Building Details

Additional Structures Workshop

Listing Agency: Weichert Realtors Lawson Collective Show Phone

Listed By: Tracey Cecil-Simpson · License #207342 Show Phone

Added: Jun 17 Changed: Aug 31 Last Checked: Sep 4 at 3:06AM

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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 flex space property includes a 2040 sq ft workshop on a 1.08-acre corner parcel. The building provides dedicated office space, concrete flooring, insulation, and heating, creating a functional setup for a range of commercial or light industrial operations supported by the available improvements.

The property is located on Rineyville School Road in Rineyville, Kentucky, within Hardin County. Its corner-lot configuration provides a distinct site layout, while the existing workshop allows the property to serve as more than undeveloped land. The combination of land area and completed building improvements offers a practical base for an owner-user or business requiring workshop and office components.

Key Highlights

• 2040 sq ft workshop with office space
• 1.08‑acre corner lot on Rineyville School Road
• Concrete flooring throughout the workshop

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

$10,303

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

6.44%

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%

$206,060 $206.1K

Cap Rate 7%

$147,186 $147.2K

Cap Rate 9%

$114,478 $114.5K

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

$15.9K $7.80/SF

− Vacancy

−$1.2K −$0.59/SF

EGI

$14.7K $7.22/SF

− OpEx

−$4.4K −$2.16/SF

NOI

$10.3K $5.05/SF

Area

Hardin County, KY

Vacancy

7.50%

Lease Rate

$7.80 /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%

$206,060

Cap Rate 7%

$147,186

Cap Rate 9%

$114,478

Alternative Uses

Best Use

Industrial

$147.2K

$128.8K – $171.7K (±1% cap)

NOI $10,303 @ 7.0% cap · market cap 6.44%

Second Best

Flex RnD

$142.0K

$124.2K – $165.7K (±1% cap)

NOI $9,939 @ 7.0% cap · market cap 6.21%

Theoretical Best

Office A

$369.3K

$323.1K – $430.9K (±1% cap)

NOI $25,851 @ 7.0% cap · market cap 16.16%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Flex space

Lease Details

Yes

Paved road access

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

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this flex space located? What is the asking price? Find similar properties What are key features of this property?

Frequently Asked Questions

What type of property is this?

Flex space - Corner-site property offers an insulated commercial building with office space and concrete flooring.

Where is this flex space 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 $160,000.

What are key features of this property?

This property features: 2040 sq ft workshop with office space; 1.08‑acre corner lot on Rineyville School Road; Concrete flooring throughout the workshop