Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Historic Portland Office Building Title is generated by Realmo AI

    2500 Montgomery St, Louisville, KY 40212

    View on Map
    Claim this Listing
    For Sale
    Contact for pricing

    Fully occupied office building in historic Portland neighborhood.

    Type:Office
    Property size:
    24,394 SF
    Lot size:
    1.00 Acre
    Price / SF:
    $29/SF
    Added:
    Oct 22, 2024
    Days on Market:
    589
    Last Refresh:
    May 12 at 9:46 pm

    Property Features for 2500 Montgomery St

    General Information

    Standard status
    Active
    Size
    24,394 SF
    Lot size
    1.00 Acre
    Property subtype
    Office

    Building Details

    Year Built
    1857

    We can help!

    Listing Contact
    Stephanie Kertis

    Listing agent Stephanie Kertis License #275566

    Listing office Kentucky Select Properties

    Listing date Oct 22, 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 Kentucky Select Properties

    HighLights

    • Located in an Opportunity Zone, offering potential tax incentives for investors.
    • Fully occupied office building providing immediate income.
    • Historic building (constructed in 1857) with unique character and architectural details.
    • Renovated and updated for modern office use while retaining its original soul.
    • Multi‑tenant office and conference space with 16 individual offices and four accessory buildings.
    • Located on just over one acre of land in the historic Portland neighborhood.

    Overview

    The Dolfinger is a fully occupied office building located in the historic Portland neighborhood. Originally constructed in 1857 as the Emma Dolfinger school, the building functioned as an elementary school for 150 years. It has since been renovated and updated for its current use as a multi-tenant office and conference space. The property, situated on just over one acre of land, houses tenants including visual and performing artists. Comprising 16 individual offices and four accessory buildings, The Dolfinger has been restored to retain its original character while modernizing it for contemporary use. The property is located in an Opportunity Zone, a program designed to encourage long-term investment in low-income urban and rural communities nationwide by providing a tax incentive for investors to re-invest their unrealized capital gains into Opportunity Funds that are dedicated to investing in Opportunity Zones. The property size is 24394 square feet.
    Property Profile Location Intelligence

    Current Use by Public Records

    The Dolfinger Art Studio Interfaith Paths To Peace Charitable Organization Montgomery Street School High School Sister Cities of Louisville Charitable Organization Self Esteem Inc High School

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Louisville
    County
    Jefferson
    State
    Kentucky
    Longitude
    -85.7885967
    Latitude
    38.2717834

    Nearby Similar for Sale

    • $799,000
      5,200 SF

      Highlands Four-Plex Investment Opportunity

      Four-plex in Louisville's Highlands neighborhood, ideal for investors/owner-occupants.
      2114 Bonnycastle Ave, Louisville, KY 40205
      View Details
    • $520,000

      Louisville Retail Property For Sale

      Retail property in high-traffic area, generating monthly income.
      3958 Cane Run Road, Louisville, KY 40211
      View Details
    • $1,100,000
      6,909 SF

      Highlands Multifamily Investment Opportunity

      Turnkey investment property with high income in Louisville, Kentucky.
      1646 Beechwood Ave, Louisville, KY 40204
      View Details
    • $775,000
      5,611 SF

      Historic Multi-Family St. James Court

      Unique six-unit building in Louisville's historic district.
      1424 Saint James Ct, Louisville, KY 40208
      View Details
    • $900,000
      5,590 SF

      Victorian Triplex in Crescent Hill

      Income-producing 9-bedroom triplex with historic charm and modern updates.
      104 S Birchwood Ave, Louisville, KY 40206
      View Details
    • $399,900
      2,520 SF

      Crescent Hill Value-Add Triplex

      Louisville triplex with rental upside in high-barrier Crescent Hill.
      2332 Sycamore Ave, Louisville, KY 40206
      View Details
    • $525,000
      3,400 SF

      Cherokee Triangle Turnkey Triplex

      Well-maintained triplex with strong income in a desirable location.
      2124 Longest Ave, Louisville, KY 40204
      View Details
    • $1,750,000
      5,000 SF

      Highlands Entertainment District Mixed-Use Property

      Retail, office, or restaurant space with residential income potential.
      1328 Bardstown Road, Louisville, KY 40204
      View Details
    • $399,000
      2,734 SF

      Highlands Duplex on Deep Corner

      Highlands duplex with stable leases and upgraded interiors.
      1100 Baxter Ave, Louisville, KY 40204
      View Details
    • $960,000
      5,145 SF

      Multifamily Investment Opportunity in Louisville

      Two adjacent 6-unit apartment buildings for sale as a package.
      3105 Springfield Dr, Louisville, KY 40214
      View Details
    • $960,000
      5,145 SF

      Multifamily Investment Opportunity in Louisville

      Two 6-unit apartment buildings for sale as a package.
      3109 Springfield Dr, Louisville, KY 40214
      View Details
    • $169,900

      High-Traffic Commercial Property in Louisville

      Commercially zoned property with upgrades, ideal for diverse businesses.
      2115 Crums Lane, Louisville, KY 40216
      View Details

    FAQs

    What type of property is this?
    Office building - Fully occupied office building in historic Portland neighborhood.
    Where is this office building located?
    The property is located at 2500 Montgomery St Louisville, KY.
    What is the asking price?
    The asking price for this property is $725,000.
    What are key features of this property?
    This property features: Located in an Opportunity Zone, offering potential tax incentives for investors.; Fully occupied office building providing immediate income.; Historic building (constructed in 1857) with unique character and architectural details.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Stephanie Kertis
    Real Estate License ID: 275566
    Request Owner's contact information
    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.
    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
    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

    Thank You for Inquiry
    2500 Montgomery St, Louisville, KY 40212
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!