Building Details

Year Built 2014

Buildings 1

Stories 2

Building Size 3,360 SF

Listing Agency: Keller Williams Collective j***@jimmywelch.com Show Phone

Listed By: Jimmy Welch Show Phone

Source: Kcrea.resimplifi

Added: Nov 18, 2025 Changed: Aug 30 Last Checked: Aug 30 at 1:35PM

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Investment Insights

Based on property information with market context.

This I-G-zoned flex property combines office, shop, storage, and outdoor operating areas across 5.7 acres. The two-story office building contains 3,360 square feet, with six private offices, two conference rooms, two restrooms, and a kitchenette with a full-size refrigerator. An attached 2,400-square-foot structure adds a work bay and restroom, while a separate 4,800-square-foot building provides two more work bays. A 700-square-foot Quonset hut offers additional storage or equipment space.

The property is located one mile from I-65, between Louisville and Elizabethtown. Outdoor areas provide parking and storage capacity for semis, flatbeds, and heavy equipment. Mechanicals are in place, and the site operates with a wastewater lagoon system. The property is deed-restricted from use as a garbage company.

Key Highlights

• 5.7‑acre I‑G‑zoned flex property one mile from I‑65
• 3,360‑square‑foot, two‑story office building constructed in 2014
• Attached 2,400‑square‑foot building with one work bay and restroom

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

$41,411

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

3.45%

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%

$828,220 $828.2K

Cap Rate 7%

$591,586 $591.6K

Cap Rate 9%

$460,122 $460.1K

Market Conditions

NOI Build-Up for 3,360 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

$67.3K $20.04/SF

− Vacancy

−$12.1K −$3.61/SF

EGI

$55.2K $16.43/SF

− OpEx

−$13.8K −$4.11/SF

NOI

$41.4K $12.32/SF

Area

Bullitt County, KY

Vacancy

18.00%

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%

$828,220

Cap Rate 7%

$591,586

Cap Rate 9%

$460,122

Alternative Uses

Best Use

Office B

$591.6K

$517.6K – $690.2K (±1% cap)

NOI $41,411 @ 7.0% cap · market cap 3.45%

Second Best

Warehouse

$412.0K

$360.5K – $480.7K (±1% cap)

NOI $28,840 @ 7.0% cap · market cap 2.40%

Theoretical Best

Office A

$708.3K

$619.8K – $826.4K (±1% cap)

NOI $49,584 @ 7.0% cap · market cap 4.13%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Flex space

Suggested Use

Top Pick HVAC Service

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

Location Intelligence

Trade Area within ½ mile

5

Businesses Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Demographics for 40109, KY

2,465

Population

964

Households

2.6

Avg Household Size

49

Median Age

17%

College-Educated

92%

High-School Grad

13.4 sq mi

ZIP Area

184

Density / Sq Mi

$73,350

Median Household Income

$55,655

Median Earnings

$239,900

Median Home Value

Market

Vacancy Rate% for Office in South region

14.4% 2019

16.4% 2020

17.3% 2021

18% 2022

18.6% 2023

20.3% 2024

20.2% 2025

Questions? Ask Rey

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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 - Office, shop, storage, and outdoor areas support varied industrial operations.

Where is this flex space located?

The property is located at 3665 Coral Ridge Rd Brooks, KY.

What is the asking price?

The asking price for this property is $1,200,000.

What are key features of this property?

This property features: 5.7‑acre I‑G‑zoned flex property one mile from I‑65; 3,360‑square‑foot, two‑story office building constructed in 2014; Attached 2,400‑square‑foot building with one work bay and restroom