Historic Office
New
For Sale
$895,000
303 E 4th Street, Owensboro, KY 42303
COMMERCIAL - Owensboro, KY
Property Size3,500 SF
Lot Size0.26 Acres
Price / SF$255.71
Days on Market7
Property Features for 303 E 4th Street
General Information
Property type
Commercial Sale
Property subtype
Other
Rooms
Basement
Parking features
Garage
Subdivision
DOWNTOWN
Standard status
Active
Lot size
0.26 Acres
Utilities
Heating system
Natural Gas
Cooling system
Electric, Central Air
Water source
Public
Amenities
cellar storage
upper-level storage area
kitchen
laundry room
Building Details
Year built
1880
Building materials
Brick
Listing Agency:
Risner & Associates Realty, Inc.
(270) 926-1400
Listed By:
Joann Risner · License #27164
(270) 570-3939
Added: Jul 31
Changed: Aug 4
Last Checked: Aug 6 at 10:06PM
MLS# 95440
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.
Built in 1880, this restored brick office property occupies a 0.26-acre site and is listed on the National Register of Historic Places. The Queen Anne Victorian design includes an octagonal corner turret, stained-glass windows, hardwood flooring, handcrafted woodwork, five tile fireplace mantels, stone trim, and a wraparound polygonal bay. Approximately 3,500+ square feet of space is arranged across five rooms upstairs and three rooms downstairs, with a kitchen, laundry room, and one modernized full bathroom on each floor.
The property is within a B-2 zoning business district in downtown Owensboro. A detached three-car garage provides additional storage above, while private parking and cellar storage support day-to-day office use. Public water service, natural gas heat, and electric central air are in place. Restaurants, the riverfront, entertainment venues, government offices, and other business destinations are within walking distance.
The property is within a B-2 zoning business district in downtown Owensboro. A detached three-car garage provides additional storage above, while private parking and cellar storage support day-to-day office use. Public water service, natural gas heat, and electric central air are in place. Restaurants, the riverfront, entertainment venues, government offices, and other business destinations are within walking distance.
Key Highlights
- Approximately 3,500+ square feet across 5 upstairs rooms and 3 downstairs rooms
- Built in 1880 and listed on the National Register of Historic Places
- 0.26‑acre site within a B‑2 zoning business district
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
$26,775
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
2.99%
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%
$535,500
$535.5K
Cap Rate 7%
$382,500
$382.5K
Cap Rate 9%
$297,500
$297.5K
Market Conditions
NOI Build-Up for 3,500 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
$42.0K $12.00/SF
− Vacancy
−$6.3K −$1.80/SF
EGI
$35.7K $10.20/SF
− OpEx
−$8.9K −$2.55/SF
NOI
$26.8K $7.65/SF
Area
Daviess County, KY
Vacancy
15.00%
Lease Rate
$12.00 /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%
$535,500
Cap Rate 7%
$382,500
Cap Rate 9%
$297,500
Alternative Uses
Best Use
Office B
$382.5K
$334.7K – $446.3K
NOI $26,775 @ 7.0% cap · market cap 2.99%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$626.8K
$548.4K – $731.2K
NOI $43,874 @ 7.0% cap · market cap 4.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,511
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
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Frequently Asked Questions
What type of property is this?
Office building - Restored brick office property with distinctive Victorian architectural details, flexible rooms, private parking, and a detached garage.
Where is this office building located?
The property is located at 303 E 4th Street Owensboro, KY.
What is the asking price?
The asking price for this property is $895,000.
What are key features of this property?
This property features: Approximately 3,500+ square feet across 5 upstairs rooms and 3 downstairs rooms; Built in 1880 and listed on the National Register of Historic Places; 0.26‑acre site within a B‑2 zoning business district
