3621 Fern Valley Rd Louisville, KY 40213

Property Details for 3621 Fern Valley Rd

Year built

1975

Lot size

3.29 lot acres

Property size

25,274 SF

Zone code

R4-RESIDENTIAL SINGLE FAM

Property type

Office buildings

APN

23063204750000

APU

23063204750000

Description

This fee-simple office building in Louisville, KY, offers a compelling investment opportunity. The 25,274 square foot property is fully occupied by Chewy, Inc., a subsidiary of PetSmart, under a modified gross lease with approximately 7 years remaining until expiration. The lease includes 2.5% annual rent bumps, ensuring consistent income growth and inflation protection. The tenant, operating a call center with 340 agents, has two 5-year renewal options, demonstrating long-term commitment. Built in 1975 and renovated in 2010, the property boasts 194 parking spaces and sits on a 3.28-acre lot. Its prime location on Fern Valley Road, a major thoroughfare with 26,400 vehicles per day, offers excellent visibility and accessibility. The property benefits from proximity to Interstate 65 (150,000 VPD) and Louisville International Airport, enhancing its appeal. Surrounded by national retailers like Sam's Club and Target, and near Indian Trail Square shopping center, the property enjoys high consumer traffic. The strong demographics of the 5-mile trade area, with over 208,000 residents and an average household income of nearly $69,000, further solidify its investment potential. The property's Net Operating Income (NOI) is $473,118, resulting in a 7.50% cap rate. The asking price is $6,308,000. The tenant also has an option to expand the building by 10,000 square feet. The property's APN is 63204750000 and is zoned R-4.

Location Insight

City

Louisville

County

Jefferson

State

Kentucky

Longitude

-85.6939

Latitude

38.1586

CBSA code

31140

CBSA name

LOUISVILLE-JEFFERSON COUNTY, KY-IN METROPOLITAN STATISTICAL AREA

Property Tax & Assessments