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9510 Ormsby Station Rd, Louisville, KY 40223
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Property summary
AI-generated overview
Plaza II, located at 9510 Ormsby Station Rd in Louisville, KY, offers 2,507 square feet of immediately available Class A executive office space. This property is part of the Hurstbourne Green Office Park, situated in Louisville's prominent east end, offering excellent visibility from Hurstbourne Parkway, a major thoroughfare with 24,100 cars passing daily. The building's prime location provides easy access to amenities, including the adjacent Northeast YMCA and the nearby Shoppes at Forest Green. Plaza II boasts a total of 68,064 square feet and features ample parking with a ratio of 4.5 spaces per 1,000 square feet. The property sits on a 3.94-acre lot and is zoned PRO (Planned Research/Office Center District), ensuring flexibility for various business needs. Building signage is available for larger tenants seeking enhanced visibility. A significant advantage is the development of a new on-site conference center, which will be accessible to all tenants for reservations. This exceptional location, combined with the modern amenities and convenient access, makes Plaza II an ideal choice for businesses seeking a prestigious and functional office space in Louisville, Kentucky. The Jefferson County property (APN: 260604090000) offers multiple tenancy options.
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
2003
Total area
55,764 SF
Lot
4.03 ac (175,547 SF)
Zoning code
PRO-PLANNED RESEARCH/OFFI
APN
21260604090000
UPID
US34-0225900
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Home Health Care Service
-
Business Management Consultant
-
Physician
-
Dental Office
-
Dental Office
Location
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$11.82M
Comparable Approach
Comparable
$9.08M
Blend (final)
Blend
$10.41M
Owner & transaction history
since 2020
2 recorded transactions
Zoning & alternative use
PRO-PLANNED RESEARCH/OFFI · Louisville, KY
Top alternative use upside
Restaurant
$12.3M
+52.6%
Auto repair, garage
$10.7M
+32.6%
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Value estimation
Instant AI valuation built from comps, income signals, and proprietary benchmarks. A defensible range, not a single guess.
17% off on annual
Unlock the complete Valuation workflow
Full NOI reconstruction, selected comps, alternative-use scenarios, data audit and PDF export.
Full NOI build-up · 6 steps
4 alternative uses screened
Sensitivity value band
Source audit · 6 inputs
PDF export
Analytics Standard · 5 reports
from $99/month
from $99/month
Summary
1
Valuation conclusion
Included free
Estimated market value
$10.41M
Value range
$9.37M – $11.45M
±10% around blend
Estimated value / SF
$187 / SF
Confidence
Property data
100
Market benchmarks
100
Comparable evidence
60
Income certainty
100
$9.37M
blend $10.41M
$11.45M
Market-derived valuation under stabilized market assumptions. Desktop analysis. No physical inspection performed.
2
Subject property
Included free
GBA
55,764 SF
Lot area
4.03 ac
Year built
2003
Stories
3
APN
21260604090000
Zoning
PRO-PLANNED RESEARCH/OFFI
Assessed value
$7,278,040
Annual tax
$83,552
3
Income approach: direct capitalization
Partial preview
Income approach indication
$11.82M
Direct capitalization · @ 6.5% CAP return
@ 6% CAP return
$12.81M
@ 6.5% CAP return
$11.82M
@ 7% CAP return
$10.98M
Estimated Stabilized NOI, derived from market rent, vacancy and expense benchmarks. Actual property income not reported.
Estimated market rent / SF
Potential gross income
Vacancy allowance
Effective gross income
Benchmark operating expenses
Stabilized NOI
Property tax
$83,552
Selected cap rate
4
Sales comparison
Partial preview
Sales approach indication
$9.08M
Range $5.63M – $11.72M
Evidence
6 found
Recent peer sales in this city
5
Sensitivity & risk
Partial preview
Downside
−10%
Base
$10.41M
Upside
+10%
Bounds of the ±10% band vs the blend — never simulated scenarios.
6
Current market position
Included free
Benchmark
Observed band ($/SF)AverageSubject delta
ZIP 89 sales
$144
+29%
Submarket 548 sales
$116
+60%
County 559 sales
$117
+59%
Band = middle half (Q1–Q3) of recorded sale $/SF for this use type per geography; the diamond marks the subject at $187/SF. Delta below average reads as headroom. Source: Realmo CRE sales derivatives (county records).
7
Alternative use screening
Partial preview
Top alternative use
Restaurant
Gross theoretical uplift
+53%
vs current-use indication
Auto Repair, Garage
Office Building · current use
Retail Stores
Values shown before conversion costs, entitlement costs, capital expenditures and stabilization risk.
8
Data & methodology
Included free
Building area
County record
Property tax
County record
Assessed value
County record
Zoning designation
County record
Operating expenses
Modeled
Market rent
Market benchmark
Not analyzed due to unavailable source data: actual rent roll, tenant leases, physical condition and capital
requirements are outside a desktop analysis.
Cost Approach excluded: income and sales evidence cover the value conclusion.
Automated valuation analysis, not a licensed appraisal. Figures are derived from public
records and proprietary models. Desktop analysis: no physical inspection, tenant leases or reported
property income. Verify with a licensed appraiser before transacting.
Cap rate
Cap rate calculated from real income and expense signals, benchmarked against sales of similar assets nearby.
17% off on annual
Unlock the complete Cap Rate workflow
Full market tables, editable assumptions, comparable evidence, saved work and exports.
9-scenario matrix
NOI build-up · 9 steps
Market rates by use type
PDF export
Analytics Standard · 5 reports
from $99/month
from $99/month
Overview
No cap rate is computable for this property yet: no recorded sale, income signal or market-rate row for its use type.
Price sensitivity
The rate is the decision lever; valuation is the consequence.
Test a cap rate
Implied value$12.56M
Move the market yield to see immediate price impact.
Value / SF
$225
Vs. selected
Base
Derivation
NOI ÷ cap
Arithmetic over the derived NOI * — not market scenario modeling.
NOI × cap matrix
Preview
Preview of 9 modeled outcomes.
NOI
5.00%7.00%9.00%
$791k
$15.82M
$11.30M
$8.79M
$879k
$17.58M
$12.56M
$9.77M
$967k
$19.34M
$13.81M
$10.74M
NOI sensitivity ±10% across the 5 / 7 / 9% anchors — derivation of the NOI above.
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$83,552
Tax year 2023
Assessed value
$7,278,040
Assessed 2023
Previous assessed
$7,278,040
+0.0% YoY
Effective rate
1.15%
On assessed value
Assessed land
$1,574,720
Assessed improvement
$5,703,320
Land market value
$1,574,720
Improvement market value
$5,703,320
Total market value
$7,278,040
Applied tax rate
26.0000
Automated cap rate analysis. Based on public records, market benchmarks and proprietary
models. Verify with a licensed professional before transacting.
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Office buildings
Use group
OFFICE BUILDING
Status
For Lease
Year built
2003
Heating
YES
Cooling
NONE
Stories
3
Total area
55,764 SF
Lot
4.03 ac (175,547 SF)
Zoning code
PRO-PLANNED RESEARCH/OFFI
APN
21260604090000
UPID
US34-0225900
Jurisdiction
JEFFERSON
Zoning & alternative use
PRO-PLANNED RESEARCH/OFFI · Louisville, KYZoning PRO-PLANNED RESEARCH/OFFI · permitted uses
PRO-PLANNED RESEARCH/OFFI · Louisville, KY
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Alternative use value scenarios
Repositioning upside vs current use
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Building & site characteristics
From public records
Year built
2003
Heating
YES
Cooling
Yes
Stories
3
Lot
4.03 ac
Zoning
The recorded zoning designation, what the district officially allows, and the municipal source it comes from.
Zoning designation
County-recorded code
PRO-PLANNED RESEARCH/OFFI
Jurisdiction
Louisville, KY
Recorded code
PRO-PLANNED RESEARCH/OFFI
Zoning Insight
What can be built and operated here — officially.
The district profile from the municipal source: what is on file for PRO-PLANNED RESEARCH/OFFI in Louisville, KY.
What opens after registration
Zoning profile
Official documentVerified municipal sources with file download
Match provenanceAssignment basis, match tier and confidence
Private report access
See the official zoning profile for this address.
Registration is required before the official district profile is shown.
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Ownership Intelligence
Find the owner behind the property.
Unlock the evidence behind ownership: portfolio, transactions, debt and signals that help you decide who to contact next.
What opens after registration
Ownership report
Owner identityResolved entity and name variants
Portfolio holdingsLinked properties and estimated value
Deal signalsSell-side activity worth following
Debt & historyRecorded loans and transaction history
Private report access
See the ownership record for this address.
Registration is required before any owner information is shown.
One complete report on every paid plan · 5 · 30 · 100 reports per month.
Owner of record and activity signals are derived from public records and modeled classifications.
They do not confirm beneficial ownership or intent to transact.
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