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    Updated Property on High-Traffic Bypass Title is generated by Realmo AI

    1338 US 31 W Bypass, Bowling Green, KY 42101

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    For Sale
    $424,900

    Commercial - Bowling Green, KY

    Property size:
    784 SF
    Lot size:
    0.22 Acres
    Price / SF:
    $541/SF
    Added:
    Feb 24, 2026
    Days on Market:
    81
    Last Refresh:
    May 16 at 1:06 am

    Property Features for 1338 US 31 W Bypass

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Interior features
    Finished
    Standard status
    Active
    APN
    040B-07-031
    Size
    784 SF
    Lot size
    0.22 Acres

    Utilities

    Heating system
    See Remarks (Heating)
    Cooling system
    Central Air, Electric

    Building Details

    Year built
    1943
    Flooring type
    Hardwood
    Roof type
    Shingle
    Architectural style
    Other

    We can help!

    Listing Contact
    Bethany Andrews

    Listing agent Bethany Andrews License #288335

    Listing office Keller Williams First Choice R 1550 Westen St., Bowling Green, KY

    Listing date Feb 24, 2026

    MLS# RA20260983 Listing URL

    Copyright © 2026 REALTOR® Association of Southern Kentucky, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • High‑traffic location directly on 31W Bypass, a major business artery, offering excellent visibility and accessibility.
    • Fully updated, move‑in‑ready condition with new roof, HVAC, and windows, ensuring peace of mind and reduced maintenance.
    • Flexible zoning and layout suitable for residential, commercial, or hybrid use, ideal for various business types or rental investment.
    • Brand new outbuilding/shed provides additional storage or business space.
    • Minutes from WKU campus, providing consistent daily visibility and access to major corridors.
    • Clean, modern 784 sq. ft. interior with hardwood floors.

    Overview

    This property is located directly along the 31W Bypass in Bowling Green, Kentucky, a high-traffic area and one of the city’s core business arteries. Situated minutes from Western Kentucky University's campus, the location benefits from consistent daily visibility and offers quick access to major corridors. The property sits on 0.22 acres and includes a fully updated 784 sq. ft. home featuring 2 bedrooms and 1 bath. Recent improvements include a new roof, HVAC system, and windows. A new outbuilding/shed provides additional flexibility for storage, business use, or equipment. The property's zoning and layout make it suitable for single-agency professionals such as insurance, real estate, or financial services, as well as beauty/barber services, a studio, boutique wellness, or rental/investment purposes. It can function as a home, an office, or a hybrid space.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Office Units

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Bowling Green
    County
    Warren
    State
    Kentucky
    Longitude
    -86.4430011
    Latitude
    36.9814638

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    FAQs

    What type of property is this?
    Mixed-use property - Updated property near WKU, ideal for business or residential use.
    Where is this mixed-use property located?
    The property is located at 1338 US 31 W Bypass Bowling Green, KY.
    What is the asking price?
    The asking price for this property is $424,900.
    What are key features of this property?
    This property features: High‑traffic location directly on 31W Bypass, a major business artery, offering excellent visibility and accessibility.; Fully updated, move‑in‑ready condition with **new roof, HVAC, and windows**, ensuring peace of mind and reduced maintenance.; Flexible zoning and layout suitable for residential, commercial, or hybrid use, ideal for various business types or rental investment.
    (270) 782-1811
    We can help!
    Listing Contact
    Bethany Andrews
    Real Estate License ID: 288335
    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.

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