Historic Short-Term Rental
For Sale
$625,000
231 S Main Street, Madisonville, KY 42431
Commercial Sale, Madisonville, KY
Property Size4,534 SF
Lot Size0.72 Acres
Price / SF$137.85
Days on Market94
Property Features for 231 S Main Street
General Information
Property type
Commercial Sale
Property subtype
Other
Directions
Home located on S Main to the left of Dunkin Donuts. Parking in the back of the home. Turn on alley off on Broadway.
Subdivision
1 - Madisonville
Standard status
Active
Size
4,534 SF
Lot size
0.72 Acres
Amenities
fully equipped kitchen
music room
laundry facilities
ADA accessibility improvements
Building Details
Year built
1909
Listing Agency:
Haven Realty, LLC
(270) 245-2626
Listed By:
Sara Spencer
(270) 836-2771
Added: Jul 27
Changed: Oct 21
Last Checked: Oct 28 at 7:06AM
MLS# 122088
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.
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
Constructed in 1909, this 4534-square-foot property combines short-term lodging with event space in downtown Madisonville. The layout includes 11 bedrooms with private baths, in-room microwaves and mini-refrigerators, a fully equipped kitchen, shared gathering rooms, a music room, and laundry facilities. A complete apartment on the third floor provides separate owner or manager accommodations.
The property is offered fully furnished with antique furniture, linens, and kitchenware. Improvements include a new roof, updated HVAC systems, new plumbing and electrical systems, and ADA accessibility work. It operates as a short-term rental and event venue and is situated on 0.72 acres in Madisonville, Kentucky.
The property is offered fully furnished with antique furniture, linens, and kitchenware. Improvements include a new roof, updated HVAC systems, new plumbing and electrical systems, and ADA accessibility work. It operates as a short-term rental and event venue and is situated on 0.72 acres in Madisonville, Kentucky.
Key Highlights
- Short‑term rental and event venue in downtown Madisonville
- 4534 square feet on 0.72 acres
- 11 bedrooms with private baths
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$27,662
Cap Rate
4.43%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$553,240
$553.2K
Cap Rate 7%
$395,171
$395.2K
Cap Rate 9%
$307,356
$307.4K
Market Conditions
NOI Build-Up for 4,534 SF
Gross rent
$52.8K $11.64/SF
− Vacancy
−$2.5K −$0.55/SF
EGI
$50.3K $11.09/SF
− OpEx
−$22.6K −$4.99/SF
NOI
$27.7K $6.10/SF
Area
Hopkins County, KY
Vacancy
4.70%
Lease Rate
$11.64 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$553,240
Cap Rate 7%
$395,171
Cap Rate 9%
$307,356
Alternative Uses
Best Use
Apartment 5plus
$395.2K
$345.8K – $461.0K
NOI $27,662 @ 7.0% cap · market cap 4.43%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$764.8K
$669.2K – $892.3K
NOI $53,537 @ 7.0% cap · market cap 8.57%
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
2
Residential units
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
1,125
Businesses Nearby
Explore this area
Business Placement
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 Multifamily in South region
Frequently Asked Questions
What type of property is this?
Short term rental property - Downtown lodging and event property with guest accommodations, common gathering areas, and a manager’s apartment.
Where is this short term rental property located?
The property is located at 231 S Main Street Madisonville, KY.
What is the asking price?
The asking price for this property is $625,000.
What are key features of this property?
This property features: Short‑term rental and event venue in downtown Madisonville; 4534 square feet on 0.72 acres; 11 bedrooms with private baths
