Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    615 Armory Pl Louisville, KY 40202

    • Showrooms
    • 7,505 SF
    • 0.26 lot acres
    OFF-MARKET
    Value Estimations
    $700,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US34-0377792
    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.

    Current Use by Public Records

    • Louisville Vinyl Car Wrap / Vinyl Sign Shop

    Property Details for 615 Armory Pl

    Year built
    1949
    Lot size
    0.26 lot acres
    Property size
    7,505 SF
    Zone code
    C3-CENTRAL BUSINESS
    Property type
    Showrooms
    APN
    03013K00810000
    APU
    03013K00810000

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $764,000
      Market price range: $326k - $939k

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $570,000
      Current use
      RETAIL STORES
      $955,000
      Change: +68% Conversion: Easy
      OFFICE BUILDING
      $770,000
      Change: +36% Conversion: Easy
      WAREHOUSE, STORAGE
      $550,000
      Change: -3% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Louisville
    County
    Jefferson
    State
    Kentucky
    Longitude
    -85.7602
    Latitude
    38.2487
    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
    $8,408
    $380,590
    $209,420
    $590,010
    -
    $380,590
    $209,420
    $590,010

    Comparable in this City

    • Value Estimation by Request
      0.09 Acres

      729 Franklin St

      SHOW ROOM, WAREHOUSE • 0.09 Acres
      729 Franklin St, Louisville, KY 40202-1015
      View Details
    • Value Estimation
      $525,000
      4,800 SF

      718 Washington St

      SHOW ROOM, WAREHOUSE • 4,800 SF
      718 Washington St, Louisville, KY 40202-1051
      View Details
    • Value Estimation
      $610,000
      10,260 SF

      639 Main St

      SHOW ROOM, WAREHOUSE • 10,260 SF
      639 Main St, Louisville, KY 40202-3074
      View Details
    • Value Estimation
      $1,795,000
      17,160 SF

      625 Jefferson St

      SHOW ROOM, WAREHOUSE • 17,160 SF
      625 Jefferson St, Louisville, KY 40202-1150
      View Details
    • Value Estimation by Request
      5,700 SF

      126 Clay St

      SHOW ROOM, WAREHOUSE • 5,700 SF
      126 Clay St, Louisville, KY 40202-1057
      View Details
    • Value Estimation by Request
      4,620 SF

      214 Main St

      SHOW ROOM, WAREHOUSE • 4,620 SF
      214 Main St, Louisville, KY 40202-1214
      View Details

    Similar Nearby for Sale

    • $4,300,000
      9,530 SF

      Prime Louisville Mixed-Use Property

      Gas station, restaurant, high traffic area.
      713 Market St, Louisville, KY 40202
      View Details
    • $2,700,000
      39,900 SF

      Prime Warehouse Space for Lease

      1358 sq ft Warehouse, Central Location
      307 Muhammad Ali Blvd, Louisville, KY 40202
      View Details
    • $350,000
      1,775 SF

      Downtown Retail/Restaurant Condo For Sale

      Retail/restaurant condo in the Downtown Louisville Central Business District.
      539 W Market St, Louisville, KY 40202
      View Details
    • $2,700,000
      8,243 SF

      Downtown Louisville Mixed-Use Gem

      Prime location, high-traffic area, development potential.
      100 Market St, Louisville, KY 40202
      View Details
    • $4,600,000
      17,937 SF

      NuLu Mixed-Use Building For Sale

      Three-story mixed-use building in Louisville's NuLu neighborhood.
      601-611 East Jefferson St, Louisville, KY 40202
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      1,816 SF

      Retail Space Near Churchill Downs

      Retail space available near the University of Louisville.
      5333-5341 S 3Rd St, Louisville, KY 40202
      View Details
    • $12 SF/Yr
      1,500 SF

      Retail/Office Space For Lease

      Street-level retail/office space in the Glassworks District.
      838 W Market St, Louisville, KY 40202
      View Details
    • $19 SF/Yr
      5,990 SF

      Historic Whiskey Row Retail Space

      Prime retail space in Louisville's historic Whiskey Row.
      111 W Main St, Louisville, KY 40202
      View Details
    • $12 SF/Yr
      46,425 SF

      Downtown Louisville Office Space

      Historic Theatre Building: Prime Office Suites Available
      629 4Th St, Louisville, KY 40202
      View Details
    • $15 SF/Yr
      7,030 SF

      Louisville Office Space For Lease

      Historic building, flexible suites available.
      707 3Rd St, Louisville, KY 40202
      View Details
    • $26 SF/Yr
      10,147 SF

      New Mixed-Use Development at NuLu

      New mixed-use development in Louisville’s vibrant NuLu neighborhood.
      750 E Jefferson St, Louisville, KY 40202
      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.
    615 Armory Pl
    Louisville, KY 40202
    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

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.