Industrial Building with Fenced
For Sale
$1,500,000
2740 Griffin Dr, Bowling Green, KY 42101
5,000 sq ft building with office and warehouse space.
Property Size5,000 SF
Lot Size1.30 Acres
Price / SF$300
Days on Market758
Property Features for 2740 Griffin Dr
General Information
Standard status
Active
Size
5,000 SF
Lot size
1.30 Acres
Listing Agency:
Keller Williams First Choice R
(270) 535-5366
Listed By:
Arun Muaremi · License #206061
(270) 535-5366
Source:
Exprealty
Added: Jul 15, 2024
Changed: Aug 9
Last Checked: Aug 9 at 8:05PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Keller Williams First Choice R
Investment Insights
Based on property information with market context.
This 5,000 sq ft building is located in an industrial park and includes both office and warehouse space. The property features a fenced lot of 1.3 acres. Additional improvements include new asphalt parking.
Key Highlights
- 5,000 Sq Ft building offering both office and warehouse space.
- Located in a desirable industrial park.
- 1.3+\/- acre lot.
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
$58,050
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
3.87%
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%
$1,161,000
$1.2M
Cap Rate 7%
$829,286
$829.3K
Cap Rate 9%
$645,000
$645.0K
Market Conditions
NOI Build-Up for 5,000 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
$90.0K $18.00/SF
− Vacancy
−$12.6K −$2.52/SF
EGI
$77.4K $15.48/SF
− OpEx
−$19.4K −$3.87/SF
NOI
$58.1K $11.61/SF
Area
Warren County, KY
Vacancy
14.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
25.00%
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%
$1,161,000
Cap Rate 7%
$829,286
Cap Rate 9%
$645,000
Alternative Uses
Best Use
Office B
$829.3K
$725.6K – $967.5K
NOI $58,050 @ 7.0% cap · market cap 3.87%
Second Best
Warehouse
$468.2K
$409.7K – $546.2K
NOI $32,773 @ 7.0% cap · market cap 2.18%
Theoretical Best
Office A
$1.10M
$966.2K – $1.29M
NOI $77,299 @ 7.0% cap · market cap 5.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
233
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 42101, KY
64,444
Population
26,062
Households
2.5
Avg Household Size
30
Median Age
20%
College-Educated
83%
High-School Grad
281.0 sq mi
ZIP Area
229
Density / Sq Mi
$49,045
Median Household Income
$26,564
Median Earnings
$905
Median Rent
$188,200
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - 5,000 sq ft building with office and warehouse space.
Where is this flex space located?
The property is located at 2740 Griffin Dr Bowling Green, KY.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: 5,000 Sq Ft building offering both office and warehouse space.; Located in a desirable industrial park.; 1.3+\/- acre lot.
