Development Site | 25 Townhome Approved 2 Land Properties Offered at $975,888 CAD in Louisville, KY

Rare turnkey development opportunity in Louisville Metro. This 2.17-acre site comes fully entitled and ready to build. Zoning has been changed to R5-A Multi-Family Residential via Louisville Metro Council Ordinance No. 032, Series 2026 (approved March 6, 2026), clearing the way for 25 townhome units across two combined parcels.
What's Already Done for You
* Rezoning approved & ordinance signed by Mayor Craig Greenberg
* Preliminary Development Plan approved — Louisville Metro Planning Commission (Case No. 25ZONE0098)
* Architectural elevations by Better By Design LLC — modern farmhouse-style 2-story townhomes in 4-, 10-, and 11-unit building configurations
* Site plan engineered by LD&D — includes detention basin, parking, tree canopy, and MSD compliance
* Public water & public sewer confirmed on-site
Projected Rental Income & Cap Rate Analysis
New construction 2-story townhomes in the 40228/Fern Creek submarket are currently leasing in the $1,380–$1,825/month range for 2–3 bedroom units. Comparable townhomes in the immediate 40228 zip code include a 2-bed/2-bath unit at Ashton Park Townhomes at $1,624/month and a 3-bed unit at $1,825/month nearby.
Conservative projections for new construction product at this location (25 units):
Conservative: $1,400/mo = $420,000/yr
Moderate: $1,600/mo = $480,000/yr
Optimistic: $1,800/mo = $540,000/yr
Estimated Stabilized Cap Rate (based on moderate scenario, ~40% expense ratio):
Gross Annual Income: $480,000
Operating Expenses (~40%): ($192,000)
Net Operating Income (NOI): $288,000
Land Cost: $699,000
Cap Rate: 4.12%
Note: Total project cost (land + construction) will determine blended cap rate at stabilization. Estimated construction cost for 25 townhomes in Louisville metro runs $130–$160/SF. Buyers should conduct their own proforma based on unit size and finish level. These projections are estimates based on current market comparables and are not guaranteed.