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

    265 Walnut Creek Dr Bowling Green, KY 42101

    Sponsored
    For Sale
    $4,999,000

    Multi-Family - Bowling Green, KY

    Type:Multi Family
    Lot size:
    18.47 Acres
    Days on Market:
    1
    Last Refresh:
    Mar 3 at 11:06 pm

    Property Features for 265 Walnut Creek Dr

    General Information

    Property type
    Land
    Property subtype
    Multi Family
    Standard status
    Active
    APN
    027A-01
    Parking features
    Driveway
    Exterior features
    Fence
    Fencing
    Fenced
    Lot size
    18.47 Acres

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    Lee Ervin
    Lee Ervin

    Keller Williams First Choice Realty (270) 782-1811

    Listing agent Lee Ervin (270) 782-1811 License #223291

    Listing date Mar 3, 2026

    MLS# RA20260728 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.

    Learn more

    Property Insight Report

    Overview

    Ready Multifamily Development Land

    This 18.47-acre property is approved for multi-family development, with all permits and entitlements in place. Full site and architectural plans are available, allowing for immediate commencement of construction on 392 apartment units. Owner financing options are available with qualifying terms. The property is located in Bowling Green, Kentucky, strategically positioned off Interstate 165 with convenient access to I-65. This location is desirable for residents and commuters, approximately 60 miles north of Nashville and 110 miles south of Louisville. It is also located minutes from Western Kentucky University (WKU). Bowling Green has experienced significant growth over the past decade, with continued population increases. Recent estimates place Bowling Green’s population near 79,000 (2024) and Warren County’s around 147,900. Bowling Green and Warren County were ranked #1 nationally among metros under 200,000 in economic development performance. This shovel-ready opportunity allows for the delivery of multi-family housing.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Real Estate Agency Restaurant Law Firm Dental Office Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center Pharmacy Accounting Firm

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

    Location Insight

    • Map
    • Local Demand
    City
    Bowling Green
    County
    Warren
    State
    Kentucky
    Longitude
    -86.4957049
    Latitude
    36.9927271

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    FAQs

    What type of property is this?
    Residential land & home lot - 18.47 acres approved for 392 apartment units.
    Where is this residential land & home lot located?
    The property is located at 265 Walnut Creek Dr Bowling Green, KY.
    What is the asking price?
    The asking price for this property is $4,999,000.
    What are key features of this property?
    This property features: - RM-4 zoned land approved for multi-family development with all permits and entitlements in place.; - **Shovel-ready:** Full site and architectural plans available, allowing immediate commencement of construction on 392 apartment units.; - **Strategic location:** Convenient access to I-165 and I-65, close to Western Kentucky University (WKU).
    (270) 305-6539
    Request Owner's contact information
    265 Walnut Creek Dr Bowling Green, KY 42101
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    Bowling Green, KY 42101
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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
    265 Walnut Creek Dr Bowling Green, KY 42101
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    We can help!
    Listing Contact
    Lee Ervin
    Lee Ervin
    Real Estate License ID: 223291
    (270) 305-6539 (270) 782-1811
    Learn more
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