Flex Property with Office
For Sale
$685,000
2001 Button Ln, La Grange, KY 40031
IPD-zoned commercial property combines separately metered office suites with conditioned lower-level workshop and warehouse space.
Property Size5,636 SF
Lot Size0.77 Acres
Price / SF$121.54
Days on Market44
Property Features for 2001 Button Ln
General Information
Standard status
Active
Size
5,636 SF
Lot size
0.77 Acres
Property subtype
Office
Zoning
IPD
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Warehouse & Industrial
Drive-In Doors
2
Conditioned Warehouse
Yes
Additional Details
Office Units
4
Amenities
break room
security system
Water
Sewer
Natural Gas
Building Details
Year Built
2003
Buildings
1
Building Size
5,636 SF
Listing Agency:
United Real Estate Louisville
(502) 836-6396
Listed By:
Katie Bosse · License #71728
(502) 836-6396
Source:
Kcrea.resimplifi
Added: Jul 17
Changed: Aug 29
Last Checked: Aug 29 at 3:41PM
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 United Real Estate Louisville
Investment Insights
Based on property information with market context.
This 5,636-square-foot flex property sits on a 0.767-acre IPD-zoned lot and includes four office suites on the main level. Gas and electric service are separately metered for each suite, while water is shared. Suite B is configured as a kitchen and break room, and the building includes three restrooms, with two on the main level and one in the basement. A security system with camera surveillance is also in place.
The walkout lower level adds conditioned workshop and warehouse space with mini-split HVAC, two double garage bays, and two exterior personnel doors. Public water, sewer, electric, and natural gas serve the property. Two separate parking areas support the building’s office and operational functions. Located at 2001 Button Ln in La Grange Commerce Center, the property offers access to I-71 via Exit 18.
The walkout lower level adds conditioned workshop and warehouse space with mini-split HVAC, two double garage bays, and two exterior personnel doors. Public water, sewer, electric, and natural gas serve the property. Two separate parking areas support the building’s office and operational functions. Located at 2001 Button Ln in La Grange Commerce Center, the property offers access to I-71 via Exit 18.
Key Highlights
- 5,636 SF commercial building on a 0.767‑acre lot
- Four separately metered office suites; gas and electric are metered individually
- Conditioned lower‑level workshop/warehouse space with mini‑split HVAC
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
$48,375
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
7.06%
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%
$967,500
$967.5K
Cap Rate 7%
$691,071
$691.1K
Cap Rate 9%
$537,500
$537.5K
Market Conditions
NOI Build-Up for 5,636 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
$60.9K $10.80/SF
− Vacancy
−$4.0K −$0.70/SF
EGI
$56.9K $10.10/SF
− OpEx
−$8.5K −$1.51/SF
NOI
$48.4K $8.58/SF
Area
Oldham County, KY
Vacancy
6.50%
Lease Rate
$10.80 /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%
$967,500
Cap Rate 7%
$691,071
Cap Rate 9%
$537,500
Alternative Uses
Best Use
Office B
$992.3K
$868.3K – $1.16M
NOI $69,461 @ 7.0% cap · market cap 10.14%
Second Best
Warehouse
$691.1K
$604.7K – $806.3K
NOI $48,375 @ 7.0% cap · market cap 7.06%
Theoretical Best
Office A
$1.19M
$1.04M – $1.39M
NOI $83,171 @ 7.0% cap · market cap 12.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Drive-in doors
4
Office units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
130
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 Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - IPD-zoned commercial property combines separately metered office suites with conditioned lower-level workshop and warehouse space.
Where is this flex space located?
The property is located at 2001 Button Ln La Grange, KY.
What is the asking price?
The asking price for this property is $685,000.
What are key features of this property?
This property features: 5,636 SF commercial building on a 0.767‑acre lot; Four separately metered office suites; gas and electric are metered individually; Conditioned lower‑level workshop/warehouse space with mini‑split HVAC
