Industrial Flex
For Sale
Contact for pricing
1401 Frederica Street, Owensboro, KY 42301
I-1-zoned facility combines production, warehouse, office, and support areas within one adaptable commercial property.
Property Size60,473 SF
Lot Size3.60 Acres
Price / SF$68.21
Days on Market16
Property Features for 1401 Frederica Street
General Information
Standard status
Active
Size
60,473 SF
Lot size
3.60 Acres
Property subtype
Industrial
Zoning
I-1
Site & Location
Highway Access
Yes
Road Access
Yes
Building Details
Year Built
1968
Year Renovated
1997
Building Size
60,473 SF
Listing Agency:
BellCornerstone
Listed By:
Daniel Lynch · License #NY
Source:
Crexi
Added: Sep 11
Changed: Sep 16
Last Checked: Sep 24 at 7:06AM
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 BellCornerstone
Investment Insights
Based on property information with market context.
Located at 1401 Frederica Street in Owensboro, Kentucky, this flex facility contains approximately 60,473 SF across above-grade and lower-level areas. The layout includes production, warehouse, office, and support space within a single building. Approximately 38,603 SF is above grade, with another 21,870 SF of functional lower-level space. The original structure dates to 1968 and was expanded and renovated in 1997.
The property occupies approximately 3.6 acres with frontage along Frederica Street/US-431, a north-south commercial corridor connecting to US-60, I-165, and US-231. I-1 Industrial zoning supports light manufacturing, warehouse, and related commercial or industrial uses.
Ownership may consider a partial sale-leaseback involving approximately 15,000–17,000 SF of production space and a small office component. Leaseback terms and structure remain subject to negotiation.
The property occupies approximately 3.6 acres with frontage along Frederica Street/US-431, a north-south commercial corridor connecting to US-60, I-165, and US-231. I-1 Industrial zoning supports light manufacturing, warehouse, and related commercial or industrial uses.
Ownership may consider a partial sale-leaseback involving approximately 15,000–17,000 SF of production space and a small office component. Leaseback terms and structure remain subject to negotiation.
Key Highlights
- Approximately 60,473 SF across above‑grade and lower‑level space
- Approximately 3.6 acres with frontage along Frederica Street/US‑431
- 38,603 SF above grade and 21,870 SF of functional lower‑level space
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
$340,586
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
8.26%
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%
$6,811,720
$6.8M
Cap Rate 7%
$4,865,514
$4.9M
Cap Rate 9%
$3,784,289
$3.8M
Market Conditions
NOI Build-Up for 60,473 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
$420.9K $6.96/SF
− Vacancy
−$20.2K −$0.33/SF
EGI
$400.7K $6.63/SF
− OpEx
−$60.1K −$0.99/SF
NOI
$340.6K $5.63/SF
Area
Daviess County, KY
Vacancy
4.80%
Lease Rate
$6.96 /SF/Yr
Expense Ratio
15.00%
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%
$6,811,720
Cap Rate 7%
$4,865,514
Cap Rate 9%
$3,784,289
Alternative Uses
Best Use
Flex RnD
$10.47M
$9.16M – $12.21M
NOI $732,581 @ 7.0% cap · market cap 17.76%
Second Best
Warehouse
$4.87M
$4.26M – $5.68M
NOI $340,586 @ 7.0% cap · market cap 8.26%
Theoretical Best
Specialty Retail
$10.83M
$9.48M – $12.63M
NOI $758,052 @ 7.0% cap · market cap 18.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,079
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 42301, KY
44,883
Population
19,833
Households
2.3
Avg Household Size
39
Median Age
26%
College-Educated
91%
High-School Grad
173.0 sq mi
ZIP Area
259
Density / Sq Mi
$62,010
Median Household Income
$37,305
Median Earnings
$883
Median Rent
$180,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in South region
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Frequently Asked Questions
What type of property is this?
Flex space - I-1-zoned facility combines production, warehouse, office, and support areas within one adaptable commercial property.
Where is this flex space located?
The property is located at 1401 Frederica Street Owensboro, KY.
What is the asking price?
The asking price for this property is $4,125,000.
What are key features of this property?
This property features: Approximately 60,473 SF across above‑grade and lower‑level space; Approximately 3.6 acres with frontage along Frederica Street/US‑431; 38,603 SF above grade and 21,870 SF of functional lower‑level space
