Hard Corner Development Site Near University

Description

eXp Commercial is pleased to present a 0.2551-acre hard-corner development site at 3rd Street and M Street. Currently used as a vacant parking lot, the property consists of three parcels with C-1 zoning and excellent walkability to the University of Louisville main campus, Cardinal Stadium, and the brand-new $90 million Student Success & Research Center.

This submarket is highly sought after for student housing, with multifamily development permitted at densities of up to 90 dwelling units per acre — allowing for approximately 22 units on the combined parcels. The site’s proximity to UofL’s J.B. Speed School of Engineering, Churchill Downs, and the Kentucky Expo Center makes it an ideal location for student housing, mixed-use, or other community-serving development.

Demographic & University Highlights:
23,000+ UofL Students – UofL is consistently hitting record levels of enrollment enrollment, driving steady demand for off-campus housing.

Rental-Oriented Market – Roughly 70% of households within a mile are renter-occupied, a clear indicator of strong multifamily absorption.

Young Demographic – Median age is just 29.6, reflecting the student and young professional base that surrounds the university.

Value Market – Median home value of $87,597 within one mile points to long-term upside for new, higher-quality housing options.

Small Household Profile – Average household size of 2.1 people with one vehicle, aligning well with walkable, transit-friendly student housing.

Walkability to the University of Louisville main campus, Cardinal Stadium, and the brand-new $90 million Student Success & Research Center.