Building Details

Tenancy Single

Listing Agency: Alton Webb & Associates

Listed By: John Leeper · License #283306 Show Phone

Source: Kcrea.resimplifi

Added: Mar 13 Changed: Oct 8 Last Checked: Oct 9 at 4:28PM

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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 Alton Webb & Associates

Investment Insights

Based on property information with market context.

This government office building offers a stabilized configuration with an existing contract that generates gross annual income of $30,100.00. The current lease rate is noted as being below market value.

The property is located at 137 W College St in New Castle, Kentucky.

The offering is for sale.

Key Highlights

• Government office building in New Castle, KY
• Current lease contract generates $30,100 in gross annual income
• Lease rate reported as below market value

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$30,282

Cap Rate

9.18%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$605,640 $605.6K

Cap Rate 7%

$432,600 $432.6K

Cap Rate 9%

$336,467 $336.5K

Market Conditions

NOI Build-Up for 2,457 SF

Gross rent

$49.2K $20.04/SF

− Vacancy

−$8.9K −$3.61/SF

EGI

$40.4K $16.43/SF

− OpEx

−$10.1K −$4.11/SF

NOI

$30.3K $12.32/SF

Area

Henry County, KY

Vacancy

18.00%

Lease Rate

$20.04 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$605,640

Cap Rate 7%

$432,600

Cap Rate 9%

$336,467

Alternative Uses

Best Use

Office B

$432.6K

$378.5K – $504.7K (±1% cap)

NOI $30,282 @ 7.0% cap · market cap 9.18%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$518.0K

$453.2K – $604.3K (±1% cap)

NOI $36,258 @ 7.0% cap · market cap 10.99%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Cabinet For Health & Family State Government Office Food Stamp Office Social Service Agency

Suggested Use

Top Pick Auto Repair Shop Real Estate Agency HVAC Service Pharmacy Hair Salon Pet Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Single-tenant

Tenancy

Turnkey business

Opportunity

Location Intelligence

Trade Area within ½ mile

116

Businesses Nearby

Explore this area Business Placement

Demographics for 40050, KY

1,558

Population

831

Households

1.9

Avg Household Size

44

Median Age

26%

College-Educated

79%

High-School Grad

17.2 sq mi

ZIP Area

91

Density / Sq Mi

$45,528

Median Household Income

$39,647

Median Earnings

$707

Median Rent

$132,700

Median Home Value

Market

Vacancy Rate% for Office in South region

14.4% 2019

16.4% 2020

17.3% 2021

18% 2022

18.6% 2023

20.3% 2024

20.2% 2025

Questions? Ask Rey

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What type of property is this? Where is this office buildings 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?

Office building - Government office building in New Castle with a current lease contract generating $30,100 in gross annual income.

Where is this office building located?

The property is located at 137 W College St New Castle, KY.

What is the asking price?

The asking price for this property is $330,000.

What are key features of this property?

This property features: Government office building in New Castle, KY; Current lease contract generates $30,100 in gross annual income; Lease rate reported as below market value