Drive-Through Restaurant with Service
New
For Sale
$749,000
23 Madison Square Dr., Madisonville, KY 42431
Commercial Sale, Madisonville, KY
Property Size2,144 SF
Lot Size0.47 Acres
Price / SF$349.35
Days on Market2
Property Features for 23 Madison Square Dr.
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
C
Directions
E. Center to Madison Square Dr. - Property is on the right
Subdivision
1 - Madisonville
Standard status
Active
Size
2,144 SF
Lot size
0.47 Acres
Building Details
Year built
2008
Listing Agency:
HERITAGE HOMES REAL ESTATE
(270) 825-9090
Listed By:
Dean Sheets
(270) 619-3117
Added: Oct 28
Last Checked: Oct 29 at 5:06AM
MLS# 122416
Copyright © 2026 Madisonville-Hopkins County Board of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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Investment Insights
Based on property information with market context.
This 2,144-square-foot restaurant property occupies a 0.47-acre parcel and was built in 2008. Existing features include a walk-in cooler, tables, and a drive-up service window. The property is zoned C.
The site at 23 Madison Square Dr. in Madisonville is near Taco Bell, Papa Johns, McDonald's, Popeyes, AT&T, T-Mobile, Denny's, Hampton Inn, and Holiday Inn. I-69 access is available from the area.
The site at 23 Madison Square Dr. in Madisonville is near Taco Bell, Papa Johns, McDonald's, Popeyes, AT&T, T-Mobile, Denny's, Hampton Inn, and Holiday Inn. I-69 access is available from the area.
Key Highlights
- Drive‑up service window supports restaurant operations
- 2,144 square feet on a 0.47‑acre parcel
- Walk‑in cooler and tables are in place
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$21,628
Cap Rate
2.89%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$432,560
$432.6K
Cap Rate 7%
$308,971
$309.0K
Cap Rate 9%
$240,311
$240.3K
Market Conditions
NOI Build-Up for 2,144 SF
Gross rent
$30.1K $14.04/SF
− Vacancy
−$1.3K −$0.59/SF
EGI
$28.8K $13.45/SF
− OpEx
−$7.2K −$3.36/SF
NOI
$21.6K $10.09/SF
Area
Hopkins County, KY
Vacancy
4.20%
Lease Rate
$14.04 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$432,560
Cap Rate 7%
$308,971
Cap Rate 9%
$240,311
Alternative Uses
Best Use
Specialty Retail
$309.0K
$270.4K – $360.5K
NOI $21,628 @ 7.0% cap · market cap 2.89%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$361.7K
$316.5K – $421.9K
NOI $25,316 @ 7.0% cap · market cap 3.38%
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
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
325
Businesses Nearby
235k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 62%
Shops & Services 23%
Apparel 10%
Electronics 3%
McDonald's
Dining
28,629 visits/mo
0.1 miles
Cracker Barrel Old Country Store
Dining
23,282 visits/mo
0.5 miles
Wendy's
Dining
18,839 visits/mo
0.1 miles
Dunham's Sports
Apparel
18,804 visits/mo
0.5 miles
Marathon
Shops & Services
15,120 visits/mo
0.2 miles
Demographics for 42431, KY
26,566
Population
12,569
Households
2.1
Avg Household Size
41
Median Age
20%
College-Educated
88%
High-School Grad
166.7 sq mi
ZIP Area
159
Density / Sq Mi
$57,529
Median Household Income
$37,671
Median Earnings
$858
Median Rent
$151,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in South region
Frequently Asked Questions
What type of property is this?
Drive through restaurant - Restaurant fixtures include a walk-in cooler and tables.
Where is this drive through restaurant located?
The property is located at 23 Madison Square Dr. Madisonville, KY.
What is the asking price?
The asking price for this property is $749,000.
What are key features of this property?
This property features: Drive‑up service window supports restaurant operations; 2,144 square feet on a 0.47‑acre parcel; Walk‑in cooler and tables are in place
