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Property profile & analytics
FOR LEASE
Outlet malls
4990 Houston Rd Florence, KY 41042
Entity Owned
1-yr Hold
~
Est. High Equity
Property ID
US34-0472147
For Lease
1 / 3
$3,390,000
4990 Houston Rd, Florence, KY 41042
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Property summary
AI-generated overview
This exceptional retail opportunity is located inside a high-traffic Meijer store in Florence, Kentucky (4990 Houston Rd, 41042). The available space totals 493 square feet, offering a prime, front-of-store location with unparalleled visibility and access to thousands of weekly customers. This "Store-Within-A-Store" concept provides a range of benefits, including a strategic placement for maximum customer interaction and exposure. The all-inclusive monthly fee covers real estate taxes, property insurance, CAM, and utilities. Branding opportunities include both interior and exterior signage. The property is situated in a thriving trade area with a desirable customer base. This space is ideal for various businesses, including financial institutions, food and beverage establishments, service businesses, and health and wellness providers. The property is part of a multiple-tenancy building in Boone County. This is a unique opportunity to position your business within one of the Midwest's most well-known retail destinations.
Property profile
Verified
Property type
Outlet malls
Use group
WHOLESALE OUTLET, DISCOUNT STORE
Year built
1996
Total area
264,653 SF
Lot
22.47 ac (978,967 SF)
APN
061.00-21-008.00
UPID
US34-0472147
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
VetIQ Petcare Veterinary Clinic
-
Meijer Pharmacy Pharmacy
-
Coinstar Bank Credit Union
-
higi Physician
-
Primo Water Refill & Exchange Big Box & Wholesale Store
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$3.39M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$3.39M
Owner & transaction history
Harras LLC · 1 yrs held
Harras LLC
since 2024
Last sale
$3.4M
7 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Florence submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Florence submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
$3,390,000
ML approach
$3,390,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Blend value · Realmo final
$3.39M
Range $3.05M – $3.73M · ±10% · vs last sale $3.39M (Oct 18 2024)
Last sale anchor
$3.39M
Oct 18 2024
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$13 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$162,840
Tax year 2023
Assessed value
$17,244,400
Assessed 2023
Previous assessed
$17,526,600
-1.6% YoY
Effective rate
0.94%
On assessed value
Assessed land
$6,217,800
Assessed improvement
$11,026,600
Land market value
$6,217,800
Improvement market value
$11,026,600
Total market value
$17,244,400
Applied tax rate
3.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Outlet malls
Use group
WHOLESALE OUTLET, DISCOUNT STORE
Status
For Lease
Year built
1996
Heating
NONE
Cooling
NONE
Stories
1
Total area
264,653 SF
Lot
22.47 ac (978,967 SF)
APN
061.00-21-008.00
UPID
US34-0472147
Jurisdiction
BOONE
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Building & site characteristics
From public records
Year built
1996
Heating
NONE
Cooling
Yes
Stories
1
Lot
22.47 ac
Current owner
From public records · entity-resolved
Harras LLC
Entity
Ownership since
2024
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
7 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Oct 18, 2024
$3,390,150
Harras LLC
Plaza Street Fund 232 LLC
Special Warranty Deed
—
Dec 5, 2022
$500,000
Plaza Street Fund 232 LLC
Meijer Stores Limited Partnership
Special Warranty Deed
$1,700,000 · Umb Bank NA
Oct 23, 2020
$950,000
Phota Florence LLC
Meijer Stores Limited Partnership
Special Warranty Deed
—
Oct 15, 2019
—
Erj Real Estate Holdings LLC
Erj Dining I LLC
Intrafamily Transfer
related
$29,163,500 · Old National Bank
May 19, 2010
$725,000
Erj Dining II LLC
Meijer Stores Limited Partnership
Special Warranty Deed
—
Feb 11, 2009
$600,000
Florence Investors II LLC
Meijer Stores Limited Partnership
Warranty Deed
—
Jan 25, 2008
$885,000
Mossy Glen Investors LLC
Meijer Stores LP
Warranty Deed
$2,556,000 · Fifth Third Bank
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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