Multi-Building Storage and
For Sale
$1,750,000
7006-7014 Hughes Ave, Crestwood, KY 40014
Seven buildings on two contiguous parcels combine office space, masonry warehouse, and multiple storage rental buildings.
Property Size17,093 SF
Price / SF$102.38
Days on Market123
Property Features for 7006-7014 Hughes Ave
General Information
Standard status
Active
Size
17,093 SF
Property subtype
Other
Zoning
C-3
Amenities
Power
Water
Sewer
Natural Gas
Listing Agency:
RE/MAX Real Estate Champions
Listed By:
Lori Willinghurst
(502) 930-1155
Source:
Kcrea.resimplifi
Added: May 13
Changed: Sep 10
Last Checked: Sep 11 at 5:08AM
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 RE/MAX Real Estate Champions
Investment Insights
Based on property information with market context.
This offering includes seven buildings across two contiguous parcels in Crestwood, KY. The front parcel features a two-story 3,000 SF main office building that is currently fully owner-occupied, along with a sturdy 3,360 SF masonry warehouse built in 1980, also owner-occupied. Added in 2013 are a 1,440 SF wood-frame, metal-exterior building with rental storage configured as four 20' x 18' units, plus three additional wood-frame, metal-exterior storage buildings totaling 5,724 SF designed for storage rental.
The back parcel is available separately and includes two buildings totaling 3,569 SF, built in 1992. One building includes approximately 25% finished office space and has had renovations since 2010.
Collectively, the property is designed to support both owner-occupancy and income-producing storage operations, with space that includes both offices and warehousing.
The back parcel is available separately and includes two buildings totaling 3,569 SF, built in 1992. One building includes approximately 25% finished office space and has had renovations since 2010.
Collectively, the property is designed to support both owner-occupancy and income-producing storage operations, with space that includes both offices and warehousing.
Key Highlights
- Seven‑building commercial property on two contiguous parcels in Crestwood, KY, offering office, masonry warehouse, and storage rental buildings
- Front parcel includes a 3,000 SF two‑story main office building (owner‑occupied) with a history of individual office rentals
- Front parcel also includes a 3,360 SF masonry warehouse built in 1980 (owner‑occupied)
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
$160,237
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
9.16%
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%
$3,204,740
$3.2M
Cap Rate 7%
$2,289,100
$2.3M
Cap Rate 9%
$1,780,411
$1.8M
Market Conditions
NOI Build-Up for 17,093 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
$246.1K $14.40/SF
− Vacancy
−$17.2K −$1.01/SF
EGI
$228.9K $13.39/SF
− OpEx
−$68.7K −$4.02/SF
NOI
$160.2K $9.37/SF
Area
Oldham County, KY
Vacancy
7.00%
Lease Rate
$14.40 /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%
$3,204,740
Cap Rate 7%
$2,289,100
Cap Rate 9%
$1,780,411
Alternative Uses
Best Use
Office B
$3.01M
$2.63M – $3.51M
NOI $210,664 @ 7.0% cap · market cap 12.04%
Second Best
Self Storage
$2.29M
$2.00M – $2.67M
NOI $160,237 @ 7.0% cap · market cap 9.16%
Theoretical Best
Office A
$3.60M
$3.15M – $4.20M
NOI $252,243 @ 7.0% cap · market cap 14.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
84
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 40014, KY
22,255
Population
8,028
Households
2.8
Avg Household Size
40
Median Age
47%
College-Educated
97%
High-School Grad
52.1 sq mi
ZIP Area
427
Density / Sq Mi
$118,750
Median Household Income
$57,297
Median Earnings
$1,117
Median Rent
$381,500
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Seven buildings on two contiguous parcels combine office space, masonry warehouse, and multiple storage rental buildings.
Where is this flex space located?
The property is located at 7006-7014 Hughes Ave Crestwood, KY.
What is the asking price?
The asking price for this property is $1,750,000.
What are key features of this property?
This property features: Seven‑building commercial property on two contiguous parcels in Crestwood, KY, offering office, masonry warehouse, and storage rental buildings; Front parcel includes a 3,000 SF two‑story main office building (owner‑occupied) with a history of individual office rentals; Front parcel also includes a 3,360 SF masonry warehouse built in 1980 (owner‑occupied)
