Flex Space with Service
For Sale
$219,500
331 Main Street, Lebanon Junction, KY 40150
Office, showroom, restroom, and service areas support a range of commercial and service-oriented operations.
Property Size1,880 SF
Price / SF$116.76
Days on Market61
Property Features for 331 Main Street
General Information
Standard status
Active
Size
1,880 SF
Property subtype
Retail
Zoning
R4
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Additional Details
Three-Phase Power
Yes
Amenities
office space
retail/showroom area
restrooms
multiple service bays
paved parking lot
Listing Agency:
One Key Realty
(502) 619-4322
Listed By:
Trish Ford · License #304100
(502) 619-4322
Source:
Kcrea.resimplifi
Added: Jul 1
Changed: Aug 29
Last Checked: Aug 30 at 1:30PM
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 One Key Realty
Investment Insights
Based on property information with market context.
This 1,880-square-foot flex property combines office space, a retail and showroom area, restrooms, and multiple service bays. The site most recently operated as a boat repair shop and includes a large paved parking area. City sewer serves the property, while 3-phase electric is available at the utility pole along the frontage.
Located at 331 Main Street in Lebanon Junction, the property is near I-65 and offers a combination of customer-facing and service-oriented areas within one commercial building. Its existing layout accommodates office, display, and repair functions without relying on a single-purpose configuration.
Located at 331 Main Street in Lebanon Junction, the property is near I-65 and offers a combination of customer-facing and service-oriented areas within one commercial building. Its existing layout accommodates office, display, and repair functions without relying on a single-purpose configuration.
Key Highlights
- 1,880‑square‑foot flex property
- Multiple service bays with office and showroom areas
- Large paved parking lot
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
$18,785
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
8.56%
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%
$375,700
$375.7K
Cap Rate 7%
$268,357
$268.4K
Cap Rate 9%
$208,722
$208.7K
Market Conditions
NOI Build-Up for 1,880 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
$29.3K $15.60/SF
− Vacancy
−$2.5K −$1.33/SF
EGI
$26.8K $14.27/SF
− OpEx
−$8.1K −$4.28/SF
NOI
$18.8K $9.99/SF
Area
Bullitt County, KY
Vacancy
8.50%
Lease Rate
$15.60 /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%
$375,700
Cap Rate 7%
$268,357
Cap Rate 9%
$208,722
Alternative Uses
Best Use
Retail
$268.4K
$234.8K – $313.1K
NOI $18,785 @ 7.0% cap · market cap 8.56%
Second Best
Flex RnD
$216.6K
$189.5K – $252.7K
NOI $15,163 @ 7.0% cap · market cap 6.91%
Theoretical Best
Office A
$396.3K
$346.8K – $462.4K
NOI $27,743 @ 7.0% cap · market cap 12.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
74
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 40150, KY
4,268
Population
1,999
Households
2.1
Avg Household Size
44
Median Age
12%
College-Educated
86%
High-School Grad
61.4 sq mi
ZIP Area
70
Density / Sq Mi
$60,823
Median Household Income
$36,919
Median Earnings
$813
Median Rent
$166,400
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Office, showroom, restroom, and service areas support a range of commercial and service-oriented operations.
Where is this flex space located?
The property is located at 331 Main Street Lebanon Junction, KY.
What is the asking price?
The asking price for this property is $219,500.
What are key features of this property?
This property features: 1,880‑square‑foot flex property; Multiple service bays with office and showroom areas; Large paved parking lot
