Warehouse with Office
For Sale
$1,150,000
1601 Triplett Street, Owensboro, KY 42303
COMMERCIAL SALES, Owensboro, KY
Property Size12,631 SF
Lot Size0.60 Acres
Price / SF$91.05
Days on Market157
Property Features for 1601 Triplett Street
General Information
Property type
Residential
Property subtype
Retail
Subdivision
CENTRAL
Standard status
Active
Lot size
0.60 Acres
Utilities
Heating system
Natural Gas
Cooling system
Electric, Central Air
Building Details
Year built
1913
Building materials
Block
Listing Agency:
BHG Realty
(270) 240-1501
Listed By:
John Ross Martin · License #300719
(270) 608-2412
Added: Mar 26
Changed: Aug 28
Last Checked: Aug 29 at 5:06PM
MLS# 94448
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.
Investment Insights
Based on property information with market context.
Located at 1601 Triplett Street in Owensboro, Kentucky, this 12,631-square-foot warehouse occupies approximately 0.6 acres. The building includes direct garage access into the primary warehouse area, along with a private office suite that adds dedicated administrative space.
Constructed in 1913 with block construction, the property is served by natural gas heating and electric central air conditioning. Its configuration combines substantial warehouse space with enclosed office functionality for storage, logistics, and other operational uses.
Constructed in 1913 with block construction, the property is served by natural gas heating and electric central air conditioning. Its configuration combines substantial warehouse space with enclosed office functionality for storage, logistics, and other operational uses.
Key Highlights
- 12,631 SF warehouse building
- Direct garage access into the main warehouse area
- Private office suite included
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
$71,138
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
6.19%
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%
$1,422,760
$1.4M
Cap Rate 7%
$1,016,257
$1.0M
Cap Rate 9%
$790,422
$790.4K
Market Conditions
NOI Build-Up for 12,631 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
$87.9K $6.96/SF
− Vacancy
−$4.2K −$0.33/SF
EGI
$83.7K $6.63/SF
− OpEx
−$12.6K −$0.99/SF
NOI
$71.1K $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%
$1,422,760
Cap Rate 7%
$1,016,257
Cap Rate 9%
$790,422
Alternative Uses
Best Use
Flex RnD
$2.19M
$1.91M – $2.55M
NOI $153,014 @ 7.0% cap · market cap 13.31%
Second Best
Warehouse
$1.02M
$889.2K – $1.19M
NOI $71,138 @ 7.0% cap · market cap 6.19%
Theoretical Best
Specialty Retail
$2.26M
$1.98M – $2.64M
NOI $158,334 @ 7.0% cap · market cap 13.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,351
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 42303, KY
41,877
Population
18,055
Households
2.3
Avg Household Size
39
Median Age
26%
College-Educated
89%
High-School Grad
48.8 sq mi
ZIP Area
858
Density / Sq Mi
$63,010
Median Household Income
$41,272
Median Earnings
$941
Median Rent
$183,400
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Roofer's Warehouse — 320 E 14th St, Owensboro, KY 42303
Frequently Asked Questions
What type of property is this?
Warehouse - Direct garage access supports storage, logistics, and operational use.
Where is this warehouse located?
The property is located at 1601 Triplett Street Owensboro, KY.
What is the asking price?
The asking price for this property is $1,150,000.
What are key features of this property?
This property features: 12,631 SF warehouse building; Direct garage access into the main warehouse area; Private office suite included
