👋 Walk Through Video
📍 Prime Downtown Office Space - Louisville, KY
Property Overview:
🏢 Space:
1,758 sq. ft. of versatile office space
🔑 Features:
6 offices, 2nd-floor location with elevator access
🌟 Previous Use:
Engineer’s office (pre-COVID
💼 Neighboring Tenants
Law offices above
Key Details:
🏠 HOA:
$400/month (includes electricity for lobby & elevator)
✨ Versatile Use:
Ideal for use as an investor’s own office space, or for leasing out to generate rental income.
💰 Potential Rental Income:
Based on an average rental rate of $19.71 per square foot for commercial space in downtown Louisville (Source: CommercialSearch, CommercialCafe), this space could generate approximately $34,676 annually (1,758 sq. ft. x $19.71 per sq. ft.).
💸 Potential Value:
Estimated around $345,900 using the Income Approach:
NOI Calculation:
$34,676 (annual income) minus estimated expenses results in a Net Operating Income (NOI) of about $24,213.
Cap Rate:
Using a 7% cap rate, the property value is approximately $345,900.