Flex Space with
For Sale
$249,900
11440 Hwy 231, Utica, KY 42376
Workshop improvements, storage, and mixed open and wooded acreage support varied commercial and recreational uses.
Property Size2,275 SF
Lot Size8.90 Acres
Price / SF$109.85
Days on Market63
Property Features for 11440 Hwy 231
General Information
Standard status
Active
Size
2,275 SF
Lot size
8.90 Acres
Property subtype
Vacant Land
Amenities
Lot Size Acres: 8.98
Percentage of Tax that is Deductable: 0
Sale, Sale Type: Foreclosure
Property Zone Type: 100, Scenic View
Water Source: Municipal
Workshop
Building Details
Buildings
1
Building Size
2,275 SF
Listing Agency:
Farmer's House Real Estate LLC
(270) 929-1595
Listed By:
Brad Cecil · License #203762
(270) 929-1595
Source:
Doyle-realty
Added: Jun 30
Changed: Aug 30
Last Checked: Aug 30 at 10:35PM
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
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.
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 = 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
$9,964
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
3.99%
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%
$199,280
$199.3K
Cap Rate 7%
$142,343
$142.3K
Cap Rate 9%
$110,711
$110.7K
Market Conditions
NOI Build-Up for 2,275 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
$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 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%
$199,280
Cap Rate 7%
$142,343
Cap Rate 9%
$110,711
Alternative Uses
Best Use
Flex RnD
$393.7K
$344.5K – $459.3K
NOI $27,560 @ 7.0% cap · market cap 11.03%
Second Best
Industrial
$142.3K
$124.6K – $166.1K
NOI $9,964 @ 7.0% cap · market cap 3.99%
Theoretical Best
Specialty Retail
$407.4K
$356.5K – $475.3K
NOI $28,518 @ 7.0% cap · market cap 11.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
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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 $249,900.
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
