Large-Format Flex and Showroom
For Sale
Contact for pricing
3151 Highland Pointe Dr, Owensboro, KY 42303
Vacant building configured for office use, with extensive on-site parking for customer-facing and campus-style operations.
Property Size48,762 SF
Lot Size6.71 Acres
Price / SF$174.32
Days on Market224
Property Features for 3151 Highland Pointe Dr
General Information
Standard status
Active
Size
48,762 SF
Total Parking Spaces
275
Lot size
6.71 Acres
Property subtype
Mixed Use, Office, Retail
Zoning
commercial
Additional Details
Traffic Count
38,000 vehicles/day
Building Details
Year Built
2009
Buildings
1
Stories
1
Listing Agency:
Gulfstream Commercial Services LLC
Listed By:
Fahr Juneja · License #214716
(502) 744-1465
Source:
Crexi
Added: Jan 23
Changed: Aug 25
Last Checked: Sep 1 at 8:39PM
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 Gulfstream Commercial Services LLC
Investment Insights
Based on property information with market context.
3151 Highland Pointe Drive is a large-format flex and showroom building for sale in Owensboro, KY. The property includes a 48,762-square-foot structure on approximately 6.71 acres and is currently vacant and configured for office use. The layout provides a flexible foundation that can be repositioned for showroom, retail, medical, flex, or multi-tenant occupancy, depending on the end user’s plan.
A major advantage is the property’s parking, with approximately 275 on-site spaces. The site is located within a strong retail corridor and is surrounded by national retailers including Walmart, Academy Sports + Outdoors, Starbucks, McDonald’s, and Courtyard by Marriott. The property also benefits from over 38,000 average daily traffic, supporting visibility and convenient customer access.
For owner-users and investors seeking a large building with substantial parking and adaptability, this asset offers a practical, customer-oriented configuration in a mature retail setting.
A major advantage is the property’s parking, with approximately 275 on-site spaces. The site is located within a strong retail corridor and is surrounded by national retailers including Walmart, Academy Sports + Outdoors, Starbucks, McDonald’s, and Courtyard by Marriott. The property also benefits from over 38,000 average daily traffic, supporting visibility and convenient customer access.
For owner-users and investors seeking a large building with substantial parking and adaptability, this asset offers a practical, customer-oriented configuration in a mature retail setting.
Key Highlights
- 48,762 SF flex and showroom building built in 2009 on approximately 6.71 acres
- Currently vacant and configured for office use, with repositioning potential for showroom, retail, medical, flex, or multi‑tenant occupancy
- Approximately 275 on‑site parking spaces for customer‑facing and campus‑style operations
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
$590,712
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
6.95%
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%
$11,814,240
$11.8M
Cap Rate 7%
$8,438,743
$8.4M
Cap Rate 9%
$6,563,467
$6.6M
Market Conditions
NOI Build-Up for 48,762 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
$977.2K $20.04/SF
− Vacancy
−$68.4K −$1.40/SF
EGI
$908.8K $18.64/SF
− OpEx
−$318.1K −$6.52/SF
NOI
$590.7K $12.11/SF
Area
Daviess County, KY
Vacancy
7.00%
Lease Rate
$20.04 /SF/Yr
Expense Ratio
35.00%
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%
$11,814,240
Cap Rate 7%
$8,438,743
Cap Rate 9%
$6,563,467
Alternative Uses
Best Use
Flex RnD
$8.44M
$7.38M – $9.85M
NOI $590,712 @ 7.0% cap · market cap 6.95%
Second Best
Retail
$7.62M
$6.66M – $8.88M
NOI $533,095 @ 7.0% cap · market cap 6.27%
Theoretical Best
Specialty Retail
$8.73M
$7.64M – $10.19M
NOI $611,250 @ 7.0% cap · market cap 7.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
38,000 VPD
Traffic count
Location Intelligence
Trade Area within ½ mile
675
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
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Fire Up The Grill LLC — 3250 Alvey Park Dr E, Owensboro, KY 42303
Frequently Asked Questions
What type of property is this?
Flex space - Vacant building configured for office use, with extensive on-site parking for customer-facing and campus-style operations.
Where is this flex space located?
The property is located at 3151 Highland Pointe Dr Owensboro, KY.
What is the asking price?
The asking price for this property is $8,500,000.
What are key features of this property?
This property features: 48,762 SF flex and showroom building built in 2009 on approximately 6.71 acres; Currently vacant and configured for office use, with repositioning potential for showroom, retail, medical, flex, or multi‑tenant occupancy; Approximately 275 on‑site parking spaces for customer‑facing and campus‑style operations
