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Govt. Contract Investment in Henry County 137 W College St 2,457 SF 100% Leased Office Building New Castle, KY 40050 $330,000 ($134.31/SF) 8.67% Cap Rate
Executive Summary
This government office building in New Castle, Kentucky offers a stabilized investment opportunity featuring a long-term lease with the Cabinet for Health and Family Services, generating gross annual rent of $30,100 from 2,457 square feet leased at $12.25 per square foot. The property is priced at $330,000, or $134.31 per square foot, and offers an 8.5% cap rate with a lease term running annually through June 30, 2030. The current rent is below market, providing potential upside, and the tenant benefits from 11 on-site parking spaces. Landlord responsibilities are limited to mowing and snow and ice removal.
Property Facts
Sale Type
Investment
Property Type
Office
Building Size
2,457 SF
Building Class
C
Year Built
1950
Price
$330,000
Price Per SF
$134.31
Cap Rate
8.67%
NOI
$28,611
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Typical Floor Size
2,457 SF
Building FAR
0.22
Lot Size
0.26 AC
Parking
11 Spaces (4.48 Spaces per 1,000 SF Leased)
1 1
Somewhat walkable
20/100
Exceptionally drivable
90/100
Somewhat bikeable
20/100
Property Taxes
| Parcel Number | 028-30-04-001.00 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $300,000 |
Property Taxes
Parcel Number
028-30-04-001.00
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$300,000
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Govt. Contract Investment in Henry County | 137 W College St
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