Flex Space With Rear
New
For Sale
$459,000
315 Park Plaza Dr, Owensboro, KY 42301
COMMERCIAL SALES, Owensboro, KY
Property Size3,966 SF
Price / SF$115.73
Days on Market1
Property Features for 315 Park Plaza Dr
General Information
Property type
Commercial Sale
Property subtype
Other
Parking features
Garage
Subdivision
WESLEYAN PARK
Standard status
Active
Utilities
Heating system
Natural Gas
Cooling system
Central Air, Electric
Amenities
lobby/waiting area
garage
warehouse space
Building Details
Building materials
Block
Listing Agency:
Triple Crown Realty Group
(270) 926-9999
Listed By:
DAUGHERTY - PHELPS TEAM
(270) 313-7964
Added: Sep 3
Last Checked: Sep 3 at 7:06PM
MLS# 95674
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 3,966 sq. ft. flex property combines a customer-facing lobby and waiting area with garage and warehouse space positioned toward the rear. Block construction, natural gas heating, central air, and electric cooling support the building’s existing commercial setup. A 200-amp electrical service is also in place.
The property is located at 315 Park Plaza Dr in Owensboro, Kentucky, near Frederica Street. Storefront exposure, paved parking, and an attached garage provide practical features for a range of office, service, and commercial operations. B-4 zoning further identifies the site’s commercial land-use designation.
The property is located at 315 Park Plaza Dr in Owensboro, Kentucky, near Frederica Street. Storefront exposure, paved parking, and an attached garage provide practical features for a range of office, service, and commercial operations. B-4 zoning further identifies the site’s commercial land-use designation.
Key Highlights
- 3,966 sq. ft. flex property with lobby, waiting area, garage, and rear warehouse space
- B‑4 zoning supports the property’s commercial classification
- 200‑amp electrical service in place
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
$22,337
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
4.87%
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%
$446,740
$446.7K
Cap Rate 7%
$319,100
$319.1K
Cap Rate 9%
$248,189
$248.2K
Market Conditions
NOI Build-Up for 3,966 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
$27.6K $6.96/SF
− Vacancy
−$1.3K −$0.33/SF
EGI
$26.3K $6.63/SF
− OpEx
−$3.9K −$0.99/SF
NOI
$22.3K $5.63/SF
Area
Daviess County, KY
Vacancy
4.80%
Lease Rate
$6.96 /SF/Yr
Expense Ratio
15.00%
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%
$446,740
Cap Rate 7%
$319,100
Cap Rate 9%
$248,189
Alternative Uses
Best Use
Flex RnD
$686.4K
$600.6K – $800.8K
NOI $48,045 @ 7.0% cap · market cap 10.47%
Second Best
Warehouse
$319.1K
$279.2K – $372.3K
NOI $22,337 @ 7.0% cap · market cap 4.87%
Theoretical Best
Specialty Retail
$710.2K
$621.4K – $828.6K
NOI $49,715 @ 7.0% cap · market cap 10.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
822
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 42301, KY
44,883
Population
19,833
Households
2.3
Avg Household Size
39
Median Age
26%
College-Educated
91%
High-School Grad
173.0 sq mi
ZIP Area
259
Density / Sq Mi
$62,010
Median Household Income
$37,305
Median Earnings
$883
Median Rent
$180,600
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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- Niko's Bakery & Cafe — 601 Emory Dr, Owensboro, KY 42301
Frequently Asked Questions
What type of property is this?
Flex space - B-4-zoned commercial building combines a lobby, garage, rear warehouse, paved parking, and 200-amp electrical service.
Where is this flex space located?
The property is located at 315 Park Plaza Dr Owensboro, KY.
What is the asking price?
The asking price for this property is $459,000.
What are key features of this property?
This property features: 3,966 sq. ft. flex property with lobby, waiting area, garage, and rear warehouse space; B‑4 zoning supports the property’s commercial classification; 200‑amp electrical service in place
