Building Details

Tenancy Single

Listing Agency: KW Commercial

Listed By: Derrick Plunkett · License #KY 219608 Show Phone

Source: Crexi

Added: May 6 Changed: Aug 28 Last Checked: Sep 3 at 11:58AM

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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 KW Commercial

Investment Insights

Based on property information with market context.

Available for sale, this flex industrial-office building totals approximately 10,000 square feet and is located at 245 Grandview Avenue in Bellevue, Kentucky. The property is described as having a versatile design and spacious layout intended to accommodate both industrial and office uses.

The building is positioned for accessibility within the Campbell County area, with visibility and access highlighted in the seller’s remarks. This configuration can support a range of workspace and operations that benefit from combining flexible industrial functionality with office-oriented space.

Key Highlights

• For‑sale flex building offering industrial and office space in Bellevue, Kentucky
• 10,000 SF building located at 245 Grandview Avenue
• Designed as a versatile industrial/office space

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

$64,840

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

6.83%

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%

$1,296,800 $1.3M

Cap Rate 7%

$926,286 $926.3K

Cap Rate 9%

$720,444 $720.4K

Market Conditions

NOI Build-Up for 10,000 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

$99.6K $9.96/SF

− Vacancy

−$7.0K −$0.70/SF

EGI

$92.6K $9.26/SF

− OpEx

−$27.8K −$2.78/SF

NOI

$64.8K $6.48/SF

Area

Campbell County, KY

Vacancy

7.00%

Lease Rate

$9.96 /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%

$1,296,800

Cap Rate 7%

$926,286

Cap Rate 9%

$720,444

Alternative Uses

Best Use

Flex RnD

$1.50M

$1.32M – $1.76M (±1% cap)

NOI $105,300 @ 7.0% cap · market cap 11.08%

Second Best

Industrial

$926.3K

$810.5K – $1.08M (±1% cap)

NOI $64,840 @ 7.0% cap · market cap 6.83%

Theoretical Best

Office A

$2.74M

$2.40M – $3.20M (±1% cap)

NOI $192,000 @ 7.0% cap · market cap 20.21%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Flex space

Suggested Use

Top Pick Real Estate Agency Law Firm Parking Lot & Garage Grocery & Convenience Store (Bike/Boat/Book/etc) Store Kitchen & Bath Showroom

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

1,067

Businesses Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Demographics for 41073, KY

5,548

Population

2,915

Households

1.9

Avg Household Size

39

Median Age

43%

College-Educated

95%

High-School Grad

0.9 sq mi

ZIP Area

6,164

Density / Sq Mi

$67,143

Median Household Income

$48,250

Median Earnings

$1,124

Median Rent

$186,200

Median Home Value

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?

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Frequently Asked Questions

What type of property is this?

Flex space - For-sale flex building offering industrial and office space in Bellevue, Kentucky.

Where is this flex space located?

The property is located at 245 Grandview Avenue Bellevue, KY.

What is the asking price?

The asking price for this property is $950,000.

What are key features of this property?

This property features: For‑sale flex building offering industrial and office space in Bellevue, Kentucky; 10,000 SF building located at 245 Grandview Avenue; Designed as a versatile industrial/office space