Renovated Office Building in South
For Sale
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188 Cal Batsel Rd, Bowling Green, KY 42104
Meticulously renovated 3,500 SF office building in thriving South Warren.
Property Size3,500 SF
Price / SF$228
Days on Market154
Property Features for 188 Cal Batsel Rd
General Information
Standard status
Active
Size
3,500 SF
Class
B
Property subtype
Office
Zoning
LI
Occupancy
10%
Lease Type
Modified Gross
Investment Type
Value Add
Building Details
Year Built
1987
Year Renovated
2026
Buildings
2
Stories
2
Units
2
Tenancy
Multi
Listing Agency:
NTR Commercial
Listed By:
Eric St. John · License #KY
Source:
Crexi
Added: Mar 12
Changed: Aug 8
Last Checked: Aug 8 at 6:29AM
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 NTR Commercial
Investment Insights
Based on property information with market context.
This meticulously renovated 3,500 SF office building, originally built in 1987 and recently updated in 2026, presents a prime investment opportunity in the bustling South Warren area. Zoned LI, the property is perfectly suited for a range of office or office building uses, presenting a versatile and adaptable space for prospective investors. The South Warren market in Bowling Green, KY, is known for its dynamic business environment and strategic location with easy access to major transportation routes. The area also features a strong, diverse workforce. Nearby points of interest include the Bowling Green-Warren County Regional Airport, WKU's Center for Research and Development, and the South Central Kentucky Cultural Center. With its strategic location and impressive features, this property is poised to provide long-term value and growth potential in the thriving South Warren market.
Key Highlights
- Meticulously renovated 3,500 SF office building.
- Prime location in the bustling South Warren area of Bowling Green, KY.
- Zoned LI, suitable for a range of office or office building uses.
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
$40,635
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
5.09%
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%
$812,700
$812.7K
Cap Rate 7%
$580,500
$580.5K
Cap Rate 9%
$451,500
$451.5K
Market Conditions
NOI Build-Up for 3,500 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
$63.0K $18.00/SF
− Vacancy
−$8.8K −$2.52/SF
EGI
$54.2K $15.48/SF
− OpEx
−$13.5K −$3.87/SF
NOI
$40.6K $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%
$812,700
Cap Rate 7%
$580,500
Cap Rate 9%
$451,500
Alternative Uses
Best Use
Office B
$580.5K
$507.9K – $677.3K
NOI $40,635 @ 7.0% cap · market cap 5.09%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$773.0K
$676.4K – $901.8K
NOI $54,109 @ 7.0% cap · market cap 6.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
140
Businesses Nearby
Explore this area
Business Placement
Demographics for 42104, KY
37,309
Population
17,619
Households
2.1
Avg Household Size
36
Median Age
42%
College-Educated
91%
High-School Grad
58.0 sq mi
ZIP Area
643
Density / Sq Mi
$73,975
Median Household Income
$39,433
Median Earnings
$980
Median Rent
$282,600
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?
Office building - Meticulously renovated 3,500 SF office building in thriving South Warren.
Where is this office building located?
The property is located at 188 Cal Batsel Rd Bowling Green, KY.
What is the asking price?
The asking price for this property is $798,000.
What are key features of this property?
This property features: Meticulously renovated 3,500 SF office building.; Prime location in the bustling South Warren area of Bowling Green, KY.; Zoned LI, suitable for a range of office or office building uses.
