One-Story Office
For Sale
$725,000
2815-2835 Farrell Crescent, Owensboro, KY 42303
COMMERCIAL SALES, Owensboro, KY
Property Size6,938 SF
Lot Size3.00 Acres
Price / SF$104.50
Days on Market48
Property Features for 2815-2835 Farrell Crescent
General Information
Property type
Residential
Property subtype
Office
Subdivision
CENTRAL
Standard status
Active
Lot size
3.00 Acres
Building Details
Year built
1991
Listing Agency:
BHG Realty
(270) 240-1501
Listed By:
Blake Hayden · License #217646
(270) 244-6162
Added: Jul 13
Changed: Aug 20
Last Checked: Aug 29 at 6:06PM
MLS# 95282
Copyright © 2026 Greater Owensboro Realtor® Association. 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.
This one-story office building was constructed in 1991 and is positioned for professional or healthcare-related occupancy. The property includes on-site parking and a layout described as suitable for renovation, customization, or repositioning.
Located at 2815-2835 Farrell Crescent in Owensboro, the building benefits from access to major thoroughfares and proximity to Owensboro Health. The surrounding area includes established medical and professional offices, supporting a commercial setting tailored to office users.
Located at 2815-2835 Farrell Crescent in Owensboro, the building benefits from access to major thoroughfares and proximity to Owensboro Health. The surrounding area includes established medical and professional offices, supporting a commercial setting tailored to office users.
Key Highlights
- One‑story office building constructed in 1991
- B‑4 General Business zoning
- On‑site parking included
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
$65,259
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
9.00%
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%
$1,305,180
$1.3M
Cap Rate 7%
$932,271
$932.3K
Cap Rate 9%
$725,100
$725.1K
Market Conditions
NOI Build-Up for 6,938 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
$118.2K $17.04/SF
− Vacancy
−$9.5K −$1.36/SF
EGI
$108.8K $15.68/SF
− OpEx
−$43.5K −$6.27/SF
NOI
$65.3K $9.41/SF
Area
Daviess County, KY
Vacancy
8.00%
Lease Rate
$17.04 /SF/Yr
Expense Ratio
40.00%
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%
$1,305,180
Cap Rate 7%
$932,271
Cap Rate 9%
$725,100
Alternative Uses
Best Use
Healthcare Medical
$932.3K
$815.7K – $1.09M
NOI $65,259 @ 7.0% cap · market cap 9.00%
Second Best
Office B
$758.2K
$663.5K – $884.6K
NOI $53,076 @ 7.0% cap · market cap 7.32%
Theoretical Best
Specialty Retail
$1.24M
$1.09M – $1.45M
NOI $86,970 @ 7.0% cap · market cap 12.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
560
Businesses Nearby
Explore this area
Business Placement
Demographics for 42303, KY
41,877
Population
18,055
Households
2.3
Avg Household Size
39
Median Age
26%
College-Educated
89%
High-School Grad
48.8 sq mi
ZIP Area
858
Density / Sq Mi
$63,010
Median Household Income
$41,272
Median Earnings
$941
Median Rent
$183,400
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - B-4 General Business zoning, on-site parking, and access to established healthcare and professional office surroundings.
Where is this office building located?
The property is located at 2815-2835 Farrell Crescent Owensboro, KY.
What is the asking price?
The asking price for this property is $725,000.
What are key features of this property?
This property features: One‑story office building constructed in 1991; B‑4 General Business zoning; On‑site parking included
