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    Versatile Industrial Property For Sale Title is generated by Realmo AI

    2612 W Chestnut St, Louisville, KY 40211

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    Over 58,000 SF industrial property with flexible applications.

    Type:Industrial
    Property size:
    58,811 SF
    Lot size:
    1.80 Acres
    Price / SF:
    $16/SF
    Added:
    Sep 25, 2024
    Days on Market:
    617
    Last Refresh:
    May 12 at 9:19 pm

    Property Features for 2612 W Chestnut St

    General Information

    Standard status
    Active
    Size
    58,811 SF
    Lot size
    1.80 Acres
    Property subtype
    Industrial

    We can help!

    Listing Contact
    Nick Grisanti
    Nick Grisanti

    Listing agent Nick Grisanti License #274313

    Listing office Grisanti Group Commercial Real Estate

    Listing date Sep 25, 2024

    Source Crexi

    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 Grisanti Group Commercial Real Estate

    HighLights

    • Over 58,000 SF of total building area across 4 separate buildings.
    • M2 and R6 zoning offers versatile usage possibilities, with potential for re‑zoning.
    • Ample parking space available.
    • Main building offers 23,304 SF of office space.
    • Includes two warehouses with 21,959 SF and 12,064 SF respectively.
    • Existing business is negotiable in the sale.

    Overview

    This versatile property offers extensive square footage and flexible applications. The main building spans 23,304 square feet, complemented by a 1,484-square-foot office house. Additionally, there are two warehouses, one measuring 21,959 square feet and the other 12,064 square feet, bringing the total area of the four separate buildings to over 58,000 square feet. The property sits on a total lot of 1.802 acres. The property, previously used as a paint and metal shop for vehicles of all sizes, features an old brick building with solid infrastructure and ample parking space. It presents great potential for industrial use. The zoning for 2612 W Chestnut St is M2, while 2624 W Chestnut St is zoned R6. The two buildings zoned R6 are currently used for storage, and re-zoning should be attainable based on past and current use. The current business could also be negotiated in the sale, or just the property on its own.
    Property Profile Location Intelligence

    Current Use by Public Records

    AL Hansen Paint ... Auto Repair Shop

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Louisville
    County
    Jefferson
    State
    Kentucky
    Longitude
    -85.7951657
    Latitude
    38.252871

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    FAQs

    What type of property is this?
    Industrial property - Over 58,000 SF industrial property with flexible applications.
    Where is this industrial property located?
    The property is located at 2612 W Chestnut St Louisville, KY.
    What is the asking price?
    The asking price for this property is $995,000.
    What are key features of this property?
    This property features: Over 58,000 SF of total building area across 4 separate buildings.; M2 and R6 zoning offers versatile usage possibilities, with potential for re‑zoning.; Ample parking space available.
    (502) 253-1811 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Nick Grisanti
    Nick Grisanti
    Real Estate License ID: 274313
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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