Building Details

Buildings 1

Building Size 2,275 SF

Listing Agency: Farmer's House Real Estate LLC

Listed By: Brad Cecil · License #203762 Show Phone

Source: Doyle-realty

Added: Jun 30 Changed: Oct 16 Last Checked: Oct 16 at 10:00AM

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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 Farmer's House Real Estate LLC

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Investment Insights

Based on property information with market context.

This flex-space property includes a 35-by-65-foot workshop on 8.9 acres in southern Daviess County. The building features three overhead doors, a concrete floor, a pneumatic auto lift, storage areas, and partially finished break rooms and bathroom facilities. Two overhead doors measure 10 by 10 feet, while the third measures 8 by 10 feet.

The property combines open ground with wooded areas, providing both workshop functionality and recreational land. It is located at 11440 Hwy 231 in Utica, within the Daviess County School District. Nearby schools include College View Middle School, Southern Oaks Elementary School, and Daviess County High School.

Key Highlights

• 35‑by‑65‑foot workshop on 8.9 acres
• Three overhead doors: two 10' x 10' and one 8' x 10'
• Concrete floor with pneumatic auto lift

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$9,964

Cap Rate

4.15%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$199,280 $199.3K

Cap Rate 7%

$142,343 $142.3K

Cap Rate 9%

$110,711 $110.7K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,275 SF

Gross rent

$15.0K $6.60/SF

− Vacancy

−$781 −$0.34/SF

EGI

$14.2K $6.26/SF

− OpEx

−$4.3K −$1.88/SF

NOI

$10.0K $4.38/SF

Area

Daviess County, KY

Vacancy

5.20%

Lease Rate

$6.60 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$199,280

Cap Rate 7%

$142,343

Cap Rate 9%

$110,711

Alternative Uses

Best Use

Flex RnD

$393.7K

$344.5K – $459.3K (±1% cap)

NOI $27,560 @ 7.0% cap · market cap 11.49%

Second Best

Industrial

$142.3K

$124.6K – $166.1K (±1% cap)

NOI $9,964 @ 7.0% cap · market cap 4.15%

Theoretical Best

Specialty Retail

$407.4K

$356.5K – $475.3K (±1% cap)

NOI $28,518 @ 7.0% cap · market cap 11.89%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Flex space

Suggested Use

Top Pick Auto Repair Shop Grocery & Convenience Store Food Market

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

Location Intelligence

Trade Area within ½ mile

13

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 42376, KY

6,678

Population

2,800

Households

2.4

Avg Household Size

39

Median Age

20%

College-Educated

94%

High-School Grad

98.1 sq mi

ZIP Area

68

Density / Sq Mi

$78,365

Median Household Income

$48,092

Median Earnings

$797

Median Rent

$213,500

Median Home Value

Market

Vacancy Rate% for Industrial in South region

6% 2019

6.5% 2020

4% 2021

3.5% 2022

6% 2023

7.6% 2024

7.9% 2025

Frequently Asked Questions

What type of property is this?

Flex space - Workshop improvements, storage, and mixed open and wooded acreage support varied commercial and recreational uses.

Where is this flex space located?

The property is located at 11440 Hwy 231 Utica, KY.

What is the asking price?

The asking price for this property is $239,900.

What are key features of this property?

This property features: 35‑by‑65‑foot workshop on 8.9 acres; Three overhead doors: two 10' x 10' and one 8' x 10'; Concrete floor with pneumatic auto lift