Listing Agency: RE/MAX Victory + Affiliates t***@remax.net Show Phone

Listed By: Thomas Rieger Show Phone

Source: Exprealty

Added: Apr 1 Changed: Aug 29 Last Checked: Aug 29 at 6:52PM

Report an Issue

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 Victory + Affiliates

Investment Insights

Based on property information with market context.

This flex space at 150 Washington Ave in Bellevue, KY, includes an office and two separate garage areas. The primary garage measures 36X22 with a 13 ft ceiling, while the second garage measures 22X22 and also has a 13 ft ceiling. A loft is positioned above the second garage, adding another functional area within the building.

The property is zoned NC-1 and is configured for a combination of office and garage uses. Its layout provides distinct enclosed work areas along with the additional loft space. The building previously housed Nu-Way Drywall.

Key Highlights

• 36X22 primary garage with 13 ft ceiling
• 22X22 second garage with 13 ft ceiling
• Loft located above the second garage

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

$19,754

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

7.90%

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%

$395,080 $395.1K

Cap Rate 7%

$282,200 $282.2K

Cap Rate 9%

$219,489 $219.5K

Market Conditions

NOI Build-Up for 1,876 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

$33.8K $18.00/SF

− Vacancy

−$3.4K −$1.80/SF

EGI

$30.4K $16.20/SF

− OpEx

−$10.6K −$5.67/SF

NOI

$19.8K $10.53/SF

Area

Campbell County, KY

Vacancy

10.00%

Lease Rate

$18.00 /SF/Yr

Expense Ratio

35.00%

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%

$395,080

Cap Rate 7%

$282,200

Cap Rate 9%

$219,489

Alternative Uses

Best Use

Flex RnD

$282.2K

$246.9K – $329.2K (±1% cap)

NOI $19,754 @ 7.0% cap · market cap 7.90%

Second Best

Warehouse

$211.0K

$184.6K – $246.2K (±1% cap)

NOI $14,770 @ 7.0% cap · market cap 5.91%

Theoretical Best

Office A

$514.6K

$450.2K – $600.3K (±1% cap)

NOI $36,019 @ 7.0% cap · market cap 14.41%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Current Use

Flex space

Suggested Use

Top Pick Law Firm Real Estate Agency Parking Lot & Garage Dental Office 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.

Lease Details

13 ft

Clear height

1

Office units

Location Intelligence

Trade Area within ½ mile

1,016

Businesses Nearby

Under-served

Demand for This Use

Explore this area Business Placement

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?

Ask Rey about this property ...

Similar For Sale Nearby

Flex Industrial-Office Building

245 Grandview Avenue, Bellevue, KY 41073

Contact for pricing

10,000 SF

View details

Chipotle NNN Property

52 Donnermeyer Dr, Bellevue, KY 41073

Contact for pricing

2,335 SF

View details

Historic Mixed-Use Building

617 Fairfield Ave, Bellevue, KY 41073

Contact for pricing

View details

Similar Off Market Nearby

• Buena Vita Catering — 517 6th ave, dayton, ky 41074
• Kate's Catering & Personal Chef Services — 702 6th Ave, Dayton, KY 41074

Frequently Asked Questions

What type of property is this?

Flex space - Commercial flex space with office area, two garage bays, tall ceilings, and an upper loft.

Where is this flex space located?

The property is located at 150 Washington Ave Bellevue, KY.

What is the asking price?

The asking price for this property is $249,900.

What are key features of this property?

This property features: 36X22 primary garage with 13 ft ceiling; 22X22 second garage with 13 ft ceiling; Loft located above the second garage