Building Details

Year Built 1993

Year Renovated 2023

Buildings 2

Stories 1

Units 24

Tenancy Multi

Listing Agency: Marcus & Millichap - Columbus

Listed By: Craig Fuller · License #OH 2008001551

Source: Crexi

Added: Apr 6 Changed: Aug 31 Last Checked: Sep 4 at 1:50PM

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Investment Insights

Based on property information with market context.

This For Sale retail shopping center totals 78,125 square feet and is presented with a stated 7.25% CAP rate. The offering is structured for buyers seeking income-producing retail real estate.

The property is located at 2301 Buttermilk Crossing in Crescent Springs, Kentucky (41017).

Key Highlights

• Retail shopping center built in 1993
• Stated 7.25% CAP rate
• 78,125 sq ft retail shopping center

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

$846,917

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

5.51%

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%

$16,938,340 $16.9M

Cap Rate 7%

$12,098,814 $12.1M

Cap Rate 9%

$9,410,189 $9.4M

Market Conditions

NOI Build-Up for 78,125 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

$1.28M $16.44/SF

− Vacancy

−$74.5K −$0.95/SF

EGI

$1.21M $15.49/SF

− OpEx

−$363.0K −$4.65/SF

NOI

$846.9K $10.84/SF

Area

Kenton County, KY

Vacancy

5.80%

Lease Rate

$16.44 /SF/Yr

Expense Ratio

30.00%

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%

$16,938,340

Cap Rate 7%

$12,098,814

Cap Rate 9%

$9,410,189

Alternative Uses

Best Use

Retail

$12.10M

$10.59M – $14.12M (±1% cap)

NOI $846,917 @ 7.0% cap · market cap 5.51%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$20.17M

$17.65M – $23.53M (±1% cap)

NOI $1,411,800 @ 7.0% cap · market cap 9.19%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Shopping centers

Suggested Use

Top Pick Auto Repair Shop Auto Parts Store Garden Center HVAC Service Parking Lot & Garage Storage Facility

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

Location Intelligence

Trade Area within ½ mile

278

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 41017, KY

40,333

Population

16,569

Households

2.4

Avg Household Size

40

Median Age

48%

College-Educated

97%

High-School Grad

21.2 sq mi

ZIP Area

1,903

Density / Sq Mi

$100,645

Median Household Income

$51,808

Median Earnings

$985

Median Rent

$278,100

Median Home Value

Market

Vacancy Rate% for Retail in South region

7% 2020

6.2% 2021

5.1% 2022

4.8% 2023

4.9% 2024

5.4% 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 shopping centers located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Shopping center - For sale retail shopping center offering a stated 7.25% CAP rate.

Where is this shopping center located?

The property is located at 2301 Buttermilk Crossing Crescent Springs, KY.

What is the asking price?

The asking price for this property is $15,360,000.

What are key features of this property?

This property features: Retail shopping center built in 1993; Stated 7.25% CAP rate; 78,125 sq ft retail shopping center