Building Details

Additional Structures Workshop

Listing Agency: Weichert Realtors Lawson Collective Show Phone

Listed By: Tracey Cecil-Simpson Show Phone

Added: Jun 17 Changed: Jul 8 Last Checked: Aug 26 at 4:06AM

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MLS# HK2602501

Copyright © 2026 Heart of Kentucky Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

Investment Insights

Based on property information with market context.

This corner building lot includes a 2,040 sq ft workshop with an office space. The workshop has concrete floors, is insulated, and is heated, creating a straightforward setup for light industrial use, storage, or operations requiring a dedicated work area and administration space.

The property sits on Rineyville School Rd in Rineyville, KY (Hardin County). With approximately 1.08 acres, the site offers room to support on-site needs while maintaining a practical configuration for a small business or contractor workflow.

For buyers seeking a functional property that already combines work space with an office, the existing workshop improvements reduce buildout uncertainty and provide an immediately usable layout. The corner lot configuration can also support convenient access and flexibility for how the space is utilized on the site.

Key Highlights

• Corner building lot on Rineyville School Rd in a convenient location
• 2040 SF workshop includes office space
• Workshop features concrete floors that are insulated and heated

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

$13,963

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

7.76%

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%

$279,260 $279.3K

Cap Rate 7%

$199,471 $199.5K

Cap Rate 9%

$155,144 $155.1K

Market Conditions

NOI Build-Up for 2,040 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

$17.6K $8.64/SF

− Vacancy

−$1.2K −$0.59/SF

EGI

$16.4K $8.05/SF

− OpEx

−$2.5K −$1.21/SF

NOI

$14.0K $6.84/SF

Area

Hardin County, KY

Vacancy

6.80%

Lease Rate

$8.64 /SF/Yr

Expense Ratio

15.00%

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%

$279,260

Cap Rate 7%

$199,471

Cap Rate 9%

$155,144

Alternative Uses

Best Use

Warehouse

$199.5K

$174.5K – $232.7K (±1% cap)

NOI $13,963 @ 7.0% cap · market cap 7.76%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$369.3K

$323.1K – $430.9K (±1% cap)

NOI $25,851 @ 7.0% cap · market cap 14.36%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Warehouses

Location Intelligence

Trade Area within ½ mile

15

Businesses Nearby

Balanced

Demand for This Use

Explore this area Business Placement

Demographics for 40162, KY

6,337

Population

2,121

Households

3

Avg Household Size

42

Median Age

26%

College-Educated

94%

High-School Grad

49.2 sq mi

ZIP Area

129

Density / Sq Mi

$81,466

Median Household Income

$52,117

Median Earnings

$731

Median Rent

$243,500

Median Home Value

Market

Vacancy Rate% for Industrial in South region

6% 2019

6.5% 2020

4% 2021

3.5% 2022

6% 2023

7.6% 2024

7.9% 2025

Questions? Ask Rey

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Frequently Asked Questions

What type of property is this?

Warehouse - Corner building lot with an insulated, heated workshop plus an office space on-site.

Where is this warehouse located?

The property is located at Rineyville School Road lot 20 Rineyville, KY.

What is the asking price?

The asking price for this property is $180,000.

What are key features of this property?

This property features: Corner building lot on Rineyville School Rd in a convenient location; 2040 SF workshop includes office space; Workshop features concrete floors that are insulated and heated