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    408 Blankenbaker Pkwy Douglass Hills, KY 40243-1896
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    Property profile & analytics

    408 Blankenbaker Pkwy, Douglass Hills, KY 40243-1896

    View on Map
    • Office Spaces
    • 10,224 SF
    • 0.23 lot acres
    Off-Market
    Property ID
    US34-0013996
    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
    $1,800,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Isalis / (Bike/Boat/Book/etc) Store
    • Party City / Party Supply Store / (Bike/Boat/Book/etc) Store
    • Skunk Funk / Big Box & Wholesale Store
    • Carl's Trading Co / Hat Shop
    • Bushka's Kitchen LLC / (Bike/Boat/Book/etc) Store

    Property Details for 408 Blankenbaker Pkwy

    Year built
    2001
    Lot size
    0.23 lot acres
    Property type
    Office Spaces
    APN
    22331404080000
    APU
    22331404080000

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Dec 29, 2020 — Heick Hester Smith Prop LLC — Deed · related $1.3M · Truist Bk
    Sep 6, 2017 — Heick Hester Smith Prop LLC — Deed · related $1.4M · Stockyard Bk&tr
    — — Heick Hester Smith Props LLC — Loan Modification · related $140k · Stockyard Bk&tr
    — — Heick Hester Smith Props LLC — Deed Of Trust · related $116k · Stock Yards Bank
    — — Heick Hester Properties LLC — Deed Of Trust · related $140k · Community Bank Southerm In
    — — Heick Hester Properties LLC — Deed Of Trust · related $130k · Stock Yards Bank
    — — Heick Hester Properties LLC — Deed Of Trust · related $140k · Stock Yards Bank
    — — Heick Hester Smith Props LLC — Deed Of Trust · related $1.4M · Stock Yards Bank
    — — Heick Hester Properties LLC — Deed Of Trust · related $180k · Community Bank Southerm In
    — — Heick Hester Properties LLC — Deed Of Trust · related $1.3M · Stock Yards Bank
    — — Heick Hester Properties LLC — Deed Of Trust · related $250k · Your Community Bank
    — — Heick Hester Smith Prop LLC — Loan Modification · related $1.4M · Stockyard Bk&tr
    — — Heick Hester Smith Prop LLC — Deed Of Trust · related $1.3M · Truist Bk

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $2,345,000
      6.5%
      $2,165,000
      7%
      $2,010,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,635,000
      Market price range: $780k - $1.73M
      AI Estimate
      $1,591,000
      Market price range: $685k - $1.87M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $1,255,000
      Current use
      RESTAURANT
      $2,255,000
      Change: +79% Conversion: Moderate
      AUTO REPAIR, GARAGE
      $1,960,000
      Change: +56% Conversion: Difficult
      RETAIL STORES
      $1,300,000
      Change: +4% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Douglass Hills
    County
    Jefferson
    State
    Kentucky
    Longitude
    -85.5458
    Latitude
    38.2411
    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
    $17,996
    $0.00
    $1,554,050
    $1,554,050
    -
    $0.00
    $1,554,050
    $1,554,050

    Comparable in this City

    • Value Estimation by Request
      896 SF

      11603 Shelbyville Rd, Unit U2

      CONDOMINIUM OFFICES
      11603 Shelbyville Rd, Middletown, KY 40243-1371
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    • Value Estimation by Request
      1,326 SF

      321 Townepark Cirb00-r

      CONDOMINIUM OFFICES
      321 Townepark Cirb00-r, Middletown, KY 40243-2342
      View Details
    • Value Estimation
      $690,000
      2,609 SF

      327 Townepark Cir Ste 200t

      CONDOMINIUM OFFICES
      327 Townepark Cir Ste 200t, Middletown, KY 40243-2347
      View Details
    • Value Estimation by Request
      128.02 Acres

      303 Middletown Park Pl Ste D

      CONDOMINIUM OFFICES
      303 Middletown Park Pl Ste D, Middletown, KY 40243-2516
      View Details
    • Value Estimation by Request
      0.06 Acres

      11824 Ransum Dr, Unit 201

      CONDOMINIUM OFFICES
      11824 Ransum Dr, Middletown, KY 40243-2802
      View Details
    • Value Estimation by Request
      3,568 SF

      12802 Townepark Way2b-2

      CONDOMINIUM OFFICES
      12802 Townepark Way2b-2, Middletown, KY 40243-2308
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      1,560 SF

      Renovated Office Condo For Sale

      1,560 SF renovated office condo with NNN tenant.
      406 Blankenbaker Pkwy, Douglass Hills, KY 40243
      View Details
    • Contact for pricing

      Land Ideal for Data Center

      Land suitable for data center development near electrical substation.
      13210 Urton Ln, Louisville, KY 40243
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      Land For Sale

      Land available for sale in Middletown, Kentucky.
      12981 Shelbyville Rd, Middletown, KY 40243
      View Details

    Similar Nearby for Lease

    • $19 SF/Yr
      1,376 SF

      Office Space on Shelbyville Road

      Office space for lease near I-265 and I-64.
      12906 Shelbyville Rd, Louisville, KY 40243
      View Details
    • Contact for pricing

      Land For Lease

      Land available for lease.
      11720 Shelbyville Rd, Louisville, KY 40243
      View Details
    • Contact for pricing
      5,000 SF

      High-Traffic Louisville Shopping Center Space

      Retail space in a highly trafficked Louisville shopping center.
      12501-12695 Shelbyville Rd, Louisville, KY 40243
      View Details
    • Contact for pricing
      620 SF

      Retail Space on Shelbyville Road

      Retail space available for lease on Shelbyville Road.
      12501 Shelbyville Rd, Louisville, KY 40243
      View Details
    • Contact for pricing

      Middletown Station Retail Space Available

      Retail spaces available in a high-traffic shopping center.
      12955 Shelbyville Rd, Middletown, KY 40243
      View Details
    • Contact for pricing

      Retail Space in Power Center

      Retail spaces available in Louisville's affluent east end.
      12935 Shelbyville Rd, Louisville, KY 40243
      View Details
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    Douglass Hills, KY 40243-1896
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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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