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: Oct 18 at 1:06AM

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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.

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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 / Yr

$12,813

Cap Rate

5.34%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$256,260 $256.3K

Cap Rate 7%

$183,043 $183.0K

Cap Rate 9%

$142,367 $142.4K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,275 SF

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 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. 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

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

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