Listing Agency: One Key Realty

Listed By: Trish Ford · License #304100 Show Phone

Source: Kcrea.resimplifi

Added: Jul 1 Changed: Oct 4 Last Checked: Oct 14 at 7:48PM

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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.

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 / Yr

$18,785

Cap Rate

8.56%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$375,700 $375.7K

Cap Rate 7%

$268,357 $268.4K

Cap Rate 9%

$208,722 $208.7K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,880 SF

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 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 (±1% cap)

NOI $18,785 @ 7.0% cap · market cap 8.56%

Second Best

Flex RnD

$216.6K

$189.5K – $252.7K (±1% cap)

NOI $15,163 @ 7.0% cap · market cap 6.91%

Theoretical Best

Office A

$396.3K

$346.8K – $462.4K (±1% cap)

NOI $27,743 @ 7.0% cap · market cap 12.64%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Open Analytics

Current Use

Flex space

Suggested Use

Top Pick Building Supply Big Box & Wholesale Store Dental Office Auto Repair Shop Parking Lot & Garage Hair Salon

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

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

6% 2019

6.5% 2020

4% 2021

3.5% 2022

6% 2023

7.6% 2024

7.9% 2025

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