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    The Largest CRE Database in the US with Over 1 Million Listings

    231 S Main St Madisonville, KY 42431

    Sponsored
    For Sale
    $650,000

    Business Opportunity,Commercial,Residence Included - Madisonville, KY

    Property size:
    4,534 SF
    Lot size:
    0.72 Acres
    Days on Market:
    12
    Last Refresh:
    Jan 25 at 8:06 am

    Property Features for 231 S Main St

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    Interior features
    Furnished, Handicap Access, Living Area
    Exterior features
    Handicap Access, Outdoor Lighting, Parking-Paved, Storage
    Accessibility
    Accessible Approach with Ramp
    Appliances
    Dishwasher, Dryer, Garbage Disposer, Microwave, Range, Refrigerator, Washer
    Size
    4,534 SF
    Lot size
    0.72 Acres

    Utilities

    Heating system
    Forced Air
    Cooling system
    Central Air, Electric

    Building Details

    Year built
    1909
    Building materials
    Brick
    Roof type
    Composition
    Architectural style
    Other
    Additional Structures
    Storage

    We can help!

    Listing Contact
    Sara Spencer
    Sara Spencer

    Haven Realty, LLC (270) 871-1514

    Listing agent Sara Spencer (270) 245-2626

    Listing date Jan 14, 2026

    MLS# 117191 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.

    Learn more

    Property Insight Report

    Overview

    Turnkey Madisonville Venue Opportunity

    Madison on Main presents a unique opportunity to acquire a fully operational and highly-rated short-term rental and event venue located in downtown Madisonville. Constructed in 1909, this historic property functions as a popular Airbnb, boasting a 4.95-star rating and a loyal base of repeat guests. The property includes 11 bedrooms, each equipped with a private bath, microwave, and mini-refrigerator, making it suitable for weddings, reunions, retreats, and corporate gatherings. Guests have access to a fully equipped kitchen, shared gathering areas, a music room, and laundry facilities. A complete third-floor apartment serves as an ideal residence for the owner or manager. The property, with a size of 4534 square feet and situated on a 0.72-acre lot, is being sold fully furnished, including locally sourced antique furniture, linens, and kitchenware. Recent upgrades include a new roof, updated HVAC systems, new plumbing and electrical systems, and ADA accessibility improvements. This turnkey investment offers proven cash flow, strong occupancy rates, and diverse revenue potential.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Madison on Main Guest House Blades Salon & Day ... Day Spa

    Suggested Use

    Restaurant Realty agency Law Firm Building Supply Spa & Massage Dental Office Wholesale Shop Auto Repair Shop Hair Salon Clothing Store

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

    Similar Places Nearby

    Ruby Lodge at Spring Lake Woods, All Inclusive Rentals, Madison on Main

    Location Insight

    • Map
    • Local Demand
    City
    Madisonville
    County
    Hopkins
    State
    Kentucky
    Longitude
    -87.498689
    Latitude
    37.331872

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    FAQs

    What type of property is this?
    Bed & breakfast - Fully operational short-term rental and event venue with residence included.
    Where is this bed & breakfast located?
    The property is located at 231 S Main St Madisonville, KY.
    What is the asking price?
    The asking price for this property is $650,000.
    What are key features of this property?
    This property features: - Fully operational short-term rental and event venue with 4.95-star rating, proven cash flow, and strong occupancy.; - Features 11 bedrooms, each with a private bath, plus microwaves and mini-refrigerators.; - Turnkey investment: being sold fully furnished, including antique furniture, linens, and kitchenware.
    (270) 836-2771
    Request Owner's contact information
    231 S Main St Madisonville, KY 42431
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    Madisonville, KY 42431
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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
    231 S Main St Madisonville, KY 42431
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    We can help!
    Listing Contact
    Sara Spencer
    Sara Spencer
    (270) 836-2771
    Learn more
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