Building Details

Year Built 1993

Listing Agency: Forman, Jones & Associates REA t***@icloud.com

Listed By: Thomas Block

Source: Kcrea.resimplifi

Added: Jul 24 Changed: Aug 31 Last Checked: Aug 31 at 12:55PM

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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

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 = 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

$9,204

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

4.71%

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%

$184,080 $184.1K

Cap Rate 7%

$131,486 $131.5K

Cap Rate 9%

$102,267 $102.3K

Market Conditions

NOI Build-Up for 954 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

$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 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%

$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 4.71%

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 6.76%

Zoning and permitted uses should be independently verified with authorities.

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

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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 $195,500.

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