Flex Space With Overhead
For Sale
$790,000
Pending
2243 Commerce Parkway, La Grange, KY 40031
Newly built commercial facility with conditioned shop space, office functions, ADA restrooms, and expansion acreage.
Property Size2,560 SF
Lot Size1.50 Acres
Days on Market528
Property Features for 2243 Commerce Parkway
General Information
Standard status
Pending
Size
2,560 SF
Lot size
1.50 Acres
Property subtype
Retail
Zoning
IPD
Additional Details
Road Access
Yes
Conditioned Warehouse
Yes
Amenities
4 overhead doors
private office
reception
2 ADA restrooms
fully-conditioned shop space
Water
Sewer
Building Details
Buildings
1
Listing Agency:
Horizon Commercial Realty, LLC
(502) 594-5540
Listed By:
Nick Carroll · License #294698
(502) 594-5540
Source:
Kcrea.resimplifi
Added: Mar 21, 2025
Changed: Aug 29
Last Checked: Aug 29 at 5:15PM
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 Horizon Commercial Realty, LLC
Investment Insights
Based on property information with market context.
This newly constructed flex facility occupies a 2,560-square-foot building on 1.5 acres and was originally configured for automotive repair. The improvements include four overhead doors, a private office, reception area, two ADA restrooms, and fully conditioned shop space. An IPD zoning designation supports the property’s commercial and industrial positioning.
Frontage along Commerce Parkway provides direct roadway exposure, with the building and site offering existing signage opportunities. Additional acreage is available for future expansion, giving the property room to accommodate further site improvements or operational growth.
Frontage along Commerce Parkway provides direct roadway exposure, with the building and site offering existing signage opportunities. Additional acreage is available for future expansion, giving the property room to accommodate further site improvements or operational growth.
Key Highlights
- 2,560 SF flex building on 1.5 acres
- Four overhead doors serving the shop area
- Fully conditioned shop space with private office and reception
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
$25,579
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
3.24%
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%
$511,580
$511.6K
Cap Rate 7%
$365,414
$365.4K
Cap Rate 9%
$284,211
$284.2K
Market Conditions
NOI Build-Up for 2,560 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
$39.9K $15.60/SF
− Vacancy
−$3.4K −$1.33/SF
EGI
$36.5K $14.27/SF
− OpEx
−$11.0K −$4.28/SF
NOI
$25.6K $9.99/SF
Area
Oldham County, KY
Vacancy
8.50%
Lease Rate
$15.60 /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%
$511,580
Cap Rate 7%
$365,414
Cap Rate 9%
$284,211
Alternative Uses
Best Use
Retail
$365.4K
$319.7K – $426.3K
NOI $25,579 @ 7.0% cap · market cap 3.24%
Second Best
Flex RnD
$295.0K
$258.1K – $344.1K
NOI $20,647 @ 7.0% cap · market cap 2.61%
Theoretical Best
Office A
$539.7K
$472.2K – $629.6K
NOI $37,778 @ 7.0% cap · market cap 4.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
119
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 40031, KY
25,322
Population
8,507
Households
3
Avg Household Size
40
Median Age
34%
College-Educated
89%
High-School Grad
66.9 sq mi
ZIP Area
379
Density / Sq Mi
$96,682
Median Household Income
$47,046
Median Earnings
$1,120
Median Rent
$316,300
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 - Newly built commercial facility with conditioned shop space, office functions, ADA restrooms, and expansion acreage.
Where is this flex space located?
The property is located at 2243 Commerce Parkway La Grange, KY.
What is the asking price?
The asking price for this property is $790,000.
What are key features of this property?
This property features: 2,560 SF flex building on 1.5 acres; Four overhead doors serving the shop area; Fully conditioned shop space with private office and reception
