Historic Two-Level
200 State Street, Bowling Green, KY 42101
For Sale
$2,400,000
The layout brings together dining, a wine bar, and a lower-level performance space.
Property Size9,200 SF
Price / SF$260.87
Days on Market127
Property Features for 200 State Street
General Information
Standard status
Size
Property subtype
Additional Details
Asking Price
Seating Capacity
Building Details
Year Built
Buildings
Stories
Listing Agency:
Coldwell Banker Legacy Group
(270) 782-2250
Listed By:
Stephen Stucy · License #218760
(270) 392-1255
Source:
Elmorerealestate
Added: Jul 6
Changed: Nov 7
Last Checked: Nov 8 at 2:50PM
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 Coldwell Banker Legacy Group
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Investment Insights
Based on property information with market context.
Built in 1929, this two-level restaurant contains approximately 9,200 square feet and was restored over 15 months. The main floor includes a dining room and wine bar; downstairs, a speakeasy features a performance stage, integrated sound and lighting, and exposed brick. Seating accommodates 134 guests upstairs and 110 below, for a total capacity of 244. Improvements include a new roof, updated HVAC, plumbing and electrical systems, commercial kitchen facilities, accessibility features, and life-safety upgrades.
At 200 State Street, the property is in Bowling Green’s Shake Rag District. It was most recently operated as the Mustang Club and is offered for sale. The existing layout supports dining and entertainment, with space configured for private events as well.
At 200 State Street, the property is in Bowling Green’s Shake Rag District. It was most recently operated as the Mustang Club and is offered for sale. The existing layout supports dining and entertainment, with space configured for private events as well.
Key Highlights
- Approximately 9,200 square feet across two levels
- Capacity for 244 guests: 134 on the main floor and 110 in the lower level
- Lower‑level speakeasy with performance stage, integrated audio and lighting, and exposed brick
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$108,331
Cap Rate
4.51%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,166,620
$2.2M
Cap Rate 7%
$1,547,586
$1.5M
Cap Rate 9%
$1,203,678
$1.2M
Market Conditions
NOI Build-Up for 9,200 SF
Gross rent
$151.2K $16.44/SF
− Vacancy
−$6.8K −$0.74/SF
EGI
$144.4K $15.70/SF
− OpEx
−$36.1K −$3.93/SF
NOI
$108.3K $11.78/SF
Area
Warren County, KY
Vacancy
4.50%
Lease Rate
$16.44 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,166,620
Cap Rate 7%
$1,547,586
Cap Rate 9%
$1,203,678
Alternative Uses
Best Use
Specialty Retail
$1.55M
$1.35M – $1.81M
NOI $108,331 @ 7.0% cap · market cap 4.51%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.03M
$1.78M – $2.37M
NOI $142,231 @ 7.0% cap · market cap 5.93%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,766
Businesses Nearby
115k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 45%
Shops & Services 27%
Dining 23%
Beauty & Spa 4%
Kroger
Groceries
51,375 visits/mo
0.4 miles
Dutch Bros. Coffee
Dining
15,845 visits/mo
0.4 miles
Kroger Fuel Center
Shops & Services
12,995 visits/mo
0.3 miles
Dollar General
Shops & Services
10,235 visits/mo
0.5 miles
Little Caesars Pizza
Dining
4,726 visits/mo
0.4 miles
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
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Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in South region
Similar Off Market Nearby
- golden hibachi buffet — 600 U.S. 31 W Bypass, Bowling Green, KY 42101
Frequently Asked Questions
What type of property is this?
Conventional restaurant - The layout brings together dining, a wine bar, and a lower-level performance space.
Where is this conventional restaurant located?
The property is located at 200 State Street Bowling Green, KY.
What is the asking price?
The asking price for this property is $2,400,000.
What are key features of this property?
This property features: Approximately 9,200 square feet across two levels; Capacity for 244 guests: 134 on the main floor and 110 in the lower level; Lower‑level speakeasy with performance stage, integrated audio and lighting, and exposed brick
