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    615 S 2nd Street Central City, KY 42330

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    For Sale
    $396,000

    Commercial - Central City, KY

    Property size:
    3,000 SF
    Lot size:
    1.83 Acres
    Added:
    Apr 7, 2026
    Days on Market:
    5
    Last Refresh:
    Apr 11 at 1:06 am

    Property Features for 615 S 2nd Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Parking features
    Parking Lot
    Interior features
    Finished, Office Space
    Standard status
    Active
    APN
    142-03-01-009.005
    Size
    3,000 SF
    Lot size
    1.83 Acres

    Utilities

    Heating system
    Heat Pump (Heating)
    Cooling system
    Central Air, Electric

    Building Details

    Year built
    2017
    Floors in Building
    1
    Flooring type
    Concrete, Laminate, Tile
    Building materials
    Brick
    Roof type
    Shingle
    Architectural style
    Other

    We can help!

    Listing Contact
    Kara Keehan

    Listing agent Kara Keehan License #219606

    Listing office Haley Auctions and Realty 51 Sold Lane, Russellville, KY

    Listing date Apr 7, 2026

    MLS# RA20261912 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.

    Overview

    Mixed-Use Property in Central City

    Located in the heart of Central City's business district, just off the Western Kentucky Parkway, this 1.83-acre property combines commercial space and residential income. Constructed in 2017, the 3,000 square foot building is designed to accommodate multiple uses. The front 1,200 square feet features a 27' x 24' open area, currently used as a chapel, but adaptable to retail, office, fitness, event, and service-based businesses. It includes two handicap-accessible public restrooms, private offices, and dedicated storage areas. The property also includes two residential units: a 3-bedroom, 3-bath unit and a 2-bedroom, 1-bath unit, each with a full kitchen and utility space. These units can be used as separate rentals, combined into one larger residential unit, or for on-site owner or staff housing. The property allows for operating a business in the front and generating rental income in the back, or combining business operations and on-site living. With strong visibility and room to expand parking or the building footprint, this property offers room for growth.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Truvine Discipleship Medical Clinic

    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
    Central City
    County
    Muhlenberg
    State
    Kentucky
    Longitude
    -87.1181504
    Latitude
    37.2865037

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    FAQs

    What type of property is this?
    Mixed-use property - Commercial and residential income property in Central City, Kentucky.
    Where is this mixed-use property located?
    The property is located at 615 S 2nd Street Central City, KY.
    What is the asking price?
    The asking price for this property is $396,000.
    What are key features of this property?
    This property features: High‑visibility location off the Western Kentucky Parkway in Central City's business district.; Versatile 3,000± sq ft building suitable for commercial and residential use.; Includes two residential units (3‑bed/3‑bath and 2‑bed/1‑bath) for rental income or on‑site housing.
    (270) 799-7057
    We can help!
    Listing Contact
    Kara Keehan
    Real Estate License ID: 219606
    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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