Flex Space with Detached
For Sale
$1,500,000
9796 Alexandria Pike, Alexandria, KY 41001
HC-zoned flex property combines professional office improvements with a detached warehouse.
Property Size5,850 SF
Days on Market160
Property Features for 9796 Alexandria Pike
General Information
Standard status
Active
Size
5,850 SF
Class
B
Property subtype
OFC
Building Details
Building Size
5,850 SF
Listing Agency:
KW Northern Kentucky Commercial
(859) 468-6799
Listed By:
TJ Schutte Jr. · License #304174,KENTUCKY
(859) 468-6799
Source:
Realnex
Added: Mar 24
Changed: Aug 29
Last Checked: Aug 29 at 10:01PM
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 KW Northern Kentucky Commercial
Investment Insights
Based on property information with market context.
Located at 9796 Alexandria Pike in Alexandria, Kentucky, this flex property includes 5,850 SF of improvements divided between office and warehouse components. The office portion measures 3,150 SF, while a separate 2,700 SF warehouse provides additional functional space.
The office layout includes 8 private offices, a kitchenette, and a conference room. HC zoning supports the property’s commercial positioning within Campbell County, while the combination of dedicated office areas and a detached warehouse accommodates businesses requiring both professional workspace and on-site storage or operational space.
The office layout includes 8 private offices, a kitchenette, and a conference room. HC zoning supports the property’s commercial positioning within Campbell County, while the combination of dedicated office areas and a detached warehouse accommodates businesses requiring both professional workspace and on-site storage or operational space.
Key Highlights
- 5,850 SF total improvements
- 3,150 SF office component
- Detached 2,700 SF warehouse
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
$75,816
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
5.05%
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%
$1,516,320
$1.5M
Cap Rate 7%
$1,083,086
$1.1M
Cap Rate 9%
$842,400
$842.4K
Market Conditions
NOI Build-Up for 5,850 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
$126.4K $21.60/SF
− Vacancy
−$25.3K −$4.32/SF
EGI
$101.1K $17.28/SF
− OpEx
−$25.3K −$4.32/SF
NOI
$75.8K $12.96/SF
Area
Campbell County, KY
Vacancy
20.00%
Lease Rate
$21.60 /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%
$1,516,320
Cap Rate 7%
$1,083,086
Cap Rate 9%
$842,400
Alternative Uses
Best Use
Office B
$1.08M
$947.7K – $1.26M
NOI $75,816 @ 7.0% cap · market cap 5.05%
Second Best
Flex RnD
$880.0K
$770.0K – $1.03M
NOI $61,601 @ 7.0% cap · market cap 4.11%
Theoretical Best
Office A
$1.60M
$1.40M – $1.87M
NOI $112,320 @ 7.0% cap · market cap 7.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
108
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 41001, KY
19,294
Population
7,387
Households
2.6
Avg Household Size
40
Median Age
35%
College-Educated
94%
High-School Grad
51.7 sq mi
ZIP Area
373
Density / Sq Mi
$102,468
Median Household Income
$57,834
Median Earnings
$1,113
Median Rent
$265,100
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - HC-zoned flex property combines professional office improvements with a detached warehouse.
Where is this flex space located?
The property is located at 9796 Alexandria Pike Alexandria, KY.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: 5,850 SF total improvements; 3,150 SF office component; Detached 2,700 SF warehouse
