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    2118 Bruce Ave Louisville, KY 40218-2633
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    Property profile & analytics

    2118 Bruce Ave, Louisville, KY 40218-2633

    View on Map
    • Turn key restaurants
    • 7,168 SF
    • 0.28 lot acres
    Off-Market
    Property ID
    US34-2239208
    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
    $510,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Heritage Electric Inc. / Electrical Service / General Contractor
    • Off the Rails Tasting Room and Wine Depot / Brewery & Distillery / Specialty Food Shop

    Property Details for 2118 Bruce Ave

    Year built
    1950
    Lot size
    0.28 lot acres
    Zone code
    C2-COMMERCIAL
    Property type
    Turn key restaurants
    APN
    23012100030004
    APU
    23012100030004

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Aug 7, 2008 $230,000 Glabco Investments LLC Heritage Electric INC Quit Claim Deed · related —
    Apr 22, 2008 $230,000 Heritage Electric INC Richardson,edward & Paula A Grant Deed $205k · Pbi Bank INC
    Mar 5, 2007 $120,000 Edward Richardson Cecil,thomas M SR & Elizabeth R Grant Deed $142k · River Cty Bk Highv
    Jun 30, 2006 — Thomas M Cecil SR. Cecil,chad L & Nikki Quit Claim Deed · related —
    May 26, 2004 — Chad L Cecil — Trustees Deed · related $50k · Republic Bank & Trust
    — — Glabco Investment LLC — Deed Of Trust · related $280k · Pnc Bank
    — — Edward Richardson — Deed Of Trust · related $148k · River Cty Bk Highv
    — — Heritage Electric INC — Deed Of Trust · related $20k · Pnc Bank

    Description

    This exceptional turnkey opportunity presents a thriving Louisville bar and winery, "Off the Rails Tasting Room and Wine Depot," located at 2118 Bruce Ave, Louisville, KY 40218. The property, a two-story Class B building, boasts 7,200 square feet situated on a 0.78-acre lot. Originally constructed in 1950, the building underwent a complete renovation in 2019, ensuring modern amenities and functionality. Currently operating as a successful bar and winery since 2020, this property offers a unique chance for immediate revenue generation. The sale includes all existing equipment, a partial kitchen, and a valuable inventory of bourbon. The new owner can seamlessly continue the established business or implement their own concept, leveraging the existing infrastructure and strong location. The property's prime location in Jefferson County offers excellent visibility and accessibility, making it an attractive investment for both established and aspiring entrepreneurs in the hospitality industry. This is a rare opportunity to acquire a fully operational, renovated commercial property with significant potential for growth and profitability. The property is zoned for commercial use.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $560,000
      Market price range: $561k - $1.03M

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

    Location Insight

    • Map
    • Local Demand
    City
    Louisville
    County
    Jefferson
    State
    Kentucky
    Longitude
    -85.6494
    Latitude
    38.1924
    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
    $4,995
    $35,910
    $388,130
    $424,040
    -
    $35,910
    $388,130
    $424,040

    Comparable in this City

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    Louisville, KY 40218-2633
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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
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