Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    9221 Preston Hwy Louisville, KY 40229

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    2.8-acre commercial lot, prime location.

    Property Features for 9221 Preston Hwy

    General Information

    Property type
    Land
    Lot Size
    121,968 SF

    We can help!

    Listing Contact
    Geoff Wilkinson
    Geoff Wilkinson

    Listing Agent: Geoff Wilkinson

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    This exceptional 2.8-acre commercial land parcel, located at 9221 Preston Highway in Louisville, Kentucky, presents a unique investment opportunity. Currently zoned R-4 (Residential Single Family District), this property is situated in a rapidly redeveloping area of Preston Highway, between Manslick Road and I-265. The site boasts significant frontage on Preston Highway, measuring approximately 215 feet along the road and extending 600 feet deep. The gently sloping topography offers ease of development. All utilities are conveniently located on-site. This southernmost lot within the block benefits from the presence of established national retailers such as Meijer's, Tire Discounters, Burger King, Shell, and Thornton's, indicating strong commercial activity in the immediate vicinity. The property's APN is 066100170000. Further expansion possibilities exist through the acquisition of adjacent parcels (both on and off the market), potentially increasing the Preston Highway frontage to approximately 335 feet. Rezoning efforts are actively underway in the area, streamlining the development process. Detailed information and a video overview are available in the provided attachments and media. Please note that contacting current tenants is discouraged. The asking price for this remarkable property is $625,000.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Louisville
    County
    Jefferson
    State
    Kentucky
    Longitude
    -85.6757053
    Latitude
    38.1162362

    Nearby Similar for Sale

    • $349,900
      9,617 SF

      Louisville Commercial Redevelopment Opportunity

      Versatile commercial property with redevelopment potential in Louisville's Opportunity Zone.
      2114 W Market St, Louisville, KY 40212
      View Details
    • $349,900
      9,617 SF

      Louisville Commercial Redevelopment Opportunity

      Three-story commercial property with redevelopment potential in Louisville's Opportunity Zone.
      2114 W Market St, Louisville, KY 40212
      View Details
    • $520,000
      1.00 Acre

      Louisville Retail Property For Sale

      Retail property in high-traffic area, generating monthly income.
      3958 Cane Run Rd, Louisville, KY 40211
      View Details
    • $230,000
      0.27 Acres

      Commercially Zoned Property on Crums Lane

      High-traffic location with infrastructure upgrades ideal for diverse businesses.
      2115 Crums Ln, Louisville, KY 40216
      View Details
    • $589,000
      3,575 SF

      Versatile Commercial Building with Apartment

      3,571 SF commercial building with apartment in high-visibility location.
      8107 Blue Lick Rd, Louisville, KY 40219
      View Details
    • New
      $415,000
      2,734 SF

      Highlands Duplex on Deep Corner Lot

      Highlands duplex with stable leases and upgraded interiors.
      1100 Baxter Ave, Louisville, KY 40204
      View Details
    • New
      $970,000
      7,640 SF

      Updated Multifamily Building in Louisville

      Ten updated units near downtown hospitals and colleges.
      608 W Breckinridge St, Louisville, KY 40203
      View Details
    • $549,900
      0.65 Acres

      Versatile Commercial Building with Apartment

      C-1 zoned commercial building with apartment in high-visibility location.
      8107 Blue Lick Rd, Louisville, KY 40219
      View Details
    • New
      $314,900
      Pending

      Modern Multifamily Property in Louisville

      2015-built multifamily property with modern finishes and strong rents.
      10300 Torrington Rd, Louisville, KY 40272
      View Details
    • $350,000
      1,751 SF

      Shelby Park Triplex Investment Opportunity

      Well-located triplex near Logan Street Market with strong investment potential.
      1103 Logan St, Louisville, KY 40204
      View Details
    • New
      $450,000
      3,598 SF

      Louisville Fourplex with Strong Income

      Solid brick fourplex generating $3,770/month gross rent in Louisville.
      126 N Longworth Ave, Louisville, KY 40212
      View Details
    • New
      $375,000
      3,592 SF

      Updated Triplex Near Downtown Louisville

      Triplex near hospitals and colleges with an 8% CAP rate.
      530 W Breckinridge St, Louisville, KY 40203
      View Details

    FAQs

    What type of property is this?
    Land - 2.8-acre commercial lot, prime location.
    Where is this land located?
    The property is located at 9221 Preston Hwy Louisville, KY.
    What is the asking price?
    The asking price for this property is $625,000.
    What are key features of this property?
    This property features: $625,000 asking price.; 2.8-acre commercial land parcel.; R-4 zoning (rezoning underway).
    (502) 653-3600 Call to check price and availability
    Request Owner's contact information
    9221 Preston Hwy Louisville, KY 40229
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    9221 Preston Hwy
    Louisville, KY 40229
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    9221 Preston Hwy Louisville, KY 40229
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Geoff Wilkinson
    Geoff Wilkinson
    Real Estate License ID: 71641
    (502) 653-3600 (502) 639-7153
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!