Two-Unit Duplex with
For Sale
$239,000
Pending
635 Kirtley Way, Bowling Green, KY 42104
Multi-Family, Bowling Green, KY
Property Size1,832 SF
Lot Size0.56 Acres
Days on Market31
Property Features for 635 Kirtley Way
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bedroom 4, Bedroom 1, Bathroom 2, Bedroom 2, Bedroom 3
Patio and Porch features
Patio
Interior features
Ceiling Fan(s)
Exterior features
Patio, Trees
Lot features
Cul-de- Sac
Elementary school
Lost River
Middle school
Henry F Moss
High school
Warren Central
Directions
Nashville Road to Lynwood to right on Sarah Drive to left on Kirtley Way.
Subdivision
BG South
Standard status
Pending
Lot size
0.56 Acres
Amenities
laundry room
patio
Building Details
Year built
1977
Number of units
2
Roof type
Shingle
Listing Agency:
RE/MAX Real Estate Executives · RE/MAX International
(270) 781-6000
Listed By:
Jane Parrott · License #184109
(270) 792-7334
Added: Aug 10
Changed: Sep 2
Last Checked: Sep 9 at 1:06AM
MLS# RA20264821
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.
Investment Insights
Based on property information with market context.
Built in 1977, this duplex contains approximately 1,832 square feet across two residential units. Unit A measures approximately 978 square feet, while Unit B provides approximately 853 square feet. Each side includes two bedrooms, one full bathroom, a living room, kitchen, laundry room, and patio. Interior ceiling fans, shingle roofing, and mature trees are also included among the property features.
The property occupies 0.56 acres in Bowling Green, Kentucky. Both units are tenant occupied and operate on month-to-month rental terms. The property is being sold as-is, and appointments are required for access.
The property occupies 0.56 acres in Bowling Green, Kentucky. Both units are tenant occupied and operate on month-to-month rental terms. The property is being sold as-is, and appointments are required for access.
Key Highlights
- Approximately 1,832 sqft. total across two units
- Unit A: approximately 978 sqft.; Unit B: approximately 853 sqft.
- Each unit includes 2 bedrooms and 1 full bathroom
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$17,232
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.21%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$344,640
$344.6K
Cap Rate 7%
$246,171
$246.2K
Cap Rate 9%
$191,467
$191.5K
Market Conditions
NOI Build-Up for 1,832 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$26.2K $14.28/SF
− Vacancy
−$1.5K −$0.84/SF
EGI
$24.6K $13.44/SF
− OpEx
−$7.4K −$4.03/SF
NOI
$17.2K $9.41/SF
Area
Warren County, KY
Vacancy
5.90%
Lease Rate
$14.28 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$344,640
Cap Rate 7%
$246,171
Cap Rate 9%
$191,467
Alternative Uses
Best Use
Multifamily LT 5
$246.2K
$215.4K – $287.2K
NOI $17,232 @ 7.0% cap · market cap 7.21%
Second Best
Apartment 5plus
$229.7K
$201.0K – $268.0K
NOI $16,081 @ 7.0% cap · market cap 6.73%
Theoretical Best
Office A
$404.6K
$354.0K – $472.0K
NOI $28,322 @ 7.0% cap · market cap 11.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
130
Businesses Nearby
Explore this area
Business Placement
Demographics for 42104, KY
37,309
Population
17,619
Households
2.1
Avg Household Size
36
Median Age
42%
College-Educated
91%
High-School Grad
58.0 sq mi
ZIP Area
643
Density / Sq Mi
$73,975
Median Household Income
$39,433
Median Earnings
$980
Median Rent
$282,600
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Tenant-occupied duplex with two-bedroom layouts, private patios, and month-to-month rental terms.
Where is this duplex located?
The property is located at 635 Kirtley Way Bowling Green, KY.
What is the asking price?
The asking price for this property is $239,000.
What are key features of this property?
This property features: Approximately 1,832 sqft. total across two units; Unit A: approximately 978 sqft.; Unit B: approximately 853 sqft.; Each unit includes 2 bedrooms and 1 full bathroom
