Medical Office in Outpatient
For Sale
Contact for pricing
225 Abraham Flexner Way, Louisville, KY 40202
Medical office space within UofL Health - Abraham Flexner Center.
Property Size3,005 SF
Price / SF$198
Days on Market2287
Property Features for 225 Abraham Flexner Way
General Information
Standard status
Active
Size
3,005 SF
Class
B
Property subtype
Office
Zoning
C-3 - Commercial District
Building Details
Year Built
1985
Buildings
1
Stories
8
Listing Agency:
Caliber Commercial Properties
(502) 365-5009
Listed By:
David Barker · License #IN RB14037079
Source:
Crexi
Added: May 30, 2020
Changed: Aug 28
Last Checked: Aug 29 at 7:45PM
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 Caliber Commercial Properties
Investment Insights
Based on property information with market context.
This medical office is located within the UofL Health - Abraham Flexner Outpatient Care Center. The 3,005 square foot space was previously configured as an oral surgery suite. The layout includes a waiting room, two reception areas, four operatories, five offices, three surgery rooms, a recovery room, a lounge/break area, an X-ray room, a lab, and a private restroom.
Key Highlights
- Located in the UofL Health - Abraham Flexner Outpatient Care Center.
- Previously used as an oral surgery suite.
- Features 4 operatories and 3 surgery rooms.
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
$38,945
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
6.55%
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%
$778,900
$778.9K
Cap Rate 7%
$556,357
$556.4K
Cap Rate 9%
$432,722
$432.7K
Market Conditions
NOI Build-Up for 3,005 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
$72.1K $24.00/SF
− Vacancy
−$7.2K −$2.40/SF
EGI
$64.9K $21.60/SF
− OpEx
−$26.0K −$8.64/SF
NOI
$38.9K $12.96/SF
Area
Louisville, KY
Vacancy
10.00%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
40.00%
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%
$778,900
Cap Rate 7%
$556,357
Cap Rate 9%
$432,722
Alternative Uses
Best Use
Healthcare Medical
$556.4K
$486.8K – $649.1K
NOI $38,945 @ 7.0% cap · market cap 6.55%
Second Best
Office B
$554.4K
$485.1K – $646.8K
NOI $38,810 @ 7.0% cap · market cap 6.52%
Theoretical Best
Office A
$778.9K
$681.5K – $908.7K
NOI $54,523 @ 7.0% cap · market cap 9.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
10,248
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 40202, KY
7,179
Population
4,242
Households
1.7
Avg Household Size
39
Median Age
27%
College-Educated
83%
High-School Grad
1.6 sq mi
ZIP Area
4,487
Density / Sq Mi
$29,382
Median Household Income
$33,205
Median Earnings
$881
Median Rent
$340,000
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.
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Medical office space within UofL Health - Abraham Flexner Center.
Where is this medical office space located?
The property is located at 225 Abraham Flexner Way Louisville, KY.
What is the asking price?
The asking price for this property is $595,000.
What are key features of this property?
This property features: Located in the UofL Health - Abraham Flexner Outpatient Care Center.; Previously used as an oral surgery suite.; Features **4 operatories and 3 surgery rooms**.
