Flex Space with Drive-In
For Sale
$345,000
1936 Campus Place, Jeffersontown, KY 40299
Partially finished office and warehouse condominium with utilities, mezzanine space, and access for light manufacturing or distribution.
Property Size2,641 SF
Price / SF$130.63
Days on Market104
Property Features for 1936 Campus Place
General Information
Standard status
Active
Size
2,641 SF
Property subtype
Industrial
Zoning
PEC
Property Condition
Severity
Repairs Needed
Evidence
Undergoing a remodel
Site & Location
Highway Access
Yes
Road Access
Yes
Utilities to Site
Yes
Warehouse & Industrial
Clear Height
20 ft
Drive-In Doors
1
Amenities
Power
Water
Sewer
Building Details
Year Built
1999
Listing Agency:
Kwest Property Advisors
(502) 767-1762
Listed By:
Evan Tarbis
(502) 767-1762
Source:
Kcrea.resimplifi
Added: May 20
Changed: Aug 30
Last Checked: Aug 30 at 3:18PM
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 Kwest Property Advisors
Investment Insights
Based on property information with market context.
This 2,641-square-foot flex condominium combines office and warehouse areas within a partially completed remodel. The property includes basic infrastructure, all utilities, a second-floor mezzanine, and a drive-in entrance. Warehouse clearance reaches 20 feet, with a 12' x 10' drive-in door supporting practical loading and access needs. Built in 1999, the unit is zoned PEC.
The property is positioned in the Blankenbaker corridor within the Jeffersontown area, with access to Interstate 64 and Interstate 265. The configuration is suited to owner-users and businesses requiring space for light manufacturing, distribution, or service operations.
The property is positioned in the Blankenbaker corridor within the Jeffersontown area, with access to Interstate 64 and Interstate 265. The configuration is suited to owner-users and businesses requiring space for light manufacturing, distribution, or service operations.
Key Highlights
- 2,641 SF office warehouse condominium
- 20 feet clear height in the warehouse
- 12' x 10' drive‑in door
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
$31,185
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
9.04%
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%
$623,700
$623.7K
Cap Rate 7%
$445,500
$445.5K
Cap Rate 9%
$346,500
$346.5K
Market Conditions
NOI Build-Up for 2,641 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
$50.7K $19.20/SF
− Vacancy
−$9.1K −$3.46/SF
EGI
$41.6K $15.74/SF
− OpEx
−$10.4K −$3.94/SF
NOI
$31.2K $11.81/SF
Area
ZIP 40299
Vacancy
18.00%
Lease Rate
$19.20 /SF/Yr
Expense Ratio
25.00%
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%
$623,700
Cap Rate 7%
$445,500
Cap Rate 9%
$346,500
Alternative Uses
Best Use
Office B
$445.5K
$389.8K – $519.8K
NOI $31,185 @ 7.0% cap · market cap 9.04%
Second Best
Flex RnD
$353.9K
$309.6K – $412.9K
NOI $24,771 @ 7.0% cap · market cap 7.18%
Theoretical Best
Office A
$646.5K
$565.7K – $754.3K
NOI $45,256 @ 7.0% cap · market cap 13.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
20 ft
Clear height
1
Drive-in doors
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
606
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 40299, KY
43,030
Population
17,567
Households
2.4
Avg Household Size
41
Median Age
41%
College-Educated
95%
High-School Grad
54.0 sq mi
ZIP Area
797
Density / Sq Mi
$85,419
Median Household Income
$50,427
Median Earnings
$1,290
Median Rent
$274,900
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Partially finished office and warehouse condominium with utilities, mezzanine space, and access for light manufacturing or distribution.
Where is this flex space located?
The property is located at 1936 Campus Place Jeffersontown, KY.
What is the asking price?
The asking price for this property is $345,000.
What are key features of this property?
This property features: 2,641 SF office warehouse condominium; 20 feet clear height in the warehouse; 12' x 10' drive‑in door
