Office Building with Private
For Sale
$239,500
257 N Main Street, Madisonville, KY 42431
Commercial Sale, Madisonville, KY
Property Size2,163 SF
Lot Size0.21 Acres
Price / SF$110.73
Days on Market190
Property Features for 257 N Main Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Commer
Directions
Corner of Main and Noel Avenue
Subdivision
1 - Madisonville
Standard status
Active
Size
2,163 SF
Lot size
0.21 Acres
Listing Agency:
KEN GIBSON REALTORS
(270) 821-1242
Listed By:
Ken Gibson
(270) 871-1942
Added: Feb 13
Changed: Aug 20
Last Checked: Aug 22 at 4:06AM
MLS# 119606
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.
Investment Insights
Based on property information with market context.
The 2,163-square-foot office building includes a primary office with soundproofing panels and a private half bath, six additional offices, a conference room, and a reception area. A kitchen with storage, two more half baths, and a storage and utility room support daily operations. A new heat and air unit serves the original building. The property is zoned Commer and occupies approximately 0.21 acres.
Located at 257 N Main Street in Madisonville, the site provides 61.5 feet of frontage and approximately 133 feet of depth. The property includes 18 +/- parking spaces and sits at a corner with a stoplight.
Located at 257 N Main Street in Madisonville, the site provides 61.5 feet of frontage and approximately 133 feet of depth. The property includes 18 +/- parking spaces and sits at a corner with a stoplight.
Key Highlights
- 2,163 SF office building with six additional offices
- Primary office includes soundproofing panels and a private half bath
- Conference room, reception area, kitchen storage, and storage/utility room
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
$18,221
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
7.61%
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%
$364,420
$364.4K
Cap Rate 7%
$260,300
$260.3K
Cap Rate 9%
$202,456
$202.5K
Market Conditions
NOI Build-Up for 2,163 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
$31.1K $14.40/SF
− Vacancy
−$6.9K −$3.17/SF
EGI
$24.3K $11.23/SF
− OpEx
−$6.1K −$2.81/SF
NOI
$18.2K $8.42/SF
Area
Hopkins County, KY
Vacancy
22.00%
Lease Rate
$14.40 /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%
$364,420
Cap Rate 7%
$260,300
Cap Rate 9%
$202,456
Alternative Uses
Best Use
Office B
$260.3K
$227.8K – $303.7K
NOI $18,221 @ 7.0% cap · market cap 7.61%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$364.9K
$319.3K – $425.7K
NOI $25,541 @ 7.0% cap · market cap 10.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
754
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
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 - Configured for professional use with multiple offices, meeting space, kitchen storage, and three half baths.
Where is this office building located?
The property is located at 257 N Main Street Madisonville, KY.
What is the asking price?
The asking price for this property is $239,500.
What are key features of this property?
This property features: 2,163 SF office building with six additional offices; Primary office includes soundproofing panels and a private half bath; Conference room, reception area, kitchen storage, and storage/utility room
