Medical Office
For Sale
Contact for pricing
234 Natchez Trace Avenue, Bowling Green, KY 42103
Medical office building within a dedicated office park, positioned just off I-65 for convenient regional access.
Property Size7,710 SF
Price / SF$375.88
Days on Market104
Property Features for 234 Natchez Trace Avenue
General Information
Standard status
Active
Size
7,710 SF
Property subtype
Retail, Office
Occupancy
100%
Lease Type
NNN
Investment Type
Stabilized
Net Operating Income
$195,647
Site & Location
Traffic Count
88,000 vehicles/day
Highway Access
Yes
Building Details
Year Built
2021
Buildings
1
Tenancy
Single
Listing Agency:
Colliers - San Diego - Carlsbad, California
Listed By:
Thomas Ladt · License #CA 01803956
Source:
Crexi
Added: Jun 2
Changed: Sep 5
Last Checked: Sep 13 at 5:20AM
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 Colliers - San Diego - Carlsbad, California
Investment Insights
Based on property information with market context.
This for-sale medical office building is located within a medical office park setting and is positioned to serve healthcare professionals and related office uses. The property’s presentation is oriented toward medical office operations, supported by the surrounding planned commercial and multi-family environment.
The location places the building just off I-65 with direct access toward Nashville, with traffic indicated at approximately 88,000 VPD. The broader trade area is described as having strong daytime activity, including an estimated 135,855 total daytime population, and the market reflects notable growth since 2010. The surrounding area includes thousands of apartment units and is within commuting distance of Western Kentucky University, with 15,920 students noted, as well as a substantial employment base tied to the local economic impact highlighted in the remarks.
For tenants and buyers seeking a medical office configuration in a focused office-park environment, the access advantages to the interstate network and the concentration of residents and daytime workers can support steady patient and client demand. The property also benefits from proximity to major employers and nearby educational institutions mentioned in the materials, which may align with the needs of medical practices serving the local community.
The location places the building just off I-65 with direct access toward Nashville, with traffic indicated at approximately 88,000 VPD. The broader trade area is described as having strong daytime activity, including an estimated 135,855 total daytime population, and the market reflects notable growth since 2010. The surrounding area includes thousands of apartment units and is within commuting distance of Western Kentucky University, with 15,920 students noted, as well as a substantial employment base tied to the local economic impact highlighted in the remarks.
For tenants and buyers seeking a medical office configuration in a focused office-park environment, the access advantages to the interstate network and the concentration of residents and daytime workers can support steady patient and client demand. The property also benefits from proximity to major employers and nearby educational institutions mentioned in the materials, which may align with the needs of medical practices serving the local community.
Key Highlights
- Medical office building within a dedicated office park
- Built in 2021
- Just off I‑65 with 88,000 VPD
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
$89,513
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
3.09%
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%
$1,790,260
$1.8M
Cap Rate 7%
$1,278,757
$1.3M
Cap Rate 9%
$994,589
$994.6K
Market Conditions
NOI Build-Up for 7,710 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
$138.8K $18.00/SF
− Vacancy
−$19.4K −$2.52/SF
EGI
$119.4K $15.48/SF
− OpEx
−$29.8K −$3.87/SF
NOI
$89.5K $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%
$1,790,260
Cap Rate 7%
$1,278,757
Cap Rate 9%
$994,589
Alternative Uses
Best Use
Office B
$1.28M
$1.12M – $1.49M
NOI $89,513 @ 7.0% cap · market cap 3.09%
Second Best
Healthcare Medical
$1.02M
$891.7K – $1.19M
NOI $71,338 @ 7.0% cap · market cap 2.46%
Theoretical Best
Office A
$1.70M
$1.49M – $1.99M
NOI $119,195 @ 7.0% cap · market cap 4.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
88,000 VPD
Traffic count
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
299
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 42103, KY
22,106
Population
10,339
Households
2.1
Avg Household Size
39
Median Age
49%
College-Educated
95%
High-School Grad
70.4 sq mi
ZIP Area
314
Density / Sq Mi
$84,624
Median Household Income
$45,598
Median Earnings
$1,104
Median Rent
$303,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Medical office building within a dedicated office park, positioned just off I-65 for convenient regional access.
Where is this medical office space located?
The property is located at 234 Natchez Trace Avenue Bowling Green, KY.
What is the asking price?
The asking price for this property is $2,898,000.
What are key features of this property?
This property features: Medical office building within a dedicated office park; Built in 2021; Just off I‑65 with 88,000 VPD
