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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    221 Main St Florence, KY 41042-2015

    • Office buildings
    • 2,772 SF
    • 0.56 lot acres
    OFF-MARKET
    Last Sale
    May 19, 2023
    $245,000
    Value Estimations
    $295,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US34-0433704
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Environment & Archaeology / Environmental Consultant

    Property Details for 221 Main St

    Year built
    1930
    Construction
    WOOD
    Lot size
    0.56 lot acres
    Property size
    2,772 SF
    Property type
    Office buildings
    APN
    061.19-28-001.00
    APU
    61192800100

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $290,000
      ML approach
      $265,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $304,000
      Market price range: $234k - $517k
      AI Estimate
      $297,000
      Market price range: $115k - $543k

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $370,000
      Current use
      WAREHOUSE, STORAGE
      $350,000
      Change: -5% Conversion: Difficult
      RETAIL STORES
      $340,000
      Change: -7% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Florence
    County
    Boone
    State
    Kentucky
    Longitude
    -84.6236
    Latitude
    39.0029
    CBSA code
    17140
    CBSA name
    CINCINNATI-MIDDLETOWN, OH-KY-IN METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $2,055
    $130,000
    $80,000
    $210,000
    -
    $130,000
    $80,000
    $210,000

    Comparable in this City

    • Value Estimation
      $295,000
      0.25 Acres

      7436 Burlington Pike

      OFFICE BUILDING • 0.25 Acres
      7436 Burlington Pike, Florence, KY 41042-1512
      View Details
    • Value Estimation
      $800,000
      21,493 SF

      47 Cavalier Blvd

      OFFICE BUILDING • 21,493 SF
      47 Cavalier Blvd, Florence, KY 41042-3969
      View Details
    • Value Estimation
      $265,000
      2,952 SF

      245 Main St

      OFFICE BUILDING • 2,952 SF
      245 Main St, Florence, KY 41042-2027
      View Details
    • Value Estimation by Request

      6601 Dixie Hwy

      OFFICE BUILDING
      6601 Dixie Hwy, Florence, KY 41042-2105
      View Details
    • Value Estimation
      $290,000
      3,186 SF

      11 Girard St

      OFFICE BUILDING • 3,186 SF
      11 Girard St, Florence, KY 41042-2667
      View Details
    • Value Estimation
      $195,000

      7134 Price Pike

      OFFICE BUILDING
      7134 Price Pike, Florence, KY 41042-1666
      View Details

    Similar Nearby for Sale

    • $635,000
      3,625 SF

      Established Eye Care Center

      High-visibility eye care center in Florence, Kentucky for sale.
      6903-6909 Burlington Pike, Florence, KY 41042
      View Details
    • $720,000
      0.45 Acres

      Florence Office Building - High ROI

      Prime location, high traffic, immediate income.
      7211 Us 42, Florence, KY 41042
      View Details
    • $140,000
      Pending

      Move-in Ready Professional Office Suite

      Step-free office suite with reception, kitchenette, and private offices.
      6900 Houston Rd, Florence, KY 41042
      View Details
    • $4,999,000
      19,040 SF

      Iconic Building on Burlington Pike

      Prestigious commercial building with high visibility and spa amenities.
      7535 Burlington Pike, Florence, KY 41042
      View Details
    • $134,500
      0.01 Acres

      Florence Office Condo - Prime Location

      Updated Office Space, Ideal for Growth
      6900 Houston Rd, Florence, KY 41042
      View Details
    • $240,000
      Pending

      Spacious Office Space in Florence

      Combined office units with multiple offices, conference room, and amenities.
      7000 Houston Rd, Florence, KY 41042
      View Details

    Similar Nearby for Lease

    • $18 SF/Yr
      5,862 SF

      Multi-Tenant Office Building For Rent

      Three-story office building with shared amenities and abundant parking.
      7900 Tanners Gate Ln, Florence, KY 41042
      View Details
    • $18 SF/Yr
      198,910 SF

      Office Building on Houston Road

      Office building for rent with visibility from I-71/75.
      4600 Houston Rd, Florence, KY 41042
      View Details
    • Contact for pricing
      217,647 SF

      Flexible Office Suites For Lease

      Office park with suites from 874 to 22,000+ sqft.
      7300-7310 Turfway Rd, Florence, KY 41042
      View Details
    • $1,500 /Mo
      82,764 SF

      Renovated Office Suites Available

      Small office suites for rent with utilities included.
      7505 Sussex Dr, Florence, KY 41042
      View Details
    • $1,395 /Mo
      950 SF

      Office Space in Florence, KY

      950 SF office suite with kitchenette and waiting area.
      6900 Houston Rd, Florence, KY 41042
      View Details
    • Contact for pricing
      12,000 SF

      Custom Medical Office Building

      Prime location, flexible suites, 3,000-12,000 SF
      0 Mount Zion Rd, Florence, KY 41042
      View Details
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    221 Main St
    Florence, KY 41042-2015
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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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