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    450 3Rd St Louisville, KY 40202

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    For Sale
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    Class A Office Building, 24,030 SF

    Property size:
    24,030 SF

    Property Features for 450 3Rd St

    General Information

    Property type
    Office space
    Square Feet
    24,030 SF
    Class
    A

    Building Details

    Buildings
    2
    Stories
    5

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    Listing Contact
    Gant Hill, Ccim
    Gant Hill, Ccim

    Listing Agency: Gant Hill & Associates LLC Listing Agent: Gant Hill, Ccim

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

    Learn more

    Overview

    This impressive, five-story Class A office building, located in Louisville's Central Business District at 450 S 3rd St, offers 24,030 square feet of space across two buildings. The main building boasts elegant finishes, unique floor plans of approximately 4,400 square feet per floor, and two elevators. Its C-3 zoning allows for diverse business uses, from executive suites to collaborative workspaces. An adjacent single-story annex is included in the sale. The property's prime location offers easy access to numerous amenities, including the Omni Hotel, Seelbach Hotel, Fourth Street Live, the Kentucky International Convention Center, and various restaurants and entertainment venues. Its proximity to major attractions like the KFC Yum Center, Whiskey Row, the Louisville Slugger Museum, and the Kentucky Center for the Performing Arts further enhances its appeal. The building also features a basement. The asking price is $2,700,000, translating to $112.36 per square foot. This owner/user opportunity presents a compelling investment in a thriving downtown location. The property's unique exterior and interior features add to its distinctive character. Conveniently located approximately 6.8 miles from Louisville International Airport.
    Property Profile Location Intelligence

    Current Use by Public Records

    Poling Company Inc The Construction Company Rubin & Hays Law Firm XISOT (Bike/Boat/Book/etc) Store Juckett Christian L Law Firm Metis | Energy Solutions Production Facility

    Suggested Use

    Real Estate Agency Restaurant Spa & Massage Center Hair Salon Dental Office Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center 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
    -85.7559701
    Latitude
    38.2511313

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    FAQs

    What type of property is this?
    Office space - Class A Office Building, 24,030 SF
    Where is this office space located?
    The property is located at 450 3Rd St Louisville, KY.
    What is the asking price?
    The asking price for this property is $2,700,000.
    What are key features of this property?
    This property features: Five-story building.; 24,030+/- SF office building with single-story annex.; Full basement.
    (502) 515-4455 Call to check price and availability
    Request Owner's contact information
    450 3Rd St Louisville, KY 40202
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    Louisville, KY 40202
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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.

    More about this property
    450 3Rd St Louisville, KY 40202
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    Contact for Pricing
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    and status of this listing Gant Hill, Ccim
    Gant Hill, Ccim
    Real Estate License ID: 45425
    (502) 515-4455 (502) 515-2489 (502) 664-4455
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