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    Historic Downtown Commercial Building Title is generated by Realmo AI

    121 E 2nd, Owensboro, KY 42303

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    Claim this Listing
    For Sale
    $4,000,000

    SINGLE_FAMILY - Owensboro, KY

    Type:Office
    Added:
    Jul 12, 2019
    Days on Market:
    2520
    Last Refresh:
    Jun 4 at 2:06 pm

    Property Features for 121 E 2nd

    General Information

    Property type
    Residential
    Property subtype
    Office
    Parking features
    Garage, Off Street
    Standard status
    Active

    Utilities

    Heating system
    Natural Gas
    Cooling system
    Central Air, Electric

    Building Details

    Year built
    1911
    Building materials
    Brick, Frame, Steel Frame

    We can help!

    Listing Contact
    Joann Risner
    Joann Risner

    Listing agent Joann Risner License #27164

    Listing office Risner & Associates Realty, Inc. 1010 Frederica Street, OWENSBORO, KY

    Listing date Jul 12, 2019

    MLS# 76897

    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.

    HighLights

    • 100% occupancy with income generation and expansion potential in the unfinished basement.
    • Prime downtown location connected to a parking garage and adjacent to the Riverpark Center and Museum.
    • Walking distance to restaurants, shopping, Smothers Park, the Riverfront, hotels, and the Convention Center.
    • Completely renovated 4‑floor commercial building with modern amenities and distinctive architecture.
    • New roof and HVAC systems installed in 2016.
    • On‑site maintenance individual with extensive building knowledge.

    Overview

    Located in downtown Owensboro, this historic building dates back to the early 1900s. Formerly the Landmark Department Store "Mcatee Lyddane & Ray," the property has been completely renovated into a four-story commercial building. The building's modern amenities blend with its distinctive architectural style. It currently houses multiple businesses, including retail and specialty services. Each floor features offices with views of the downtown area, customized meeting rooms, employee break rooms, restrooms, and receptionist areas. A full-time maintenance individual is on-site. Updates include a new roof and HVAC systems installed in 2016. The property is connected directly to a parking garage and is adjacent to the Riverpark Center, the Museum, and other downtown businesses. It is within walking distance of restaurants, shopping, Smothers Park, the Riverfront, hotels, and the convention center. The property is currently at 100% capacity, with an opportunity to expand the unfinished basement. The building is intended for commercial use and is an income-generating property.
    Property Profile Location Intelligence

    Current Use by Public Records

    55 Gallon Drums ... Big Box & Wholesale Store Nick Goetz: Gordon ... Law Firm Bryce L. Caldwell, ... Law Firm Daviess County Probation ... Probation Office Johnson J Andrew Law Firm

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

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

    Location Insight

    • Map
    • Local Demand
    City
    Owensboro
    County
    Daviess
    State
    Kentucky
    Longitude
    -87.11028
    Latitude
    37.77528

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    FAQs

    What type of property is this?
    Office building - Renovated four-story commercial building in downtown Owensboro.
    Where is this office building located?
    The property is located at 121 E 2nd Owensboro, KY.
    What is the asking price?
    The asking price for this property is $4,000,000.
    What are key features of this property?
    This property features: 100% occupancy with income generation and expansion potential in the unfinished basement.; Prime downtown location connected to a parking garage and adjacent to the Riverpark Center and Museum.; Walking distance to restaurants, shopping, Smothers Park, the Riverfront, hotels, and the Convention Center.
    (270) 570-3939
    We can help!
    Listing Contact
    Joann Risner
    Joann Risner
    Real Estate License ID: 27164
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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.

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