Updated Historic Office
For Sale
Contact for pricing
223 E 8th Street, Newport, KY 41071
Multi-level space accommodates office, studio, or showroom functions.
Property Size3,958 SF
Price / SF$184.37
Days on Market20
Property Features for 223 E 8th Street
General Information
Standard status
Active
Size
3,958 SF
Property subtype
Office
Investment Type
Owner/User
Building Details
Year Built
1875
Stories
2
Listing Agency:
Rath Equity Ltd
(888) 737-2264
Listed By:
Adam Rath · License #OH 2016005573
Source:
Crexi
Added: Aug 13
Changed: Aug 31
Last Checked: Aug 31 at 9:48AM
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 Rath Equity Ltd
Investment Insights
Based on property information with market context.
This 3,958-square-foot office building dates to 1875 and combines historic architectural character with a fully modernized interior. Its multi-level arrangement provides adaptable space for office operations, studio work, or showroom presentation.
Located at 223 E 8th Street in Newport, KY, the property includes an existing income component that can help offset occupancy costs. The configuration also allows an owner-user to occupy the building while expanding business operations within the property.
Located at 223 E 8th Street in Newport, KY, the property includes an existing income component that can help offset occupancy costs. The configuration also allows an owner-user to occupy the building while expanding business operations within the property.
Key Highlights
- 3,958 SF office building constructed in 1875
- Fully updated interior paired with historic architectural character
- Multi‑level configuration for office, studio, or showroom use
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
$51,296
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
7.03%
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%
$1,025,920
$1.0M
Cap Rate 7%
$732,800
$732.8K
Cap Rate 9%
$569,956
$570.0K
Market Conditions
NOI Build-Up for 3,958 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
$85.5K $21.60/SF
− Vacancy
−$17.1K −$4.32/SF
EGI
$68.4K $17.28/SF
− OpEx
−$17.1K −$4.32/SF
NOI
$51.3K $12.96/SF
Area
Campbell County, KY
Vacancy
20.00%
Lease Rate
$21.60 /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%
$1,025,920
Cap Rate 7%
$732,800
Cap Rate 9%
$569,956
Alternative Uses
Best Use
Office B
$732.8K
$641.2K – $854.9K
NOI $51,296 @ 7.0% cap · market cap 7.03%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.09M
$949.9K – $1.27M
NOI $75,994 @ 7.0% cap · market cap 10.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,115
Businesses Nearby
Explore this area
Business Placement
Demographics for 41071, KY
19,796
Population
10,883
Households
1.8
Avg Household Size
37
Median Age
38%
College-Educated
89%
High-School Grad
5.5 sq mi
ZIP Area
3,599
Density / Sq Mi
$58,329
Median Household Income
$44,836
Median Earnings
$1,047
Median Rent
$186,000
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?
Office building - Multi-level space accommodates office, studio, or showroom functions.
Where is this office building located?
The property is located at 223 E 8th Street Newport, KY.
What is the asking price?
The asking price for this property is $729,750.
What are key features of this property?
This property features: 3,958 SF office building constructed in 1875; Fully updated interior paired with historic architectural character; Multi‑level configuration for office, studio, or showroom use
