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 Shipp Ave Louisville, KY 40208

    • Warehouses
    • 121,551 SF
    • 5.15 lot acres
    OFF-MARKET
    Value Estimations
    $950,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US34-2393427
    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

    • Warehouses

    Property Details for 615 Shipp Ave

    Year built
    1920
    Lot size
    5.15 lot acres
    Property size
    121,551 SF
    Zone code
    EZ1-ENTERPRISE ZONE
    Property type
    Warehouses
    Property subtype
    Self storage facilities
    APN
    08034A00230000
    APU
    08034A00230000

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $950,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Louisville
    County
    Jefferson
    State
    Kentucky
    Longitude
    -85.7676
    Latitude
    38.2259
    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
    $54,315
    $515,200
    $3,532,140
    $4,047,340
    -
    $515,200
    $3,532,140
    $4,047,340

    Comparable in this City

    • Value Estimation
      $300,000
      0.80 Acres

      670 Mix Ave

      MINI-WAREHOUSE, STORAGE • 0.80 Acres
      670 Mix Ave, Louisville, KY 40208-1762
      View Details
    • Value Estimation
      $575,000
      10,795 SF

      601 Mix Ave

      MINI-WAREHOUSE, STORAGE • 10,795 SF
      601 Mix Ave, Louisville, KY 40208-1709
      View Details
    • Value Estimation
      $710,000
      2,123 SF

      301 Gaulbert Ave

      MINI-WAREHOUSE, STORAGE • 2,123 SF
      301 Gaulbert Ave, Louisville, KY 40208-2706
      View Details
    • Value Estimation
      $850,000
      106,302 SF

      2620 7th St Rd

      MINI-WAREHOUSE, STORAGE • 106,302 SF
      2620 7th St Rd, Louisville, KY 40208-1098
      View Details
    • Value Estimation
      $235,000
      0.52 Acres

      1465 7th St

      WAREHOUSE, STORAGE • 0.52 Acres
      1465 7th St, Louisville, KY 40208-2205
      View Details
    • Value Estimation
      $225,000
      0.09 Acres

      1465 7th St

      WAREHOUSE, STORAGE • 0.09 Acres
      1465 7th St, Louisville, KY 40208-2205
      View Details

    Similar Nearby for Sale

    • $220,000
      1,710 SF

      Louisville Duplex with Garage

      Move-in ready duplex with two units and a two-car garage.
      2618 S 5Th St, Louisville, KY 40208
      View Details
    • $630,000
      Pending

      Multi-Unit Property Near University

      Five-unit multi-family property near university with income potential.
      1633 S 4Th St, Louisville, KY 40208
      View Details
    • $190,000
      1,914 SF

      Louisville Duplex Near Churchill Downs

      Fully rented duplex with long-term tenant potential near Churchill Downs.
      421 M St, Louisville, KY 40208
      View Details
    • $100,000

      Corner Development Site Near UofL

      0.2551-acre development site near University of Louisville.
      2730 S 3Rd St, Louisville, KY 40208
      View Details
    • $1,250,000
      10,104 SF

      Old Louisville 9-Unit Apartment Building

      Historic Charm, High NOI, Strong Cash Flow
      1337 4Th St, Louisville, KY 40208
      View Details
    • $420,000
      3,440 SF

      Louisville Multifamily Investment Opportunity

      Fully rented 5-plex near UofL and Churchill Downs.
      2730 S 4Th St, Louisville, KY 40208
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      22,000 SF

      Levering Street Build-to-Suit Opportunity

      Shovel-ready Louisville project with flexible industrial, flex, or creative use.
      1447 Levering St, Louisville, KY 40208
      View Details
    • Contact for pricing
      152,463 SF

      Louisville Restaurant Space Available

      Prime Louisville retail space, 1,390 sq ft.
      3165 2Nd St, Louisville, KY 40208
      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 Shipp Ave
    Louisville, KY 40208
    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.