Multi-Suite Office
New
For Sale
$700,000
414 Old Morgantown Road, Bowling Green, KY 42101
Professional office property with medical-oriented improvements, on-site parking, and Flexible Neighborhood Business zoning.
Property Size5,310 SF
Price / SF$131.83
Days on Market2
Property Features for 414 Old Morgantown Road
General Information
Standard status
Active
Size
5,310 SF
Total Parking Spaces
40
Property subtype
Mixed Use
Additional Details
Office Units
20
Building Details
Year Built
1971
Listing Agency:
Coldwell Banker Legacy Real Estate Group
Listed By:
Trevor Ayers · License #219568
(270) 781-3844
Source:
Cbcworldwide
Added: Sep 12
Last Checked: Sep 12 at 2:49PM
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 Coldwell Banker Legacy Real Estate Group
Investment Insights
Based on property information with market context.
Located at 414 Old Morgantown Road in Bowling Green, this 5,310-square-foot office building was constructed in 1971 and contains 20 individual office spaces. The interior includes a reception area, lobby, 3 bathrooms, a dedicated lab, and a filing room, creating a configuration suited to professional, medical, or service-oriented operations. A security system is also in place.
Approximately 40 parking spaces provide on-site accommodation for employees, clients, and visitors. Flexible Neighborhood Business zoning supports the property’s stated office, medical, and service-oriented positioning. The multi-office layout can support an owner-user, multiple practitioners, or an investment-oriented operating arrangement without changing the building’s core office configuration.
Approximately 40 parking spaces provide on-site accommodation for employees, clients, and visitors. Flexible Neighborhood Business zoning supports the property’s stated office, medical, and service-oriented positioning. The multi-office layout can support an owner-user, multiple practitioners, or an investment-oriented operating arrangement without changing the building’s core office configuration.
Key Highlights
- 5,310‑square‑foot office building constructed in 1971
- 20 individual office spaces in a multi‑suite layout
- Reception area, lobby, 3 bathrooms, dedicated lab, and filing room
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
$61,649
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
8.81%
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%
$1,232,980
$1.2M
Cap Rate 7%
$880,700
$880.7K
Cap Rate 9%
$684,989
$685.0K
Market Conditions
NOI Build-Up for 5,310 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
$95.6K $18.00/SF
− Vacancy
−$13.4K −$2.52/SF
EGI
$82.2K $15.48/SF
− OpEx
−$20.5K −$3.87/SF
NOI
$61.6K $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%
$1,232,980
Cap Rate 7%
$880,700
Cap Rate 9%
$684,989
Alternative Uses
Best Use
Office B
$880.7K
$770.6K – $1.03M
NOI $61,649 @ 7.0% cap · market cap 8.81%
Second Best
Healthcare Medical
$701.9K
$614.2K – $818.9K
NOI $49,132 @ 7.0% cap · market cap 7.02%
Theoretical Best
Office A
$1.17M
$1.03M – $1.37M
NOI $82,092 @ 7.0% cap · market cap 11.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
20
Office units
Location Intelligence
Trade Area within ½ mile
483
Businesses Nearby
Explore this area
Business Placement
Demographics for 42101, KY
64,444
Population
26,062
Households
2.5
Avg Household Size
30
Median Age
20%
College-Educated
83%
High-School Grad
281.0 sq mi
ZIP Area
229
Density / Sq Mi
$49,045
Median Household Income
$26,564
Median Earnings
$905
Median Rent
$188,200
Median Home Value
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Office building - Professional office property with medical-oriented improvements, on-site parking, and Flexible Neighborhood Business zoning.
Where is this office building located?
The property is located at 414 Old Morgantown Road Bowling Green, KY.
What is the asking price?
The asking price for this property is $700,000.
What are key features of this property?
This property features: 5,310‑square‑foot office building constructed in 1971; 20 individual office spaces in a multi‑suite layout; Reception area, lobby, 3 bathrooms, dedicated lab, and filing room
