Rehabilitation Center with
For Sale
Contact for pricing
2904 Foltz Drive, Edgewood, KY 41017
Outpatient healthcare facility with 2.9 years remaining on its NN lease and one 5-year renewal option.
Property Size7,100 SF
Price / SF$211.27
Days on Market19
Property Features for 2904 Foltz Drive
General Information
Standard status
Active
Size
7,100 SF
Total Parking Spaces
35
Property subtype
Special Purpose
Zoning
PO
Occupancy
100%
Lease Type
NNN
Investment Type
Net Lease
Net Operating Income
$134,872
Additional Details
Highway Access
Yes
Building Details
Year Built
1987
Buildings
1
Tenancy
Single
Listing Agency:
Lee & Associates - Dallas/Fort Worth
(469) 222-4159
Listed By:
Phillip Rosenfeld · License #TX 521093
Source:
Crexi
Added: Aug 12
Changed: Aug 29
Last Checked: Aug 29 at 5:14PM
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 Lee & Associates - Dallas/Fort Worth
Investment Insights
Based on property information with market context.
This 7,100-square-foot outpatient healthcare facility was built in 1987 and is leased to Hopebridge Autism Therapy Center. The property carries PO zoning and has 2.9 years remaining on its NN lease, along with one 5-year renewal option and 2% annual rent increases. Hopebridge has completed over $85,000 in recent facility improvements.
The facility is located at 2904 Foltz Drive in Edgewood, Kentucky, within the Cincinnati, OH-KY-IN metropolitan area. Access to I-275 places the property near Turkey Foot Middle School, Thomas More University, and a major regional healthcare center. The surrounding population is 63,491 within a 3-mile radius and 141,390 within a 5-mile radius.
The facility is located at 2904 Foltz Drive in Edgewood, Kentucky, within the Cincinnati, OH-KY-IN metropolitan area. Access to I-275 places the property near Turkey Foot Middle School, Thomas More University, and a major regional healthcare center. The surrounding population is 63,491 within a 3-mile radius and 141,390 within a 5-mile radius.
Key Highlights
- 7,100‑square‑foot outpatient healthcare facility built in 1987
- Leased to Hopebridge Autism Therapy Center
- 2.9 years remaining on its NN lease
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
$92,627
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
6.18%
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%
$1,852,540
$1.9M
Cap Rate 7%
$1,323,243
$1.3M
Cap Rate 9%
$1,029,189
$1.0M
Market Conditions
NOI Build-Up for 7,100 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
$142.3K $20.04/SF
− Vacancy
−$18.8K −$2.65/SF
EGI
$123.5K $17.39/SF
− OpEx
−$30.9K −$4.35/SF
NOI
$92.6K $13.05/SF
Area
Kenton County, KY
Vacancy
13.20%
Lease Rate
$20.04 /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%
$1,852,540
Cap Rate 7%
$1,323,243
Cap Rate 9%
$1,029,189
Alternative Uses
Best Use
Office B
$1.32M
$1.16M – $1.54M
NOI $92,627 @ 7.0% cap · market cap 6.18%
Second Best
Healthcare Medical
$357.7K
$313.0K – $417.4K
NOI $25,041 @ 7.0% cap · market cap 1.67%
Theoretical Best
Office A
$1.83M
$1.60M – $2.14M
NOI $128,304 @ 7.0% cap · market cap 8.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
612
Businesses Nearby
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 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?
Rehabilitation center - Outpatient healthcare facility with 2.9 years remaining on its NN lease and one 5-year renewal option.
Where is this rehabilitation center located?
The property is located at 2904 Foltz Drive Edgewood, KY.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: 7,100‑square‑foot outpatient healthcare facility built in 1987; Leased to Hopebridge Autism Therapy Center; 2.9 years remaining on its NN lease
