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    5940 Timber Ridge Dr Prospect, KY 40059
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    Property profile & analytics

    5940 Timber Ridge Dr, Prospect, KY 40059

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    • Office Spaces
    • 1,121 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Family Wealth Group of Louisville / Financial Advisor
    • Family Wealth Strategies / Financial Advisor

    Property Details for 5940 Timber Ridge Dr

    Year built
    2001
    Property type
    Office Spaces
    Property subtype
    Office Units

    Description

    This 1,121 square foot Class A office condo is available for sale at $197,000 ($175.74/sq ft). Located at 5940 Timber Ridge Drive, Suite 201, Prospect, KY 40059, this vacant unit is situated in a well-maintained office park, offering convenient access to US Hwy 42, and nearby amenities such as Kroger and Walgreens. Built in 2001, the property features a versatile and open layout, ideal for various professional office uses. The unit is zoned OR-3. The condo boasts spacious offices suitable for a range of businesses. The property is available for occupancy on May 31, 2024. Monthly condo association fees are $225. This owner/user investment opportunity presents an affordable entry point into the desirable Prospect, Kentucky market, offering executive-quality space in a convenient location near restaurants and shopping. The property is a traditional office condo.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Prospect
    County
    Jefferson
    State
    Kentucky
    Longitude
    -85.6225
    Latitude
    38.3386

    Comparable in this City

    • Value Estimation
      $940,000
      3,347 SF

      10639 Meeting St, Unit 101

      CONDOMINIUM OFFICES
      10639 Meeting St, Prospect, KY 40059-6503
      View Details
    • Value Estimation by Request
      1,121 SF

      5924 Timber Rdg Dr Ste, Unit 202

      CONDOMINIUM OFFICES
      5924 Timber Rdg Dr Ste, Prospect, KY 40059-8189
      View Details
    • Value Estimation by Request
      5,000 SF

      12103 Riv Beauty Loop

      Office Spaces
      12103 Riv Beauty Loop, Prospect, KY 40059
      View Details
    • Value Estimation by Request
      800 SF

      13011 Us-42

      Office Spaces
      13011 Us-42, Prospect, KY 40059
      View Details
    • Value Estimation
      $620,000
      3,704 SF

      10639 Meeting St, Unit 102

      CONDOMINIUM OFFICES
      10639 Meeting St, Prospect, KY 40059-6503
      View Details
    • Value Estimation
      $535,000
      3,178 SF

      10619 Meeting St, Unit 106

      CONDOMINIUM OFFICES
      10619 Meeting St, Prospect, KY 40059-6555
      View Details

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      Norton Commons Class A Office

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      Proposed Office Building For Lease

      Proposed four-story office building with ample parking and green space.
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      1,460 SF

      Retail Space Available For Lease

      Retail property available for lease with 5625 square feet.
      5929 Timber Ridge Dr, Prospect, KY 40059
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    Prospect, KY 40059
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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