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    123 Waddill Madisonville, KY 42431

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    Claim this Listing
    For Sale
    $579,000

    Other-See Remarks - Madisonville, KY

    Property size:
    21,800 SF
    Lot size:
    2.00 Acres
    Price / SF:
    $26/SF
    Added:
    Jan 24, 2026
    Days on Market:
    103
    Last Refresh:
    May 7 at 5:06 pm

    Property Features for 123 Waddill

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Security features
    Security System
    Interior features
    Handicap Access, Security System
    Accessibility
    Accessible Approach with Ramp
    Appliances
    Other
    Standard status
    Active
    Size
    21,800 SF
    Lot size
    2.00 Acres

    Utilities

    Heating system
    Forced Air, Hot Water (Heating), Natural Gas
    Cooling system
    Central Air, Electric

    Building Details

    Year built
    1920
    Building materials
    Brick
    Roof type
    Composition, Other, Rolled/Hot Mop
    Architectural style
    Other

    We can help!

    Listing Contact
    Cindy McKenzie

    Listing agent Cindy McKenzie

    Listing office Coldwell Banker Complete Realty 1096 N. MAIN, MADISONVILLE, KY

    Listing date Jan 24, 2026

    MLS# 116634 Listing URL

    Copyright © 2026 Madisonville-Hopkins County Board of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • 2 acres of land with potential for residential or commercial development with a conditional use permit.
    • Updated professional offices (2‑4) ready for immediate rental income or conversion to apartments.
    • Vacant lots included offer numerous building possibilities.
    • Large rooms in the main school building suitable for studio apartments or professional offices.
    • Asbestos has been professionally removed from the school building.
    • Separate lot fronting N. Franklin Ave. without medical profession restrictions.

    Overview

    Versatile Madisonville Property: Development Potential

    This property in Madisonville, KY, presents an investor opportunity with 2 acres of ground. It is suitable for residential use with a conditional use permit, as well as for a professional office building, venue, or conference room. Between two and four professional offices have been updated and are ready for immediate rental or conversion into apartments. The property offers ample room for additional construction. Vacant lots are included, presenting numerous possibilities. The main part of the school building has been emptied and broom cleaned, with only one room requiring ceiling and floor repair. The remaining rooms are spacious and could be converted into studio apartments or professional offices, complemented by extensive parking. The existing offices measure 40 x 26 feet. Asbestos has been professionally removed from the school area. Additionally, a separate lot fronting N. Franklin Ave. does not have the medical profession restrictions applicable to the main property.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Waddill School Coworking & Hybrid Office

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Skin Care Clinic

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

    Location Insight

    • Map
    • Local Demand
    City
    Madisonville
    County
    Hopkins
    State
    Kentucky
    Longitude
    -87.495071
    Latitude
    37.334006

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    FAQs

    What type of property is this?
    School - Two-acre property suitable for residential, office, or apartments.
    Where is this school located?
    The property is located at 123 Waddill Madisonville, KY.
    What is the asking price?
    The asking price for this property is $579,000.
    What are key features of this property?
    This property features: 2 acres of land with potential for residential or commercial development with a conditional use permit.; Updated professional offices (2‑4) ready for immediate rental income or conversion to apartments.; Vacant lots included offer numerous building possibilities.
    (270) 821-3131
    We can help!
    Listing Contact
    Cindy McKenzie
    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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