Building Details

Year Built 1992

Year Renovated 2021

Buildings 1

Stories 2

Units 2

Tenancy Multi

Building Size 9,980 SF

Listing Agency: Ken Perry Realty

Listed By: Ken Perry · License #KY 39866 Show Phone

Source: Crexi

Added: Jul 24 Changed: Sep 11 Last Checked: Sep 15 at 8:28AM

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Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Ken Perry Realty

Investment Insights

Based on property information with market context.

This 9,980 SF two-story office building sits on 1.37 acres and is built for day-to-day workplace use. The property features prominent signage exposure, ample parking, and direct access to I-275, supporting convenient customer and employee access. The building was constructed in 1992.

The site is located along Turkeyfoot Road in Northern Kentucky and is zoned Community Commercial. The property is 100% occupied with two tenants, providing an immediately usable setup for an investor or an owner-user seeking a staffed, income-producing office building.

With its established on-site improvements and direct interstate access, the building offers a straightforward option for office space within a Community Commercial zoning district.

Key Highlights

• 9,980 SF two‑story office building
• 1.37 acres along Turkeyfoot Road
• Direct access to I‑275 plus ample on‑site parking

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

$130,199

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

5.21%

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%

$2,603,980 $2.6M

Cap Rate 7%

$1,859,986 $1.9M

Cap Rate 9%

$1,446,656 $1.4M

Market Conditions

NOI Build-Up for 9,980 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

$200.0K $20.04/SF

− Vacancy

−$26.4K −$2.65/SF

EGI

$173.6K $17.39/SF

− OpEx

−$43.4K −$4.35/SF

NOI

$130.2K $13.05/SF

Area

Kenton County, KY

Vacancy

13.20%

Lease Rate

$20.04 /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%

$2,603,980

Cap Rate 7%

$1,859,986

Cap Rate 9%

$1,446,656

Alternative Uses

Best Use

Office B

$1.86M

$1.63M – $2.17M (±1% cap)

NOI $130,199 @ 7.0% cap · market cap 5.21%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$2.58M

$2.25M – $3.01M (±1% cap)

NOI $180,349 @ 7.0% cap · market cap 7.21%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Office buildings

Suggested Use

Top Pick Building Supply Big Box & Wholesale Store Auto Repair Shop Electrical Service Kitchen & Bath Showroom Furniture & Home Goods

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

Yes

Highway access

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

1,069

Businesses Nearby

Explore this area Business Placement

Demographics for 41017, KY

40,333

Population

16,569

Households

2.4

Avg Household Size

40

Median Age

48%

College-Educated

97%

High-School Grad

21.2 sq mi

ZIP Area

1,903

Density / Sq Mi

$100,645

Median Household Income

$51,808

Median Earnings

$985

Median Rent

$278,100

Median Home Value

Market

Vacancy Rate% for Office in South region

14.4% 2019

16.4% 2020

17.3% 2021

18% 2022

18.6% 2023

20.3% 2024

20.2% 2025

Questions? Ask Rey

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What type of property is this? Where is this office buildings located? What is the asking price? Find similar properties What are key features of this property?

Frequently Asked Questions

What type of property is this?

Office building - Two-story office building with prominent signage and direct I-275 access, zoned Community Commercial.

Where is this office building located?

The property is located at 10 TOWN CTR BLVD Crestview Hills, KY.

What is the asking price?

The asking price for this property is $2,500,000.

What are key features of this property?

This property features: 9,980 SF two‑story office building; 1.37 acres along Turkeyfoot Road; Direct access to I‑275 plus ample on‑site parking