Medical Office Building on
For Sale
$4,900,000
2831 New Hartford Road, Owensboro, KY 42303
Move-in ready medical office building with subdivision potential.
Property Size19,970 SF
Price / SF$245.37
Days on Market159
Property Features for 2831 New Hartford Road
General Information
Standard status
Active
Size
19,970 SF
Class
B
Property subtype
Office
Building Details
Building Size
19,970 SF
Year Built
2001
Listing Agency:
Barron Commercial Group
(270) 313-2444
Listed By:
Bo Barron, CCIM · License #KY #207674
(270) 313-2444
Source:
Barroncommercial
Added: Mar 5
Changed: Aug 8
Last Checked: Aug 11 at 5:35AM
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 Barron Commercial Group
Investment Insights
Based on property information with market context.
This 19,970 sq. ft. medical office building is located on New Hartford Road in Owensboro, KY. The facility is move-in ready and offers the ability to subdivide into 9,900 sq. ft. suites. Positioned along the highly traveled New Hartford Road Corridor, the property benefits from exceptional visibility, strong traffic counts, and convenient access to surrounding medical, commercial, and residential areas. The location is in the heart of Owensboro and only minutes away from Wendell Ford Expressway, highway 54 corridor as well as Frederica Street. This property is ideal for an owner-occupant, investor, or healthcare group seeking a premier location.
Key Highlights
- Move‑in ready 19,970 sq. ft. medical office building.
- Located on the highly traveled New Hartford Road Corridor with exceptional visibility and strong traffic counts.
- Divisible into 9,900 sq. ft. suites for multiple tenants or uses.
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
$187,839
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
3.83%
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%
$3,756,780
$3.8M
Cap Rate 7%
$2,683,414
$2.7M
Cap Rate 9%
$2,087,100
$2.1M
Market Conditions
NOI Build-Up for 19,970 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
$340.3K $17.04/SF
− Vacancy
−$27.2K −$1.36/SF
EGI
$313.1K $15.68/SF
− OpEx
−$125.2K −$6.27/SF
NOI
$187.8K $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%
$3,756,780
Cap Rate 7%
$2,683,414
Cap Rate 9%
$2,087,100
Alternative Uses
Best Use
Healthcare Medical
$2.68M
$2.35M – $3.13M
NOI $187,839 @ 7.0% cap · market cap 3.83%
Second Best
Office B
$2.18M
$1.91M – $2.55M
NOI $152,771 @ 7.0% cap · market cap 3.12%
Theoretical Best
Specialty Retail
$3.58M
$3.13M – $4.17M
NOI $250,332 @ 7.0% cap · market cap 5.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
131
Businesses Nearby
Under-served
Demand for This Use
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.
Similar Off Market Nearby
- Wills Animal Hospital — 3030 New Hartford Rd, Owensboro, KY 42303
- Wills Animal Hospital: Wolfe Cindy DVM — 3030 New Hartford Rd, Owensboro, KY 42303
Frequently Asked Questions
What type of property is this?
Medical Office Space - Move-in ready medical office building with subdivision potential.
Where is this medical office space located?
The property is located at 2831 New Hartford Road Owensboro, KY.
What is the asking price?
The asking price for this property is $4,900,000.
What are key features of this property?
This property features: Move‑in ready 19,970 sq. ft. medical office building.; Located on the highly traveled New Hartford Road Corridor with exceptional visibility and strong traffic counts.; Divisible into 9,900 sq. ft. suites for multiple tenants or uses.
