406 Blankenbaker PkwyDouglass Hills, KY 40243

Property Details for 406 Blankenbaker Pkwy

Year built

2002

Lot size

0.06 AC

Property size (Sq ft)

2,752 SF

Property type

Office properties

Property subtype

Other office properties

APN

2233140406406A

APU

2233140406406A

Description

This 1,560 sq ft executive office condo, located at 406 Blankenbaker Pkwy, Douglass Hills, KY 40243, is a Class B, stabilized investment property with a strong 6.11% cap rate. Recently renovated in 2024, it boasts new floors, paint, and toilets. The layout includes six large offices, a conference room, a storage room, and two bathrooms. Currently 100% occupied under a NNN lease with a corporate guarantee, the tenant pays $1,400 per month ($16,800 annually) on a three-year lease commencing July 1, 2024, with 3% annual escalations. The property sits conveniently off Blankenbaker Parkway, between Shelbyville Road and I-64, in Jefferson County. The asking price is $275,000, representing a price per square foot of $176.28. Built in 2000, this single-unit, two-story building is zoned OR3. The Net Operating Income (NOI) is $16,800. This is an exceptional opportunity for investors seeking a stable, high-return investment with a strong tenant.

• CAP approach

  CAP return

  Valuation

  6%

  $491,295

  6.5%

  $453,503

  7%

  $421,110

• Comparable approach

  Method

  Valuation

  Relative Method

  $236,892

  Geo Method

  $236,892

• Alternative Use

  Use

  Valuation

  Residential

  $562,344

  Hospitality

  $515,104

  Educational

  $428,561

  Medical

  $443,300

  Retail

  $666,650

Location Insight

City

Douglass Hills

County

Jefferson

State

Kentucky

Latitude

38.2393

Longitude

-85.5446

CBSA code

31140

CBSA name

LOUISVILLE-JEFFERSON COUNTY, KY-IN METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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