Two-Bay Commercial
For Sale
$185,000
117 Millcreek Rd, Radcliff, KY 40160
Two-bay garage on a commercial-zoned corner lot with tall ceilings, automatic doors, and concrete flooring.
Property Size1,200 SF
Lot Size0.43 Acres
Price / SF$154.17
Days on Market62
Property Features for 117 Millcreek Rd
General Information
Standard status
Active
Size
1,200 SF
Lot size
0.43 Acres
Additional Details
Highway Access
Yes
Drive-In Doors
2
Service Bays
2
Listing Agency:
RE/MAX PREMIER PROPERTIES LLC
(502) 572-0186
Listed By:
Jay T. Pitts · License #63303
(502) 572-0186
Source:
Exprealty
Added: Jun 9
Changed: Jul 10
Last Checked: Aug 9 at 9:41AM
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 RE/MAX PREMIER PROPERTIES LLC
Investment Insights
Based on property information with market context.
The property is a two-bay garage measuring 40 by 30 on a 0.43-acre lot zoned commercial. The garage has a concrete floor and tall ceilings, and the two automatic garage doors support vehicle and storage use. A side carport/overhang provides additional space that can be used for extra parking or storage. The driveway and parking area are surfaced with gravel.
Access is practical for day-to-day operations, with the parcel located at the corner of Millcreek Rd and S Wilson Rd, right off of Dixie Hwy. The corner positioning supports convenient arrival from multiple directions.
Inside, the electrical capacity includes several 220 and 110 outlets throughout the garage, which can help accommodate equipment, tools, or related needs. With concrete flooring, tall clearances, and an additional overhang for overflow space, the building offers a straightforward footprint for businesses seeking a functional commercial garage setting.
Access is practical for day-to-day operations, with the parcel located at the corner of Millcreek Rd and S Wilson Rd, right off of Dixie Hwy. The corner positioning supports convenient arrival from multiple directions.
Inside, the electrical capacity includes several 220 and 110 outlets throughout the garage, which can help accommodate equipment, tools, or related needs. With concrete flooring, tall clearances, and an additional overhang for overflow space, the building offers a straightforward footprint for businesses seeking a functional commercial garage setting.
Key Highlights
- 2‑bay commercial garage on a .43‑acre corner lot at Millcreek Rd and S Wilson Rd, right off Dixie Hwy
- Garage measures 40 x 30 with tall ceilings and a concrete floor
- Automatic garage doors and a side carport/overhang for additional parking or storage space
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
$8,214
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
4.44%
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%
$164,280
$164.3K
Cap Rate 7%
$117,343
$117.3K
Cap Rate 9%
$91,267
$91.3K
Market Conditions
NOI Build-Up for 1,200 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
$10.4K $8.64/SF
− Vacancy
−$705 −$0.59/SF
EGI
$9.7K $8.05/SF
− OpEx
−$1.4K −$1.21/SF
NOI
$8.2K $6.84/SF
Area
Hardin County, KY
Vacancy
6.80%
Lease Rate
$8.64 /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%
$164,280
Cap Rate 7%
$117,343
Cap Rate 9%
$91,267
Alternative Uses
Best Use
Warehouse
$117.3K
$102.7K – $136.9K
NOI $8,214 @ 7.0% cap · market cap 4.44%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$217.2K
$190.1K – $253.4K
NOI $15,206 @ 7.0% cap · market cap 8.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Drive-in doors
2
Service bays
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
164
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 40160, KY
23,582
Population
9,991
Households
2.4
Avg Household Size
37
Median Age
15%
College-Educated
89%
High-School Grad
17.1 sq mi
ZIP Area
1,379
Density / Sq Mi
$59,293
Median Household Income
$34,373
Median Earnings
$889
Median Rent
$161,500
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Warehouse - Two-bay garage on a commercial-zoned corner lot with tall ceilings, automatic doors, and concrete flooring.
Where is this warehouse located?
The property is located at 117 Millcreek Rd Radcliff, KY.
What is the asking price?
The asking price for this property is $185,000.
What are key features of this property?
This property features: 2‑bay commercial garage on a .43‑acre corner lot at Millcreek Rd and S Wilson Rd, right off Dixie Hwy; Garage measures 40 x 30 with tall ceilings and a concrete floor; Automatic garage doors and a side carport/overhang for additional parking or storage space
