Flex Space with Outside
For Sale
$675,000
Pending
925 Ulrich Ave, Louisville, KY 40219
Industrial flex property with warehouse, office areas, fenced storage, and heavy electrical service near I-65.
Property Size5,000 SF
Days on Market257
Property Features for 925 Ulrich Ave
General Information
Standard status
Pending
Size
5,000 SF
Total Parking Spaces
6
Property subtype
Industrial
Zoning
EZ1
Property Condition
Severity
Repairs Needed
Evidence
Seller intends to replace missing metal shingles on the shelter and the hot water heater is unfunctional.
Site & Location
Highway Access
Yes
Fenced Yard
Yes
Outdoor Storage
Yes
Utilities to Site
Yes
Warehouse & Industrial
Warehouse Space
4,600 SF
Power
400 amps
Voltage
208 V
Three-Phase Power
Yes
Conditioned Warehouse
No
Amenities
6 Parking Spaces
Building Details
Year Built
1981
Buildings
1
Stories
2
Building Size
5,000 SF
Listing Agency:
Cornerstone Corporation PC
(859) 414-3412
Listed By:
Krista Yockey · License #245333
(859) 414-3412
Source:
Kcrea.resimplifi
Added: Dec 15, 2025
Changed: Aug 29
Last Checked: Aug 29 at 10:54AM
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 Cornerstone Corporation PC
Investment Insights
Based on property information with market context.
This 5,000-square-foot flex property, built in 1981, combines approximately 4,600 square feet of warehouse area with office accommodations on two levels. The first floor includes a lobby, conference room, three offices, and a bathroom, while the second floor adds three offices and a bathroom with access to both the office and warehouse areas. Additional bathrooms serve the warehouse.
The fenced exterior includes approximately 1,400 square feet across three open-air storage containers and an approximately 3,000-square-foot open shelter. A gravel lot accommodates service trucks, with direct access into the warehouse. Electrical capacity includes 400 AMP, 120/208 Volt, 3 phase service and a separate 200 AMP panel. An air compressor remains on site in exterior housing and is connected by overhead piping to the storage shelter.
The property is zoned EZ1 and located at 925 Ulrich Ave in Louisville, near I-65. The warehouse is heated but not cooled. A standing-seam roof was installed in 2020 with a transferable warranty.
The fenced exterior includes approximately 1,400 square feet across three open-air storage containers and an approximately 3,000-square-foot open shelter. A gravel lot accommodates service trucks, with direct access into the warehouse. Electrical capacity includes 400 AMP, 120/208 Volt, 3 phase service and a separate 200 AMP panel. An air compressor remains on site in exterior housing and is connected by overhead piping to the storage shelter.
The property is zoned EZ1 and located at 925 Ulrich Ave in Louisville, near I-65. The warehouse is heated but not cooled. A standing-seam roof was installed in 2020 with a transferable warranty.
Key Highlights
- 5,000 SF flex property with approximately 4,600 SF of warehouse area
- Approximately 3,000 SF open shelter plus approximately 1,400 SF across 3 storage containers
- 400 AMP, 120/208 Volt, 3 phase electrical service with an additional 200 AMP panel
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
$45,338
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
6.72%
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%
$906,760
$906.8K
Cap Rate 7%
$647,686
$647.7K
Cap Rate 9%
$503,756
$503.8K
Market Conditions
NOI Build-Up for 5,000 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
$75.0K $15.00/SF
− Vacancy
−$5.3K −$1.05/SF
EGI
$69.8K $13.95/SF
− OpEx
−$24.4K −$4.88/SF
NOI
$45.3K $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%
$906,760
Cap Rate 7%
$647,686
Cap Rate 9%
$503,756
Alternative Uses
Best Use
Office B
$922.5K
$807.2K – $1.08M
NOI $64,575 @ 7.0% cap · market cap 9.57%
Second Best
Flex RnD
$647.7K
$566.7K – $755.6K
NOI $45,338 @ 7.0% cap · market cap 6.72%
Theoretical Best
Office A
$1.30M
$1.13M – $1.51M
NOI $90,720 @ 7.0% cap · market cap 13.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Fenced yard
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
623
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 40219, KY
40,300
Population
16,699
Households
2.4
Avg Household Size
37
Median Age
20%
College-Educated
87%
High-School Grad
14.9 sq mi
ZIP Area
2,705
Density / Sq Mi
$52,271
Median Household Income
$37,108
Median Earnings
$967
Median Rent
$186,000
Median Home Value
Market
Vacancy Rate% for Office in Louisville, KY
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Industrial flex property with warehouse, office areas, fenced storage, and heavy electrical service near I-65.
Where is this flex space located?
The property is located at 925 Ulrich Ave Louisville, KY.
What is the asking price?
The asking price for this property is $675,000.
What are key features of this property?
This property features: 5,000 SF flex property with approximately 4,600 SF of warehouse area; Approximately 3,000 SF open shelter plus approximately 1,400 SF across 3 storage containers; 400 AMP, 120/208 Volt, 3 phase electrical service with an additional 200 AMP panel
