16-Unit Apartment
For Sale
Contact for pricing
415 Upper Stone Avenue, Bowling Green, KY 42101
Two multifamily buildings offer consistent two-bedroom layouts with 14 of 16 units occupied.
Property Size6,960 SF
Price / SF$305.32
Days on Market119
Property Features for 415 Upper Stone Avenue
General Information
Standard status
Active
Size
6,960 SF
Property subtype
Multifamily
Zoning
Multifamily
Occupancy
88%
Units
Unit Mix
16 x 2BR/2BA
Multifamily Units
16
Building Details
Year Built
2014
Buildings
2
Stories
2
Units
16
Listing Agency:
Coldwell Banker Commercial Legacy Group
Listed By:
Travis Ayers · License #KY
Source:
Crexi
Added: May 6
Changed: Aug 30
Last Checked: Aug 30 at 1:13PM
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 Commercial Legacy Group
Investment Insights
Based on property information with market context.
This multifamily offering includes two 8-plex apartment buildings with 16 units in total. Each apartment provides a two-bedroom, two-bathroom configuration and approximately 870 square feet of living space. The buildings were constructed in 2014 and 2015, providing a relatively recent asset profile across the property.
Occupancy currently stands at 14 of the 16 units, supporting ongoing rental operations. The property is located at 415 Upper Stone Avenue in Bowling Green, Kentucky, and is zoned Multifamily.
Occupancy currently stands at 14 of the 16 units, supporting ongoing rental operations. The property is located at 415 Upper Stone Avenue in Bowling Green, Kentucky, and is zoned Multifamily.
Key Highlights
- Two 8‑plex buildings with 16 units total
- Each unit has 2 bedrooms, 2 bathrooms, and approximately 870 square feet
- 14 of 16 units currently occupied
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
$61,095
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
2.88%
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%
$1,221,900
$1.2M
Cap Rate 7%
$872,786
$872.8K
Cap Rate 9%
$678,833
$678.8K
Market Conditions
NOI Build-Up for 6,960 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
$116.9K $16.80/SF
− Vacancy
−$5.8K −$0.84/SF
EGI
$111.1K $15.96/SF
− OpEx
−$50.0K −$7.18/SF
NOI
$61.1K $8.78/SF
Area
Warren County, KY
Vacancy
5.00%
Lease Rate
$16.80 /SF/Yr
Expense Ratio
45.00%
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%
$1,221,900
Cap Rate 7%
$872,786
Cap Rate 9%
$678,833
Alternative Uses
Best Use
Apartment 5plus
$872.8K
$763.7K – $1.02M
NOI $61,095 @ 7.0% cap · market cap 2.88%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.54M
$1.35M – $1.79M
NOI $107,600 @ 7.0% cap · market cap 5.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
16
Residential units
Location Intelligence
Trade Area within ½ mile
25
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Two multifamily buildings offer consistent two-bedroom layouts with 14 of 16 units occupied.
Where is this apartment building located?
The property is located at 415 Upper Stone Avenue Bowling Green, KY.
What is the asking price?
The asking price for this property is $2,125,000.
What are key features of this property?
This property features: Two 8‑plex buildings with 16 units total; Each unit has 2 bedrooms, 2 bathrooms, and approximately 870 square feet; 14 of 16 units currently occupied
