Renovated Flex Space with
For Sale
Contact for pricing
128 State St, Bowling Green, KY 42101
LI-zoned property combines office space with a heated warehouse and rear parking.
Property Size3,200 SF
Price / SF$203.13
Days on Market427
Property Features for 128 State St
General Information
Standard status
Active
Size
3,200 SF
Property subtype
INDUSTRIAL
Zoning
LI
Warehouse & Industrial
Warehouse Space
2,000 SF
Office Build-Out
1,200 SF
Drive-In Doors
2
Building Details
Year Built
2002
Year Renovated
2018
Building Size
3,200 SF
Listing Agency:
Neal Turner Realty
(270) 779-0017
Listed By:
Eric St. John
(270) 779-0017
Source:
Moodyscre
Added: Jun 30, 2025
Changed: Aug 29
Last Checked: Aug 29 at 4:15PM
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 Neal Turner Realty
Investment Insights
Based on property information with market context.
This 3,200 SF flex property includes 1,200 SF of office area and 2,000 SF of warehouse space. The warehouse is equipped with gas heat and has two drive-in doors, supporting efficient movement between the building and outside loading areas. The property was built in 2002 and renovated in 2018.
Parking is available behind the building and alongside the office area. Zoned LI, the property is positioned at 128 State St in Bowling Green, Kentucky, within a downtown-bypass setting.
Parking is available behind the building and alongside the office area. Zoned LI, the property is positioned at 128 State St in Bowling Green, Kentucky, within a downtown-bypass setting.
Key Highlights
- 3,200 SF total with 1,200 SF of office and 2,000 SF of warehouse space
- Two drive‑in doors serve the warehouse area
- Gas heat installed in the warehouse
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
$37,152
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
5.72%
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%
$743,040
$743.0K
Cap Rate 7%
$530,743
$530.7K
Cap Rate 9%
$412,800
$412.8K
Market Conditions
NOI Build-Up for 3,200 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
$57.6K $18.00/SF
− Vacancy
−$8.1K −$2.52/SF
EGI
$49.5K $15.48/SF
− OpEx
−$12.4K −$3.87/SF
NOI
$37.2K $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%
$743,040
Cap Rate 7%
$530,743
Cap Rate 9%
$412,800
Alternative Uses
Best Use
Office B
$530.7K
$464.4K – $619.2K
NOI $37,152 @ 7.0% cap · market cap 5.72%
Second Best
Warehouse
$299.6K
$262.2K – $349.6K
NOI $20,974 @ 7.0% cap · market cap 3.23%
Theoretical Best
Office A
$706.7K
$618.4K – $824.5K
NOI $49,471 @ 7.0% cap · market cap 7.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Drive-in doors
Location Intelligence
Trade Area within ½ mile
1,766
Businesses Nearby
Balanced
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
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Frequently Asked Questions
What type of property is this?
Flex space - LI-zoned property combines office space with a heated warehouse and rear parking.
Where is this flex space located?
The property is located at 128 State St Bowling Green, KY.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: 3,200 SF total with 1,200 SF of office and 2,000 SF of warehouse space; Two drive‑in doors serve the warehouse area; Gas heat installed in the warehouse
