Medical Facility For
For Sale
Contact for pricing
3104 & 3110 Fairview Drive, Owensboro, KY 42303
Office/Professional building operating as a medical facility.
Property Size17,200 SF
Price / SF$303.14
Days on Market163
Property Features for 3104 & 3110 Fairview Drive
General Information
Standard status
Active
Size
17,200 SF
Property subtype
Mixed Use, Office
Zoning
B-4
Building Details
Year Built
1991
Listing Agency:
Triple Crown Realty Group
(270) 929-1721
Listed By:
Ted Belcher · License #KY 211662
Source:
Crexi
Added: Mar 10
Changed: Aug 8
Last Checked: Aug 8 at 6:36AM
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 Triple Crown Realty Group
Investment Insights
Based on property information with market context.
This office/professional building, currently operating as a medical facility, is available for sale. The property is located in Owensboro, KY. The building has equitable ownership and a Net Operating Income (NOI) of $365,000. An appraisal is on file. Ample on-site parking is available for both staff and visitors. Existing utilities include electricity, natural gas, water, and sanitary sewer. The property size is 17,200 square feet. A Non-Disclosure Agreement (NDA) is required to access additional financial and property details.
Key Highlights
- High Net Operating Income (NOI): $365,000
- Currently operating as a medical facility
- Ample on‑site parking for staff and visitors
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
$161,785
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
3.10%
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%
$3,235,700
$3.2M
Cap Rate 7%
$2,311,214
$2.3M
Cap Rate 9%
$1,797,611
$1.8M
Market Conditions
NOI Build-Up for 17,200 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
$293.1K $17.04/SF
− Vacancy
−$23.4K −$1.36/SF
EGI
$269.6K $15.68/SF
− OpEx
−$107.9K −$6.27/SF
NOI
$161.8K $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%
$3,235,700
Cap Rate 7%
$2,311,214
Cap Rate 9%
$1,797,611
Alternative Uses
Best Use
Healthcare Medical
$2.31M
$2.02M – $2.70M
NOI $161,785 @ 7.0% cap · market cap 3.10%
Second Best
Office B
$1.88M
$1.64M – $2.19M
NOI $131,580 @ 7.0% cap · market cap 2.52%
Theoretical Best
Specialty Retail
$3.08M
$2.70M – $3.59M
NOI $215,609 @ 7.0% cap · market cap 4.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
513
Businesses Nearby
Balanced
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
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Office/Professional building operating as a medical facility.
Where is this medical office space located?
The property is located at 3104 & 3110 Fairview Drive Owensboro, KY.
What is the asking price?
The asking price for this property is $5,214,000.
What are key features of this property?
This property features: High Net Operating Income (NOI): $365,000; Currently operating as a medical facility; Ample on‑site parking for staff and visitors
