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    Bank of America Investment Property Title is generated by Realmo AI

    10415 Southpointe Blvd, Louisville, KY 40291

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    NNN leased Bank of America in Louisville, Kentucky.

    Type:Retail
    Property size:
    4,000 SF
    Price / SF:
    $868/SF
    Added:
    Aug 7, 2024
    Days on Market:
    668
    Last Refresh:
    May 12 at 8:31 pm

    Property Features for 10415 Southpointe Blvd

    General Information

    Standard status
    Active
    Size
    4,000 SF
    Property subtype
    Retail

    Building Details

    Year Built
    2024

    We can help!

    Listing Contact
    Patrick R. Luther, CCIM
    Patrick R. Luther, CCIM

    Listing agent Patrick R. Luther, CCIM License #01912215

    Listing office SRS Real Estate Partners Newport Beach

    Listing date Aug 7, 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 SRS Real Estate Partners Newport Beach

    HighLights

    • Brand new 15‑year absolute NNN lease with Bank of America, providing a secure, long‑term investment.
    • Zero landlord responsibilities, offering a completely passive, management‑free investment.
    • 10% rental increases every 5 years during the initial term and first two option periods, ensuring growing NOI and inflation hedge.
    • Located at a high‑traffic, signalized intersection (Bardstown Rd & Southpointe Blvd) with 46,700+ vehicles per day.
    • Outparcel to a future Hy‑Vee anchored shopping center with national tenants like Panera Bread and Bubba’s 33.
    • Strong demographics: 5‑mile trade area with a population of 144,600+ and an average household income of $99,409.

    Overview

    The property is an absolute NNN leased Bank of America investment property in Louisville, Kentucky. The tenant, Bank of America, National Association, recently signed a new 15-year lease with four 5-year options to extend. The lease includes 10% rental increases every 5 years throughout the initial term and at the beginning of option periods 1 and 2. Options 3 and 4 are subject to increases at Fair Market Rental. The lease is an absolute NNN with zero landlord responsibilities. The Bank of America is located near the signalized, hard corner intersection of Bardstown Rd and Southpointe Blvd, where Bardstown Rd averages over 46,700 vehicles passing by daily. The Bank of America will be an outparcel to a future Hy-Vee grocery store anchored center that also features national/credit tenants including Panera Bread and Bubba’s 33 pads. The asset is located less than a mile from a Walmart Supercenter and Cedar Springs Shopping Center, a 99,000+ square foot Kroger anchored shopping center. In addition, Bank of America is also located in close proximity to an 87,000+ square foot Kohl’s, with a Chick-fil-A outparcel. The property is in the center of a primary retail corridor with other nearby national/credit tenants including McDonald’s, Chipotle, Starbucks, Raising Cane’s, Cracker Barrel, and Valvoline. The 5-mile trade area is supported by a population of over 144,600 with an average household income of $99,409.
    Property Profile Location Intelligence

    Current Use by Public Records

    Banks

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Big Box & Wholesale Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Louisville
    County
    Jefferson
    State
    Kentucky
    Longitude
    -85.5809
    Latitude
    38.1319

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    FAQs

    What type of property is this?
    Bank - NNN leased Bank of America in Louisville, Kentucky.
    Where is this bank located?
    The property is located at 10415 Southpointe Blvd Louisville, KY.
    What is the asking price?
    The asking price for this property is $3,474,000.
    What are key features of this property?
    This property features: Brand new 15‑year absolute NNN lease with Bank of America, providing a secure, long‑term investment.; Zero landlord responsibilities, offering a completely passive, management‑free investment.; 10% rental increases every 5 years during the initial term and first two option periods, ensuring growing NOI and inflation hedge.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Patrick R. Luther, CCIM
    Patrick R. Luther, CCIM
    Real Estate License ID: 01912215
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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.

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