Building Details

Tenancy Multi

Listing Agency: Horan Rosenhagen Real Estate k***@horanrosenhagen.com Show Phone

Listed By: Kelly Hunt · License #210492 Show Phone

Source: Exprealty

Added: Jul 31 Changed: Aug 11 Last Checked: Aug 11 at 11:42AM

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Investment Insights

Based on property information with market context.

This 1,568-square-foot storefront property is currently occupied by Subway and Beths Alterations. The building accommodates two established business occupants and is offered as a commercial property for sale.

The property is located at 10 N Fort Thomas Ave in Fort Thomas, Kentucky. It sits directly across from One Highland and Greenline Restaurant, placing the storefront among identified commercial destinations in the surrounding area.

Key Highlights

• 1,568‑square‑foot storefront property
• Currently occupied by Subway and Beths Alterations
• Two established business occupants

Financial Insights

Estimated NOI and Cap Rate

NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).

NOI / Yr

$18,699

Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.

Cap Rate

5.94%

Suggested Prices Based on Cap Rates Cap rates vary significantly by property type, market, and asset quality. Typical U.S. stable-market ranges: Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+) Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand) Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically) Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher) Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk) Self-Storage — 5.5% to 7.5% Medical Office — 6.0% to 7.5% Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term Rules of thumb: Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%). Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C. Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI. Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.

Cap Rate 5%

$373,980 $374.0K

Cap Rate 7%

$267,129 $267.1K

Cap Rate 9%

$207,767 $207.8K

Market Conditions

NOI Build-Up for 1,568 SF Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent. EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs. OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements. NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.

Gross rent

$25.8K $16.44/SF

− Vacancy

−$846 −$0.54/SF

EGI

$24.9K $15.90/SF

− OpEx

−$6.2K −$3.98/SF

NOI

$18.7K $11.93/SF

Area

Campbell County, KY

Vacancy

3.28%

Lease Rate

$16.44 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates Cap rates vary significantly by property type, market, and asset quality. Typical U.S. stable-market ranges: Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+) Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand) Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically) Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher) Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk) Self-Storage — 5.5% to 7.5% Medical Office — 6.0% to 7.5% Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term Rules of thumb: Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%). Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C. Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI. Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.

Cap Rate 5%

$373,980

Cap Rate 7%

$267,129

Cap Rate 9%

$207,767

Alternative Uses

Best Use

Specialty Retail

$267.1K

$233.7K – $311.7K (±1% cap)

NOI $18,699 @ 7.0% cap · market cap 5.94%

Second Best

Retail

$249.3K

$218.2K – $290.9K (±1% cap)

NOI $17,453 @ 7.0% cap · market cap 5.54%

Theoretical Best

Office A

$430.1K

$376.3K – $501.8K (±1% cap)

NOI $30,106 @ 7.0% cap · market cap 9.56%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Current Use

Storefront properties

Suggested Use

Top Pick Real Estate Agency Kitchen & Bath Showroom (Bike/Boat/Book/etc) Store Plumbing Service Auto Parts Store Computer & Electronic Repair

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

100%

Occupancy

Multi-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

549

Businesses Nearby

6k

Monthly Visits Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Foot Traffic Nearby

Shops & Services 100%

Fifth Third Bank & ATM Shops & Services

3,627 visits/mo 0.2 miles

U.S. Bank Shops & Services

2,389 visits/mo 0.0 miles

Market

Vacancy Rate% for Retail in South region

7% 2020

6.2% 2021

5.1% 2022

4.8% 2023

4.9% 2024

5.4% 2025

Questions? Ask Rey

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Frequently Asked Questions

What type of property is this?

Storefront property - Two established occupants provide an operating retail setting with direct visibility to nearby commercial activity.

Where is this storefront property located?

The property is located at 10 N Fort Thomas Ave Fort Thomas, KY.

What is the asking price?

The asking price for this property is $315,000.

What are key features of this property?

This property features: 1,568‑square‑foot storefront property; Currently occupied by Subway and Beths Alterations; Two established business occupants