Building Details

Additional Structures Workshop

Listing Agency: Farmer's House Real Estate LLC Show Phone

Listed By: Brad Cecil · License #203762 Show Phone

Added: Jun 30 Changed: Sep 4 Last Checked: Sep 4 at 5:06AM

Report an Issue

MLS# 11863307

Copyright © 2026 My State MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

Investment Insights

Based on property information with market context.

This flex-space property includes a 35-by-65-foot workshop with three overhead doors, concrete flooring, a pneumatic auto-lift, and dedicated storage. Door sizes include two 10-by-10-foot openings and one 8-by-10-foot opening. Partially finished break rooms and a bathroom add functional support space within the building.

The property includes a combination of open and wooded land and is served by public water. Located at 11440 Hwy 231 in Utica, Kentucky, the site pairs a practical workshop building with land suitable for a range of commercial, storage, and property-owner needs.

Key Highlights

• 35x65 workshop with concrete flooring and storage space
• Three overhead doors: two 10'x10' and one 8'x10'
• Pneumatic auto‑lift included

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

$12,813

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

5.34%

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%

$256,260 $256.3K

Cap Rate 7%

$183,043 $183.0K

Cap Rate 9%

$142,367 $142.4K

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

$15.8K $6.96/SF

− Vacancy

−$760 −$0.33/SF

EGI

$15.1K $6.63/SF

− OpEx

−$2.3K −$0.99/SF

NOI

$12.8K $5.63/SF

Area

Daviess County, KY

Vacancy

4.80%

Lease Rate

$6.96 /SF/Yr

Expense Ratio

15.00%

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%

$256,260

Cap Rate 7%

$183,043

Cap Rate 9%

$142,367

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

Warehouse

$183.0K

$160.2K – $213.6K (±1% cap)

NOI $12,813 @ 7.0% cap · market cap 5.34%

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.

Property Analytics

Property Profile

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

14

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

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this flex space 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?

Flex space - Workshop property combines open and wooded ground with storage, vehicle access, and partially finished support areas.

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: 35x65 workshop with concrete flooring and storage space; Three overhead doors: two 10'x10' and one 8'x10'; Pneumatic auto‑lift included