Floor & Decor NNN Retail
For Sale
Contact for pricing
87 Spiral Drive, Florence, KY 41042
The building is occupied by Floor & Decor under a long-term NNN lease with scheduled rent increases.
Property Size49,579 SF
Lot Size4.50 Acres
Price / SF$150
Days on Market16
Property Features for 87 Spiral Drive
General Information
Standard status
Active
Size
49,579 SF
Lot size
4.50 Acres
Property subtype
Retail
Building Details
Tenancy
Single
Listing Agency:
Northmarq Capital, LLC
Listed By:
Anne Perrault · License #OK
Source:
Crexi
Added: Sep 22
Changed: Oct 1
Last Checked: Oct 5 at 4:24PM
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 Northmarq Capital, LLC
Investment Insights
Based on property information with market context.
At 49,579 SF, this retail property occupies a 4.50-acre site at 87 Spiral Drive in Florence, Kentucky. Floor & Decor Outlets of America, Inc. is the tenant under a 15-year NNN lease. Rent increases 10% every 5 years during the base term and option periods.
The property is alongside Kohl’s and Home Depot in Florence’s Houston Road retail corridor. Meijer, Sam’s Club, Target, Best Buy, Lowe’s, and Walmart are also within the same trade area.
The property is alongside Kohl’s and Home Depot in Florence’s Houston Road retail corridor. Meijer, Sam’s Club, Target, Best Buy, Lowe’s, and Walmart are also within the same trade area.
Key Highlights
- 49,579 SF retail property on a 4.50‑acre site
- Leased to Floor & Decor Outlets of America, Inc.
- 15‑year NNN lease
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$598,458
Cap Rate
8.05%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$11,969,160
$12.0M
Cap Rate 7%
$8,549,400
$8.5M
Cap Rate 9%
$6,649,533
$6.6M
Market Conditions
NOI Build-Up for 49,579 SF
Gross rent
$892.4K $18.00/SF
− Vacancy
−$37.5K −$0.76/SF
EGI
$854.9K $17.24/SF
− OpEx
−$256.5K −$5.17/SF
NOI
$598.5K $12.07/SF
Area
Boone County, KY
Vacancy
4.20%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$11,969,160
Cap Rate 7%
$8,549,400
Cap Rate 9%
$6,649,533
Alternative Uses
Best Use
Retail
$8.55M
$7.48M – $9.97M
NOI $598,458 @ 7.0% cap · market cap 8.05%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$13.67M
$11.96M – $15.94M
NOI $956,676 @ 7.0% cap · market cap 12.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,544
Businesses Nearby
515k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 35%
Groceries 21%
Shops & Services 15%
Apparel 15%
Meijer
Groceries
82,273 visits/mo
0.3 miles
Kohl's
Apparel
68,814 visits/mo
0.2 miles
The Home Depot
Home Improvements & Furnishings
49,168 visits/mo
0.1 miles
Texas Roadhouse
Dining
45,879 visits/mo
0.5 miles
Chick-fil-A
Dining
43,850 visits/mo
0.3 miles
Demographics for 41042, KY
54,183
Population
23,640
Households
2.3
Avg Household Size
38
Median Age
28%
College-Educated
92%
High-School Grad
22.1 sq mi
ZIP Area
2,452
Density / Sq Mi
$75,582
Median Household Income
$43,501
Median Earnings
$1,240
Median Rent
$210,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in South region
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Frequently Asked Questions
What type of property is this?
NNN property - The building is occupied by Floor & Decor under a long-term NNN lease with scheduled rent increases.
Where is this nnn property located?
The property is located at 87 Spiral Drive Florence, KY.
What is the asking price?
The asking price for this property is $7,436,850.
What are key features of this property?
This property features: 49,579 SF retail property on a 4.50‑acre site; Leased to Floor & Decor Outlets of America, Inc.; 15‑year NNN lease
