Building Details

Year Built 1993

Listing Agency: Forman, Jones & Associates REA

Listed By: Thomas Block

Source: Kcrea.resimplifi

Added: Jul 24 Changed: Oct 9 Last Checked: Oct 16 at 5:56AM

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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 Forman, Jones & Associates REA

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Investment Insights

Based on property information with market context.

This second-floor office condominium provides a compact professional setting within Glenridge Office Condominium Park. The suite includes an oversized executive office, a second private office, reception and waiting space with flexible workspace, a dedicated storage room with built-in shelving, and a private half bathroom. The unit is vacant and available for immediate occupancy.

Property improvements include replacement windows completed in 2025, flush-mount LED lighting installed in 2024, and fresh interior paint from 2020. Built in 1993, the 954-square-foot office offers a maintained setting for professional business use. The property is positioned near Highway 42 and Lime Kiln Lane, with access to Brownsboro Road, I-265, the Gene Snyder Freeway, and the VA Medical Center.

Key Highlights

• 954‑square‑foot second‑floor office condominium
• Vacant unit available for immediate occupancy
• Oversized executive office plus a second private office

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$9,204

Cap Rate

4.84%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$184,080 $184.1K

Cap Rate 7%

$131,486 $131.5K

Cap Rate 9%

$102,267 $102.3K

Is this asking price fair?

Market Conditions

NOI Build-Up for 954 SF

Gross rent

$15.2K $15.96/SF

− Vacancy

−$3.0K −$3.10/SF

EGI

$12.3K $12.86/SF

− OpEx

−$3.1K −$3.22/SF

NOI

$9.2K $9.65/SF

Area

Jefferson County, KY

Vacancy

19.40%

Lease Rate

$15.96 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$184,080

Cap Rate 7%

$131,486

Cap Rate 9%

$102,267

Alternative Uses

Best Use

Office B

$131.5K

$115.1K – $153.4K (±1% cap)

NOI $9,204 @ 7.0% cap · market cap 4.84%

Second Best

—

—

no second resolved use

Theoretical Best

Healthcare Medical

$188.8K

$165.2K – $220.3K (±1% cap)

NOI $13,217 @ 7.0% cap · market cap 6.96%

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

Property Analytics

Current Use

Office Units

Suggested Use

Top Pick Building Supply Big Box & Wholesale Store Auto Repair Shop Restaurant Storage Facility Kitchen & Bath Showroom

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

Location Intelligence

Trade Area within ½ mile

1,001

Businesses Nearby

Explore this area Business Placement

Demographics for 40222, KY

21,725

Population

10,953

Households

2

Avg Household Size

40

Median Age

57%

College-Educated

96%

High-School Grad

9.5 sq mi

ZIP Area

2,287

Density / Sq Mi

$81,623

Median Household Income

$54,592

Median Earnings

$1,326

Median Rent

$347,000

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

Frequently Asked Questions

What type of property is this?

Office units - Second-floor professional office condominium with private offices, reception space, storage, and a half bathroom.

Where is this office units located?

The property is located at 6510 Glenridge Park Pl Northfield, KY.

What is the asking price?

The asking price for this property is $190,000.

What are key features of this property?

This property features: 954‑square‑foot second‑floor office condominium; Vacant unit available for immediate occupancy; Oversized executive office plus a second private office