conference rooms, reception area, break room, storage room, and two restrooms
- Two HVAC systems serve the office interior
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
$38,745
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
7.24%
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%
$774,900
$774.9K
Cap Rate 7%
$553,500
$553.5K
Cap Rate 9%
$430,500
$430.5K
Market Conditions
NOI Build-Up for 3,000 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
$63.0K $21.00/SF
− Vacancy
−$11.3K −$3.78/SF
EGI
$51.7K $17.22/SF
− OpEx
−$12.9K −$4.31/SF
NOI
$38.7K $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%
$774,900
Cap Rate 7%
$553,500
Cap Rate 9%
$430,500
Alternative Uses
Best Use
Office B
$553.5K
$484.3K – $645.8K
NOI $38,745 @ 7.0% cap · market cap 7.24%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$777.6K
$680.4K – $907.2K
NOI $54,432 @ 7.0% cap · market cap 10.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Office units
Location Intelligence
Trade Area within ½ mile
340
Businesses Nearby
Explore this area
Business Placement
Demographics for 40243, KY
11,521
Population
6,151
Households
1.9
Avg Household Size
44
Median Age
51%
College-Educated
97%
High-School Grad
4.1 sq mi
ZIP Area
2,810
Density / Sq Mi
$75,859
Median Household Income
$50,248
Median Earnings
$1,260
Median Rent
$297,900
Median Home Value
Market
Vacancy Rate% for Office 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?
Office units - Configured with reception, conference rooms, private offices, a break room, storage, and two restrooms.
Where is this office units located?
The property is located at 802 Lily Creek Rd Louisville, KY.
What is the asking price?
The asking price for this property is $535,000.
What are key features of this property?
This property features: 3,000 SF first‑floor office condominium; Eight offices, two conference rooms, reception area, break room, storage room, and two restrooms; Two HVAC systems serve the office interior
