4926 Cane Run RdLouisville, KY 40216

Property Details for 4926 Cane Run Rd

Year built

2009

Lot size

2.23 AC

Property size (Sq ft)

14,612 SF

Property type

Retail space

APN

25101804450000

APU

25101804450000

Description

This exceptional investment opportunity presents a 14,820-square-foot Walgreens located at 4926 Cane Run Rd, Louisville, KY 40216. The property sits on a 2.23-acre lot and boasts 69 parking spaces. Built in 2009, this single-tenant, net-leased (NNN) property features a prominent location at the intersection of Terry Road and Cane Run Road, benefiting from high visibility and excellent access. The Walgreens lease commenced in November 2023 and has approximately 14 years remaining, with twelve 5-year renewal options. Rent increases by 5% every 5 years and in each option period. The property offers a strong 6.20% cap rate and a substantial net operating income (NOI) of $222,300. The asking price is $3,585,484, translating to a price per square foot of $241.94. The property benefits from a substantial built-in customer base, situated near Cane Run Station and Lions Arms Apartments, and surrounded by a dense residential area with 2,850 households within a one-mile radius. The surrounding area also includes significant retail, office, industrial, and multifamily development within a 5-mile radius, further enhancing the property's value and potential for long-term growth. The property's location is less than 3 miles southwest of Interstate 264, providing convenient access to major transportation routes. Nearby schools and other commercial establishments contribute to the high traffic volume in the area. This is a compelling investment opportunity with a long-term lease, strong tenant, and excellent location.

• CAP approach

  CAP return

  Valuation

  6%

  $3,710,652

  6.5%

  $3,425,218

  7%

  $3,180,559

• Comparable approach

  Method

  Valuation

  Relative Method

  $3,169,658

  Geo Method

  $3,169,658

• Alternative Use

  Use

  Valuation

  Residential

  $2,889,299

  Hospitality

  $2,646,582

  Educational

  $2,201,926

  Medical

  $2,277,653

  Retail

  $3,425,218

Location Insight

City

Louisville

County

Jefferson

State

Kentucky

Latitude

38.1784

Longitude

-85.8632

CBSA code

31140

CBSA name

LOUISVILLE-JEFFERSON COUNTY, KY-IN METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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