Medical-Ready Office
For Sale
$132,000
28-6900 Houston Rd, Florence, KY 41042
Second-floor office condo with reception, private offices, kitchenette, and an ADA-compliant restroom for professional and medical uses.
Property Size950 SF
Price / SF$138.95
Days on Market120
Property Features for 28-6900 Houston Rd
General Information
Standard status
Active
Size
950 SF
Listing Agency:
eXp Realty, LLC
(859) 322-1290
Listed By:
Caldwell Group
(859) 322-1290
Source:
Exprealty
Added: Apr 24
Changed: Aug 13
Last Checked: Aug 20 at 11:20AM
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 eXp Realty, LLC
Investment Insights
Based on property information with market context.
This professional office condominium offers an approximately 1,000 SF, functional layout on the second floor. Inside, the suite includes a welcoming reception area, three private offices, and one larger office that may also serve as a conference room or shared workspace. Additional in-suite amenities include a kitchenette and one private ADA-compliant restroom.
The property is described as being conveniently located near major retail and service amenities, including Walmart, Meijer, Kohl's, dining, banking, and St. Elizabeth Medical Center. This positioning can support both employee commuting and client access for day-to-day operations.
The space is well-suited for medical and service-oriented organizations, as well as other professional users seeking a designed office configuration with multiple private rooms. With reception space for visitor handling, private office areas for focused work, and ADA-compliant restroom access within the suite, it provides a practical interior setup for teams that value a professional arrival experience and defined work areas.
The property is described as being conveniently located near major retail and service amenities, including Walmart, Meijer, Kohl's, dining, banking, and St. Elizabeth Medical Center. This positioning can support both employee commuting and client access for day-to-day operations.
The space is well-suited for medical and service-oriented organizations, as well as other professional users seeking a designed office configuration with multiple private rooms. With reception space for visitor handling, private office areas for focused work, and ADA-compliant restroom access within the suite, it provides a practical interior setup for teams that value a professional arrival experience and defined work areas.
Key Highlights
- Approximately 1,000 SF second‑floor professional office condo with a functional layout
- Suite includes a reception area plus three private offices
- One larger office can be used as a conference room or shared workspace
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
$12,004
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
9.09%
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%
$240,080
$240.1K
Cap Rate 7%
$171,486
$171.5K
Cap Rate 9%
$133,378
$133.4K
Market Conditions
NOI Build-Up for 950 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
$20.5K $21.60/SF
− Vacancy
−$4.5K −$4.75/SF
EGI
$16.0K $16.85/SF
− OpEx
−$4.0K −$4.21/SF
NOI
$12.0K $12.64/SF
Area
Boone County, KY
Vacancy
22.00%
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%
$240,080
Cap Rate 7%
$171,486
Cap Rate 9%
$133,378
Alternative Uses
Best Use
Office B
$171.5K
$150.1K – $200.1K
NOI $12,004 @ 7.0% cap · market cap 9.09%
Second Best
Healthcare Medical
$165.4K
$144.7K – $193.0K
NOI $11,578 @ 7.0% cap · market cap 8.77%
Theoretical Best
Office A
$261.9K
$229.1K – $305.5K
NOI $18,331 @ 7.0% cap · market cap 13.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
330
Businesses Nearby
Explore this area
Business Placement
Demographics for 41042, KY
54,183
Population
23,640
Households
2.3
Avg Household Size
38
Median Age
28%
College-Educated
92%
High-School Grad
22.1 sq mi
ZIP Area
2,452
Density / Sq Mi
$75,582
Median Household Income
$43,501
Median Earnings
$1,240
Median Rent
$210,500
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 units - Second-floor office condo with reception, private offices, kitchenette, and an ADA-compliant restroom for professional and medical uses.
Where is this office units located?
The property is located at 28-6900 Houston Rd Florence, KY.
What is the asking price?
The asking price for this property is $132,000.
What are key features of this property?
This property features: Approximately 1,000 SF second‑floor professional office condo with a functional layout; Suite includes a reception area plus three private offices; One larger office can be used as a conference room or shared workspace
