Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    3118 E Alvey Park Drive Unit 1 Owensboro, KY 42303

    View on Map
    Claim this Listing
    New
    For Lease
    $4,667 /Mo

    Retail - Owensboro, KY

    Type:Retail
    Property size:
    3,500 SF
    Added:
    Apr 8, 2026
    Days on Market:
    5
    Last Refresh:
    Apr 12 at 7:06 am

    Property Features for 3118 E Alvey Park Drive Unit 1

    General Information

    Property type
    Commercial Lease
    Property subtype
    Retail
    Parking features
    Paved or Surfaced
    Standard status
    Active
    Size
    3,500 SF

    Utilities

    Cooling system
    Central Air, Gas (Cooling)

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    The Gasser Group

    Listing agent The Gasser Group

    Listing office Triple Crown Realty Group Triple Crown Realty Group, KY

    Listing date Apr 8, 2026

    MLS# 94531 Listing URL

    Copyright © 2026 Greater Owensboro Realtor® Association. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Retail Space in High-Traffic Area

    Retail space is available for lease in a high-traffic strip center located on a busy street. The space can be divided into smaller units, with a minimum size of 1,750 square feet. The lease type is NNN. The space is offered as a white box at a rate of $16 to $18 per square foot. The property features excellent visibility and easy access, benefiting from strong traffic counts. The property is located in Owensboro, KY.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Owensboro Vapors (Bike/Boat/Book/etc) Store VAPURZ ECIG vapor Electronics & Wireless Store Window Replacement Company General Contractor Elevate Insurance Agency ... Insurance Agency Custom Vapors LLC (Bike/Boat/Book/etc) Store

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Owensboro
    County
    Daviess
    State
    Kentucky
    Longitude
    -87.064549
    Latitude
    37.7542365

    Nearby Similar for Lease

    • Contact for pricing

      Remodeled Commercial Building in Owensboro

      High-visibility commercial building suitable for retail, office, medical, or restaurant.
      2219 Frederica St, Owensboro, KY 42301
      View Details
    • Contact for pricing

      Functional Office Space For Rent

      Professional office space with drive-up window and ample parking.
      3400 New Hartford Rd Ste B, Owensboro, KY 42303
      View Details
    • Contact for pricing

      Updated Downtown Office Space Available

      Modern, versatile office space in downtown Owensboro.
      415 Saint Ann Street, Owensboro, KY 42303
      View Details
    • Contact for pricing

      Downtown Office Space For Lease

      Well-configured office space in downtown Owensboro available for lease.
      401 Frederica Street Suite 101A, Owensboro, KY 42303
      View Details
    • Contact for pricing

      Downtown Owensboro Commercial Space Available

      Versatile commercial space in the heart of Downtown Owensboro.
      401 Frederica Street 101C, Owensboro, KY 42301
      View Details
    • Contact for pricing

      Downtown Retail Space in Owensboro

      Retail space in a high-traffic downtown location, ready for customization.
      112 Allen Street, Owensboro, KY 42303
      View Details
    • Contact for pricing

      Retail Space in Audubon Plaza

      Retail space in high-traffic Owensboro location, versatile for various uses.
      2845 W Parrish Avenue, Owensboro, KY 42301
      View Details
    • Contact for pricing

      High-Traffic Retail Space Available

      1,700 SF retail space in a busy Owensboro strip center.
      3525 Frederica St. Unit 3, Owensboro, KY 42301
      View Details
    • Contact for pricing

      Retail Space in High-Traffic Area

      Prime retail space in a well-established Owensboro strip center.
      3000 W Alvey Park Dr, Owensboro, KY 42303
      View Details
    • Contact for pricing

      Retail Space in High-Traffic Center

      900 SF retail space in a busy Owensboro strip center.
      3601 Frederica St. Unit 2, Owensboro, KY 42301
      View Details
    • Contact for pricing

      High-Traffic Retail Space Available

      Retail space in a high-traffic, well-established strip center.
      3601 Frederica St. Unit 8, Owensboro, KY 42301
      View Details
    • Contact for pricing

      Spacious Warehouse in Owensboro, KY

      9,600 SF warehouse available for lease in Owensboro, KY.
      4617 Sutherland Rd., Owensboro, KY 42303
      View Details

    FAQs

    What type of property is this?
    Retail space - Retail space available in a high-traffic area.
    Where is this retail space located?
    The property is located at 3118 E Alvey Park Drive Unit 1 Owensboro, KY.
    What is the lease rate?
    The lease rate is $4,667 /Mo.
    What are key features of this property?
    This property features: High traffic location on a busy street; Excellent visibility; Easy access
    (270) 313-7428
    We can help!
    Listing Contact
    The Gasser Group
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!