Renovated Victorian
For Sale
$699,900
1327 State Street, Bowling Green, KY 42101
Residential/Farm, 2 Story, Duplex, Historical, Victorian, Bowling Green, KY
Property Size4,144 SF
Lot Size0.36 Acres
Price / SF$168.89
Days on Market107
Property Features for 1327 State Street
General Information
Property type
Residential
Property subtype
Duplex
Bedrooms
5
Bathrooms
5
Full bathrooms
4
Half bathrooms
1
Rooms
Bedroom 3, Bathroom 4, Bedroom 4, Bathroom 1, Bedroom 2, Bedroom 5, Dining Room, Bathroom 3, Bonus Room, Bedroom 1, Bathroom 2, Bathroom 5
Patio and Porch features
Patio, Porch, Deck
Interior features
Attic Access Only, Bookshelves, Catherdral Ceiling(s), Ceiling Fan(s), Closet Light(s), Foam Insulation, Walk-in Closet(s)
Exterior features
Balcony, Covered Front Porch, Covered Deck, Covered Patio, Exterior Lights, Mature Trees, Stamped Concrete Walks
Fireplace
1
Appliances
Smoke Detector(s)
Lot features
Historical District, In City Limits, Sidewalks, Subdivision
Elementary school
T C Cherry
Middle school
Bowling Green Junior High
High school
Bowling Green
Directions
From exit 26, West on Cemetery Rd, left on Chestnut, right on 13th and left on State St.
Subdivision
BG Downtown
Standard status
Active
Size
4,144 SF
Lot size
0.36 Acres
Utilities
Heating system
Heat Pump (Heating), Ductless (Heating), Forced Air, Central
Cooling system
Central Air, ENERGY STAR Qualified Equipment, Electric, Multi Units, Heat Pump
Building Details
Year built
1889
Floors in Building
2
Flooring type
Tile, Hardwood
Roof type
Shingle, Metal, Membrane
Architectural style
Historical, Other, Victorian
Listing Agency:
Keller Williams First Choice R · Keller Williams Realty
(270) 782-1811
Listed By:
Justin Reesy · License #214085
(270) 779-9504
Added: May 21
Changed: Sep 3
Last Checked: Sep 4 at 7:06PM
MLS# RA20263027
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.
This 4,144-square-foot duplex on a 0.36-acre lot combines restored Victorian character with extensive renovations. Built in 1889, the property includes 5 bedrooms, 5 full baths, two full kitchens, a vaulted great room, an open-concept kitchen, dining room, bonus room, and original windows and trim. Renovated systems include plumbing, electrical, gas lines, HVAC, spray-foam insulation, and siding. Hardwood and tile flooring, walk-in closets, bookshelves, and a fireplace add functional and architectural detail.
Outdoor improvements include a covered front porch, covered deck, covered patio, upper balcony, stamped concrete walks, exterior lighting, and mature trees. The property is located at 1327 State Street in Bowling Green, with WKU described as a short walk away. Its layout supports the duplex classification and provides distinct interior areas within the renovated historic structure.
Outdoor improvements include a covered front porch, covered deck, covered patio, upper balcony, stamped concrete walks, exterior lighting, and mature trees. The property is located at 1327 State Street in Bowling Green, with WKU described as a short walk away. Its layout supports the duplex classification and provides distinct interior areas within the renovated historic structure.
Key Highlights
- 4,144‑square‑foot duplex on a 0.36‑acre lot
- 5 bedrooms and 5 full baths
- Two full kitchens with a vaulted great room and open‑concept kitchen
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
$38,979
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
5.57%
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%
$779,580
$779.6K
Cap Rate 7%
$556,843
$556.8K
Cap Rate 9%
$433,100
$433.1K
Market Conditions
NOI Build-Up for 4,144 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
$59.2K $14.28/SF
− Vacancy
−$3.5K −$0.84/SF
EGI
$55.7K $13.44/SF
− OpEx
−$16.7K −$4.03/SF
NOI
$39.0K $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%
$779,580
Cap Rate 7%
$556,843
Cap Rate 9%
$433,100
Alternative Uses
Best Use
Multifamily LT 5
$556.8K
$487.2K – $649.7K
NOI $38,979 @ 7.0% cap · market cap 5.57%
Second Best
Apartment 5plus
$519.7K
$454.7K – $606.3K
NOI $36,376 @ 7.0% cap · market cap 5.20%
Theoretical Best
Office A
$915.2K
$800.8K – $1.07M
NOI $64,066 @ 7.0% cap · market cap 9.15%
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
1,707
Businesses Nearby
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 Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Historic Bowling Green residence with two kitchens, restored original details, and updated mechanical and utility systems.
Where is this duplex located?
The property is located at 1327 State Street Bowling Green, KY.
What is the asking price?
The asking price for this property is $699,900.
What are key features of this property?
This property features: 4,144‑square‑foot duplex on a 0.36‑acre lot; 5 bedrooms and 5 full baths; Two full kitchens with a vaulted great room and open‑concept kitchen
