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    Newly Renovated Two-Story Office Building Title is generated by Realmo AI

    104 Progress Dr, Frankfort, KY 40601

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    New
    For Lease
    $12 SF/Yr $12,410/Mo (calc)

    Move-in-ready, divisible office building with screened porch and ample parking, minutes to I-64 for easy regional access.

    Type:Office
    Property size:
    11,680 SF
    Added:
    Jun 2, 2026
    Days on Market:
    2
    Last Refresh:
    Jun 3 at 2:25 am

    Property Features for 104 Progress Dr

    General Information

    Standard status
    Active
    Size
    11,680 SF
    Property subtype
    Office

    Spaces For Lease

    at 104 Progress Dr Contact us

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    Listing Contact
    Max Darby
    Max Darby

    Listing agent Max Darby License #289600

    Listing office NAI Isaac

    Listing date Jun 2, 2026

    Source Naiisaac

    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 NAI Isaac

    HighLights

    • 11,680 SF newly renovated two‑story office building for lease or sale in Frankfort, KY
    • Divisible by floor into two +/-5,840 SF suites, each with a private entrance
    • Upper suite: 12 offices, bullpen, 2 conference rooms, kitchenette, ADA‑compliant restroom, and screened‑in porch area
    • Lower suite: 6 offices, large meeting/conference room, open work area, kitchenette, and ADA‑compliant restroom
    • Newer roof installed ~2 years ago; building renovated in 2022 and includes furniture that could be included in sale or lease
    • On‑site parking for 44 vehicles and close access to I‑64 and US 60

    Overview

    This newly renovated, two-story office building offers a move-in-ready setup designed for flexible tenancy. The property is divisible by floor, with each suite measuring approximately 5,840 square feet and featuring its own private entrance. The upper level includes 12 offices, a bullpen area, two conference rooms, an ADA-compliant restroom, a kitchenette, and a screened-in porch area. The lower level provides six offices, a large meeting/conference room, an open work area, a kitchenette, an ADA-compliant restroom, and an additional screened-in porch area.

    The building is located in Frankfort, Kentucky, providing close access to Interstate 64 and US 60, making travel convenient to other regional markets. On-site parking includes 44 spaces, supporting both daily staff needs and visitor access.

    With its separated floor configuration, private entrances, and renovated interior accommodations, the building can work well for single-tenant users that need multiple office zones or for operators seeking to lease one floor while keeping the other available. The property was renovated in 2022 and includes newer infrastructure such as a roof installed about two years ago, along with furniture that could be incorporated into an agreement. This combination of practical layout, accessibility, and parking makes it a strong option for a range of office users.
    Location Intelligence

    Current Use by Public Records

    Solarity, a HealthTech Solutions ... Corporate Office

    Suggested Use

    Restaurant Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Hair Salon Auto Repair Shop Nail Salon Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Frankfort
    County
    Franklin
    State
    Kentucky
    Longitude
    -84.8040047
    Latitude
    38.1749642

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      11,680 SF

      Renovated Office Building For Lease

      Newly renovated office building for lease in Frankfort, Kentucky.
      104 Progress Dr, Frankfort, KY 40601
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    FAQs

    What type of property is this?
    Office building - Move-in-ready, divisible office building with screened porch and ample parking, minutes to I-64 for easy regional access.
    Where is this office building located?
    The property is located at 104 Progress Dr Frankfort, KY.
    What is the lease rate?
    The lease rate is $12 SF/Yr.
    What are key features of this property?
    This property features: 11,680 SF newly renovated two‑story office building for lease or sale in Frankfort, KY; Divisible by floor into two +/-5,840 SF suites, each with a private entrance; Upper suite: 12 offices, bullpen, 2 conference rooms, kitchenette, ADA‑compliant restroom, and screened‑in porch area
    (859) 825-8658
    We can help!
    Listing Contact
    Max Darby
    Max Darby
    Real Estate License ID: 289600
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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