Flex Space
For Sale
$450,000
812 S 1st St, Louisville, KY 40203
Flex space located 0.6 miles from I-65, with industrial and retail uses requiring written municipal approval.
Property Size4,500 SF
Price / SF$100
Days on Market137
Property Features for 812 S 1st St
General Information
Standard status
Active
Size
4,500 SF
Total Parking Spaces
13
Property subtype
Industrial
Zoning
PD
Additional Details
Highway Access
Yes
Amenities
Power
Water
Sewer
Natural Gas
13 Parking Spaces
Building Details
Year Built
1964
Listing Agency:
Jones Lang LaSalle Americas In
(502) 394-2508
Listed By:
Stephen Lannert · License #185914
(502) 394-2508
Source:
Kcrea.resimplifi
Added: Apr 15
Changed: Aug 28
Last Checked: Aug 29 at 5:56AM
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 Jones Lang LaSalle Americas In
Investment Insights
Based on property information with market context.
This flex space building contains 4500 square feet and was constructed in 1964. The property is located at 812 S 1st St in Louisville, Kentucky, and is approximately 0.6 miles from I-65.
Industrial and retail uses require written approval from the Louisville Metro Office of Planning. The building is offered for sale and provides a flex-oriented commercial property within an established Louisville location.
Industrial and retail uses require written approval from the Louisville Metro Office of Planning. The building is offered for sale and provides a flex-oriented commercial property within an established Louisville location.
Key Highlights
- 4500‑square‑foot flex space building
- Constructed in 1964
- Located at 812 S 1st St, Louisville, KY 40203
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
$40,804
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
9.07%
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%
$816,080
$816.1K
Cap Rate 7%
$582,914
$582.9K
Cap Rate 9%
$453,378
$453.4K
Market Conditions
NOI Build-Up for 4,500 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
$67.5K $15.00/SF
− Vacancy
−$4.7K −$1.05/SF
EGI
$62.8K $13.95/SF
− OpEx
−$22.0K −$4.88/SF
NOI
$40.8K $9.07/SF
Area
Louisville, KY
Vacancy
7.00%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
35.00%
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%
$816,080
Cap Rate 7%
$582,914
Cap Rate 9%
$453,378
Alternative Uses
Best Use
Flex RnD
$582.9K
$510.1K – $680.1K
NOI $40,804 @ 7.0% cap · market cap 9.07%
Second Best
Industrial
$384.8K
$336.7K – $448.9K
NOI $26,933 @ 7.0% cap · market cap 5.99%
Theoretical Best
Office A
$1.17M
$1.02M – $1.36M
NOI $81,648 @ 7.0% cap · market cap 18.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
7,162
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 40203, KY
16,801
Population
10,754
Households
1.6
Avg Household Size
37
Median Age
22%
College-Educated
86%
High-School Grad
2.9 sq mi
ZIP Area
5,793
Density / Sq Mi
$31,430
Median Household Income
$32,581
Median Earnings
$828
Median Rent
$179,300
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.
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Frequently Asked Questions
What type of property is this?
Flex space - Flex space located 0.6 miles from I-65, with industrial and retail uses requiring written municipal approval.
Where is this flex space located?
The property is located at 812 S 1st St Louisville, KY.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: 4500‑square‑foot flex space building; Constructed in 1964; Located at 812 S 1st St, Louisville, KY 40203
