Building Details

Year Built 2000

Year Renovated 2024

Buildings 1

Stories 2

Units 1

Listing Agency: eXp Commercial LLC

Listed By: Stephanie Gilezan · License #KY 199560 Show Phone

Source: Crexi

Added: Jan 15, 2024 Changed: Oct 27 Last Checked: Oct 26 at 3:07PM

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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 eXp Commercial LLC

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Investment Insights

Based on property information with market context.

This 1,560 square-foot office condo features new flooring, paint, and toilets. The layout includes six large offices, a conference room, a storage room, and two bathrooms. The property is located off Blankenbaker Parkway, situated between Shelbyville Road and I-64. It is being offered for sale with a NNN tenant.

Key Highlights

• Renovated office condo with new floors, paint, and toilets
• NNN Tenant in place
• Convenient location off Blankenbaker Parkway between Shelbyville Road and I‑64

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$15,051

Cap Rate

5.47%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$301,020 $301.0K

Cap Rate 7%

$215,014 $215.0K

Cap Rate 9%

$167,233 $167.2K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,560 SF

Gross rent

$24.9K $15.96/SF

− Vacancy

−$4.8K −$3.10/SF

EGI

$20.1K $12.86/SF

− OpEx

−$5.0K −$3.22/SF

NOI

$15.1K $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%

$301,020

Cap Rate 7%

$215,014

Cap Rate 9%

$167,233

Alternative Uses

Best Use

Office B

$215.0K

$188.1K – $250.9K (±1% cap)

NOI $15,051 @ 7.0% cap · market cap 5.47%

Second Best

—

—

no second resolved use

Theoretical Best

Healthcare Medical

$308.8K

$270.2K – $360.2K (±1% cap)

NOI $21,613 @ 7.0% cap · market cap 7.86%

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

Property Analytics

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Current Use

Office Units

Suggested Use

Top Pick Building Supply Auto Parts Store Electrical Service Big Box & Wholesale Store HVAC Service Grocery & Convenience Store

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

988

Businesses Nearby

Explore this area Business Placement

Demographics for 40243, KY

11,521

Population

6,151

Households

1.9

Avg Household Size

44

Median Age

51%

College-Educated

97%

High-School Grad

4.1 sq mi

ZIP Area

2,810

Density / Sq Mi

$75,859

Median Household Income

$50,248

Median Earnings

$1,260

Median Rent

$297,900

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

Frequently Asked Questions

What type of property is this?

Office unit - 1,560 SF renovated office condo with NNN tenant.

Where is this office unit located?

The property is located at 406 Blankenbaker Pkwy Douglass Hills, KY.

What is the asking price?

The asking price for this property is $275,000.

What are key features of this property?

This property features: Renovated office condo with new floors, paint, and toilets; NNN Tenant in place; Convenient location off Blankenbaker Parkway between Shelbyville Road and I‑64