Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Ready Multi-Family Development Land Title is generated by Realmo AI

    265 Walnut Creek Drive, Bowling Green, KY 42101

    View on Map
    Claim this Listing
    For Sale
    $4,874,000

    Multi-Family - Bowling Green, KY

    Type:Multi Family
    Lot size:
    18.47 Acres
    Added:
    Feb 9, 2026
    Days on Market:
    113
    Last Refresh:
    Jun 2 at 5:06 pm

    Property Features for 265 Walnut Creek Drive

    General Information

    Property type
    Land
    Property subtype
    Multi Family
    Parking features
    Driveway
    Exterior features
    Fence
    Fencing
    Fenced
    Standard status
    Active
    APN
    027A-01
    Lot size
    18.47 Acres

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    Lee Ervin
    Lee Ervin

    Listing agent Lee Ervin License #223291

    Listing office Keller Williams First Choice R 1550 Westen St., Bowling Green, KY

    Listing date Feb 9, 2026

    MLS# RA20260728 Listing URL

    Copyright © 2026 REALTOR® Association of Southern Kentucky, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • RM‑4 zoned land approved for multi‑family development with all permits and entitlements in place.
    • Shovel‑ready: Full site and architectural plans available, allowing immediate commencement of construction on 392 apartment units.
    • Strategic location: Convenient access to I‑165 and I‑65, close to Western Kentucky University (WKU).
    • Owner financing options available with qualifying terms.
    • Located in Bowling Green, Kentucky, a growing city with a strong economy and increasing population.
    • Ranked #1 nationally in economic development performance among metros under 200,000.

    Overview

    This 18.47-acre property is zoned RM-4 and approved for multi-family development. It is ready for immediate construction of 392 apartment units, with all permits and entitlements in place, and full site and architectural plans available. Owner financing options are available with qualifying terms. The property is located in Bowling Green, Kentucky, strategically positioned off Interstate 165, providing convenient access to I-65. This location is desirable for residents and commuters. Bowling Green is approximately 60 miles north of Nashville and 110 miles south of Louisville. It is also minutes from Western Kentucky University (WKU), a major regional employment and education hub with over 16,000 students and staff. The city has experienced significant growth over the past decade, with continued population increases estimated. Recent estimates place Bowling Green’s population near 79,000 (2024) and Warren County’s around 147,900. Bowling Green and Warren County were ranked #1 nationally among metros under 200,000 in economic development performance. This site is suited for a residential community.
    Property Profile Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Real Estate Agency Restaurant Law Firm Dental Office Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center Pharmacy Accounting Firm

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Bowling Green
    County
    Warren
    State
    Kentucky
    Longitude
    -86.4957049
    Latitude
    36.9927271

    Nearby Similar for Sale

    • $1,250,000
      8,819 SF

      Insulated Warehouse in Bowling Green

      8819 SF warehouse in industrial park, ideal for manufacturing.
      2737 Pioneer Drive, Bowling Green, KY 42104
      View Details
    • $889,500

      Move-in Ready Office Space

      Office space equipped for healthcare operations in Bowling Green, KY.
      996 Wilkinson Trace, Bowling Green, KY 42103
      View Details
    • $499,900
      2,675 SF

      Residential Farm in Bowling Green

      Stunning, updated home with modern finishes and private backyard.
      392 Roseberry Circle, Bowling Green, KY 42104
      View Details
    • $1,099,900
      3,200 SF

      23 Acre Multi-Use Property

      23 acres with building, pavilion, and development potential.
      1770 Morgantown Road, Bowling Green, KY 42101
      View Details
    • $975,000
      4,094 SF

      Residential Farm in South Warren

      Estate with pool, hot tub, pond, and large insulated building.
      2330 Meng Road, Bowling Green, KY 42104
      View Details
    • $362,500

      Bowling Green Leased Office Space

      Leased 2,000 SF office space in downtown Bowling Green.
      728 College Street, Bowling Green, KY 42101
      View Details
    • $349,900
      3,243 SF

      Remodeled Home on Half Acre

      Spacious, remodeled 5-bedroom home with finished basement on half-acre lot.
      8691 Russellville Road, Bowling Green, KY 42101
      View Details
    • $795,000

      Prime Commercial Development Opportunity

      4.5 acre commercial site in active growth corridor.
      199 Sweeney Lane, Bowling Green, KY 42101
      View Details
    • $1,695,000

      Modern Office Building on Scottsville Road

      Multi-tenant office building in Bowling Green, fully occupied and well-located.
      6115 Scottsville Road, Bowling Green, KY 42104
      View Details
    • $800,000

      Prime Commercial Land Opportunity

      Highly visible 1.98-acre commercial property in Bowling Green, KY.
      2371 Russellville Road, Bowling Green, KY 42101
      View Details
    • $1,000,000

      Multi-Family Investment Opportunity

      Eight-unit multi-family property with development potential in Bowling Green.
      1006 Lewis Avenue, Bowling Green, KY 42101
      View Details
    • $349,900

      Bowling Green Commercial Building For Sale

      Commercial building near WKU campus with long-term tenant.
      1403 Adams Street, Bowling Green, KY 42101
      View Details

    FAQs

    What type of property is this?
    Residential land & home lot - 18.47 acres approved for 392 apartment units.
    Where is this residential land & home lot located?
    The property is located at 265 Walnut Creek Drive Bowling Green, KY.
    What is the asking price?
    The asking price for this property is $4,874,000.
    What are key features of this property?
    This property features: RM‑4 zoned land approved for multi‑family development with all permits and entitlements in place.; **Shovel‑ready:** Full site and architectural plans available, allowing immediate commencement of construction on 392 apartment units.; **Strategic location:** Convenient access to I‑165 and I‑65, close to Western Kentucky University (WKU).
    (270) 782-1811
    We can help!
    Listing Contact
    Lee Ervin
    Lee Ervin
    Real Estate License ID: 223291
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    265 Walnut Creek Drive, Bowling Green, KY 42101
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!