Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    1253 S Preston St Louisville, KY 40203
    Back to Search
    Property profile & analytics

    1253 S Preston St, Louisville, KY 40203

    View on Map
    • Schools
    • 7,833 SF
    • 0.34 lot acres
    For Sale
    $650,000
    View Listing →
    Shelby Park Mixed-Use Building For Sale
    $650,000
    8,640 SF

    Shelby Park Mixed-Use Building

    Mixed-use building in Shelby Park Opportunity Zone for sale.

    1253 S Preston St, Louisville, KY 40203
    View Listing
    Property ID
    US34-2393672
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Galerie Hertz / Art Gallery
    • Ann Stewart Anderson / Artist

    Property Details for 1253 S Preston St

    Year built
    1911
    Lot size
    0.34 lot acres
    Zone code
    C2-COMMERCIAL
    Property type
    Schools
    APN
    09023D01520000
    APU
    09023D01520000

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Feb 3, 2023 — William F Hertz JR — Deed · related $252k · Ann Schncpf Etal
    Jan 6, 2009 — William F Hertz JR. — Trustees Deed · related $120k · Pbi Bank INC
    Oct 26, 2007 $155,000 William F Hertz JR. Cp & P Investments LLC Grant Deed $1.1M · Pbi Bank INC
    — — William F Hertz JR. — Deed Of Trust · related $325k · Pbi Bank INC
    — — William F Hertz JR. — Deed Of Trust · related $174k · Pbi Bank INC

    Description

    Galerie Hertz, located at 1253 S Preston St in Louisville, KY, presents a unique mixed-use investment opportunity. This historic building, constructed in 1911, boasts 8,640 square feet across two stories and sits on a 0.343-acre lot. The property is zoned C-2 and features a blend of apartment building, creative office, and storefront spaces, making it ideal for owner-users seeking a versatile investment. The building comprises six units, offering flexibility for various business and residential uses. Ceiling heights range from 9 feet 3 inches to an impressive 16 feet 11 inches, providing ample space and character. Situated in the heart of Shelby Park, a designated Opportunity Zone, this property benefits from a prime location between Camp Street and Shelby Parkway in Louisville's Jefferson County (zip code 40203). The asking price is $775,000, translating to $89.70 per square foot. This Class B building offers a compelling blend of history, functionality, and potential for significant return on investment.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Louisville
    County
    Jefferson
    State
    Kentucky
    Longitude
    -85.7494
    Latitude
    38.2323
    CBSA code
    31140
    CBSA name
    LOUISVILLE-JEFFERSON COUNTY, KY-IN METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $3,861
    $103,140
    $184,550
    $287,690
    -
    $103,140
    $184,550
    $287,690

    Comparable in this City

    • Value Estimation by Request
      0.06 Acres

      730 Breckinridge St

      COLLEGE, UNIVERSITY, VOC SCHOOL
      730 Breckinridge St, Louisville, KY 40203-2108
      View Details
    • Value Estimation by Request
      9,502 SF

      517 Breckinridge St

      COLLEGE, UNIVERSITY, VOC SCHOOL
      517 Breckinridge St, Louisville, KY 40203-2127
      View Details
    • Value Estimation by Request
      1,450 SF

      1148 6th St

      COLLEGE, UNIVERSITY, VOC SCHOOL
      1148 6th St, Louisville, KY 40203-3114
      View Details
    • Value Estimation
      $570,000
      9,800 SF

      1200 Preston St

      COLLEGE, UNIVERSITY, VOC SCHOOL
      1200 Preston St, Louisville, KY 40203
      View Details
    • Value Estimation by Request
      3,032 SF

      405 19th St

      COLLEGE, UNIVERSITY, VOC SCHOOL
      405 19th St, Louisville, KY 40203
      View Details
    • Value Estimation by Request
      24,724 SF

      724 Breckinridge St

      COLLEGE, UNIVERSITY, VOC SCHOOL
      724 Breckinridge St, Louisville, KY 40203-2108
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      1,950 SF

      Two-Story Office Building For Sale

      Two-story office building in Louisville, Kentucky, move-in ready.
      1143 S 6Th St, Louisville, KY 40203
      View Details
    • Contact for pricing
      54,000 SF

      54,000 SF Flex Space Available

      2.25 acre property with office and warehouse space.
      2012 Northwestern Pkwy, Louisville, KY 40203
      View Details
    • Contact for pricing
      10,751 SF

      Louisville Multifamily Repositioning Opportunity

      Multifamily property in Louisville, Kentucky, approved for 11 units.
      1010 South 3Rd Street Rd, Louisville, KY 40203
      View Details
    • $350,000
      3,000 SF

      Storefront with Upstairs Apartment

      Mixed-use building featuring a storefront and upstairs apartment.
      1140 S 3Rd St, Louisville, KY 40203
      View Details
    • $375,000
      3,592 SF

      Updated Triplex Near Downtown Louisville

      Triplex near hospitals and colleges with an 8% CAP rate.
      530 W Breckinridge St, Louisville, KY 40203
      View Details
    • Contact for pricing
      6,954 SF

      Louisville Multifamily Building Value-Add Opportunity

      Three-story, 14-unit multifamily building in Louisville, Kentucky.
      1014 S 3Rd St, Louisville, KY 40203
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Downtown Louisville Medical Office Space

      Medical office space in Downtown Louisville's Central Business District.
      645 Roy Wilkins Ave, Louisville, KY 40203
      View Details
    • $12 SF/Yr

      Downtown Louisville Leasing Opportunity

      Prime location with parking, highway access, and modern amenities.
      431 W Oak St, Louisville, KY 40203
      View Details
    • $14 SF/Yr
      30,148 SF

      Unique Office Space in Louisville

      Renovated office space in historic Old Louisville with amenities.
      1140 Garvin Pl, Louisville, KY 40203
      View Details
    • $6 SF/Yr

      Versatile Flex Space in Louisville

      Mix of office, shop, and open areas with crane.
      1900 W Muhammad Ali Blvd, Louisville, KY 40203
      View Details
    • Contact for pricing

      Industrial Space For Lease

      Office, distributing, or manufacturing space with easy highway access.
      990 S 9Th St, Louisville, KY 40203
      View Details
    • Contact for pricing
      265,835 SF

      Industrial Space Near CBD

      Industrial space for lease with convenient highway access.
      990 South Ninth St, Louisville, KY 40203
      View Details
    View Listing
    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.
    1253 S Preston St
    Louisville, KY 40203
    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
    1253 S Preston St, Louisville, KY, 40203
    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!