Standalone Office
For Sale
$695,000
352 Three Springs Road, Bowling Green, KY 42104
Highway Business zoning and interchange access create a visible commercial setting.
Property Size3,000 SF
Price / SF$231.67
Days on Market145
Property Features for 352 Three Springs Road
General Information
Standard status
Active
Size
3,000 SF
Class
B
Property subtype
Office - General Office
Zoning
Highway Business
Additional Details
Highway Access
Yes
Building Details
Building Size
3,000 SF
Year Built
1981
Year Renovated
1990
Buildings
1
Listing Agency:
Neal Turner Realty
Listed By:
Alex Nottmeier, CCIM, SIOR
Source:
Commercialcafe
Added: Apr 8
Changed: Aug 29
Last Checked: Aug 29 at 3:42PM
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 Neal Turner Realty
Investment Insights
Based on property information with market context.
This 3,000-square-foot standalone office building was constructed in 1981 and is positioned just off the I-65 and Scottsville Road interchange. Its office-oriented configuration and freestanding format provide a distinct commercial presence for users seeking a dedicated building rather than space within a larger complex.
The property is located at 352 Three Springs Road in Bowling Green, Kentucky, with visibility from the I-65 and Scottsville Road interchange. Highway Business zoning is in place, and the site offers convenient access from the interchange area. The building’s location and zoning support consideration for office or retail use, subject to applicable requirements.
The property is located at 352 Three Springs Road in Bowling Green, Kentucky, with visibility from the I-65 and Scottsville Road interchange. Highway Business zoning is in place, and the site offers convenient access from the interchange area. The building’s location and zoning support consideration for office or retail use, subject to applicable requirements.
Key Highlights
- 3,000 SF standalone office building
- Constructed in 1981
- Highway Business zoning
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
$34,830
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
5.01%
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%
$696,600
$696.6K
Cap Rate 7%
$497,571
$497.6K
Cap Rate 9%
$387,000
$387.0K
Market Conditions
NOI Build-Up for 3,000 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
$54.0K $18.00/SF
− Vacancy
−$7.6K −$2.52/SF
EGI
$46.4K $15.48/SF
− OpEx
−$11.6K −$3.87/SF
NOI
$34.8K $11.61/SF
Area
Warren County, KY
Vacancy
14.00%
Lease Rate
$18.00 /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%
$696,600
Cap Rate 7%
$497,571
Cap Rate 9%
$387,000
Alternative Uses
Best Use
Office B
$497.6K
$435.4K – $580.5K
NOI $34,830 @ 7.0% cap · market cap 5.01%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$662.6K
$579.8K – $773.0K
NOI $46,380 @ 7.0% cap · market cap 6.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
414
Businesses Nearby
Explore this area
Business Placement
Demographics for 42104, KY
37,309
Population
17,619
Households
2.1
Avg Household Size
36
Median Age
42%
College-Educated
91%
High-School Grad
58.0 sq mi
ZIP Area
643
Density / Sq Mi
$73,975
Median Household Income
$39,433
Median Earnings
$980
Median Rent
$282,600
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 - Highway Business zoning and interchange access create a visible commercial setting.
Where is this office building located?
The property is located at 352 Three Springs Road Bowling Green, KY.
What is the asking price?
The asking price for this property is $695,000.
What are key features of this property?
This property features: 3,000 SF standalone office building; Constructed in 1981; Highway Business zoning
