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    118 S 5th Street Murray, KY 42071

    View on Map
    For Lease
    $3,500 /Mo

    Office, 1 Story - Murray, KY

    Type:Office
    Property size:
    2,500 SF
    Added:
    Mar 30, 2026
    Days on Market:
    10
    Last Refresh:
    Apr 8 at 4:06 am

    Property Features for 118 S 5th Street

    General Information

    Property type
    Commercial Lease
    Property subtype
    Office
    Parking features
    On Street
    Standard status
    Active
    Size
    2,500 SF

    Utilities

    Heating system
    Natural Gas
    Cooling system
    Central Air

    Building Details

    Floors in Building
    1
    Flooring type
    Carpet, Linoleum, Vinyl
    Building materials
    Brick
    Architectural style
    Other

    We can help!

    Listing Contact
    John Kopperud
    John Kopperud

    Listing agent John Kopperud License #210645

    Listing office Kopperud Realty 711 Main Street, Murray, KY

    Listing date Mar 30, 2026

    MLS# 128216 Listing URL

    Copyright © 2026 Western Kentucky Regional MLS Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Downtown Murray Office Space Available

    This 2,500 square foot office space is available for lease in downtown Murray. Located in the Peel & Holland building at 118 S 5th St Suite B on Murray's Historic Court Square, the space features a large front reception area, 10 offices, 2 conference rooms, a break room, and 2 bathrooms. High quality finishes are present throughout the space. The building is zoned B-3 Central Business District. Shared parking is available in the back parking lot, with abundant public street parking to the front and side of the building. The lease is priced at $3,500 per month plus utilities, with Triple Net (NNN) charges estimated to be $660 per month.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    HUB International Insurance Agency Earleene Woods, Realtor Real Estate Agency Cothran Real Estate ... Real Estate Agency Shelly Forgey, Keller ... Real Estate Agency Michele Thomas, Keller ... Real Estate Agency

    Suggested Use

    Restaurant Real Estate Agency Law Firm Dental Office Building Supply Spa & Massage Center Big Box & Wholesale Store Hair Salon Auto Repair Shop Hotel & Motel

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Murray
    County
    Calloway
    State
    Kentucky
    Longitude
    -88.302917
    Latitude
    36.611655

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    FAQs

    What type of property is this?
    Office units - Turn-key office space for lease in downtown Murray.
    Where is this office units located?
    The property is located at 118 S 5th Street Murray, KY.
    What is the lease rate?
    The lease rate is $3,500 /Mo.
    What are key features of this property?
    This property features: Prime downtown Murray location on historic court square; 2,500 sq ft of turn key office space; Features **10 offices, 2 conference rooms, and a break room**
    (270) 293-3474
    We can help!
    Listing Contact
    John Kopperud
    John Kopperud
    Real Estate License ID: 210645
    Learn More
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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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