Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    1944 Jefferson St Louisville, KY 40203
    Back to Search
    Property profile & analytics

    1944 Jefferson St Louisville, KY 40203

    View on Map
    • Medical Office Space
    • 1,897 SF
    Off-Market
    Property ID
    US34-2359908
    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

    • Medical Office Space

    Property Details for 1944 Jefferson St

    Property size
    1,897 SF
    Property type
    Medical Office Space

    Description

    This exceptional 1,897 square foot medical office building presents a unique investment opportunity in Louisville, Kentucky's vibrant Russell neighborhood. Located at 1944 W Jefferson St, this single-tenant property is fully finished and ready for immediate occupancy. The building boasts a flexible layout, currently featuring a large co-working space, a private office, and two restrooms. Its C-R (Commercial/Residential) zoning allows for diverse uses, making it ideal for a variety of medical practices or related businesses. The property's strategic location places it at the center of the neighborhood's ongoing revitalization efforts, promising significant future growth potential. The building's address is 1944 W Jefferson St, Louisville, KY 40203, with Jefferson County APN 002F00350000. Note that the upper level currently operates as two short-term rental units, offering additional income potential or the possibility of conversion to further expand the medical office space. The entire 1,897 square feet is currently vacant, providing a blank canvas for a new tenant to customize the space to their exact specifications. This property represents a rare chance to acquire a well-located, versatile medical office building in a rapidly developing area.

    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
    -85.7841356
    Latitude
    38.2566289

    Comparable in this City

    • 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
    • $5 SF/Yr
      21,710 SF

      Downtown Louisville Warehouse and Showroom

      Warehouse with showroom and office space in downtown Louisville.
      1709-1711 W Main St, Louisville, KY 40203
      View Details
    • Contact for pricing

      Commercial Space for Lease

      Commercial space available for lease in Louisville, Kentucky.
      315 Roland St, Louisville, KY 40203
      View Details

    Similar Nearby for Sale

    • $375,000
      1,764 SF

      1122 S Shelby St, Louisville, KY 40203

      Mixed-use properties • 1,764 SF
      1122 S Shelby St, Louisville, KY 40203
      View Details
    • $209,000
      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
    • $315,000
      1,768 SF

      1143 S 6th St

      Life science properties • 1,768 SF
      1143 6Th St, Louisville, KY 40203
      View Details
    • New
      $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

    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
    • $5 SF/Yr
      21,710 SF

      Downtown Louisville Warehouse and Showroom

      Warehouse with showroom and office space in downtown Louisville.
      1709-1711 W Main St, Louisville, KY 40203
      View Details
    • Contact for pricing

      Commercial Space for Lease

      Commercial space available for lease in Louisville, Kentucky.
      315 Roland St, Louisville, KY 40203
      View Details
    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.
    1944 Jefferson 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
    1944 Jefferson 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!