Updated Two-Unit
New
For Sale
$175,000
510 Glen Lily Road, Bowling Green, KY 42101
Multi-Family, Bowling Green, KY
Property Size1,464 SF
Lot Size0.24 Acres
Price / SF$119.54
Days on Market6
Property Features for 510 Glen Lily Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bedroom 1, Bathroom 1, Bedroom 3, Bedroom 2
Exterior features
Mature Trees
Lot features
In City Limits
Elementary school
Dishman McGinnis
Middle school
Bowling Green Junior High
High school
Bowling Green
Directions
From Adams St. take a right on W 13th, right on Stubbins, left on Glen Lily, house on your right.
Subdivision
Warren West
Standard status
Active
Lot size
0.24 Acres
Utilities
Water source
Public
Building Details
Year built
1997
Number of units
2
Roof type
Shingle
Listing Agency:
Keller Williams First Choice R · Keller Williams Realty
(270) 782-1811
Listed By:
Claire Fuqua
(270) 935-7531
Added: Sep 22
Last Checked: Sep 27 at 12:06PM
MLS# RA20265751
Copyright © 2026 REALTOR® Association of Southern Kentucky, Inc. 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 1,464-square-foot duplex contains two distinct residences under one roof. The lower unit has 2 bedrooms and 1 bathroom, while the upper unit provides 1 bedroom and 1 bathroom. Flooring and paint have been updated, and the separate living areas support independent household layouts. Built in 1997, the property sits on a 0.24-acre lot with mature trees, a shingle roof, and public water service.
Located at 510 Glen Lily Road in Bowling Green, the property is near Downtown Bowling Green and offers access to shopping, dining, Western Kentucky University, and everyday amenities. The two-unit configuration provides two residential spaces within a single property.
Located at 510 Glen Lily Road in Bowling Green, the property is near Downtown Bowling Green and offers access to shopping, dining, Western Kentucky University, and everyday amenities. The two-unit configuration provides two residential spaces within a single property.
Key Highlights
- Two‑unit duplex with approximately 1,464 square feet
- Lower residence includes 2 bedrooms and 1 bathroom
- Upper residence includes 1 bedroom and 1 bathroom
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
$13,771
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
7.87%
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%
$275,420
$275.4K
Cap Rate 7%
$196,729
$196.7K
Cap Rate 9%
$153,011
$153.0K
Market Conditions
NOI Build-Up for 1,464 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
$20.9K $14.28/SF
− Vacancy
−$1.2K −$0.84/SF
EGI
$19.7K $13.44/SF
− OpEx
−$5.9K −$4.03/SF
NOI
$13.8K $9.41/SF
Area
Warren County, KY
Vacancy
5.90%
Lease Rate
$14.28 /SF/Yr
Expense Ratio
30.00%
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%
$275,420
Cap Rate 7%
$196,729
Cap Rate 9%
$153,011
Alternative Uses
Best Use
Multifamily LT 5
$196.7K
$172.1K – $229.5K
NOI $13,771 @ 7.0% cap · market cap 7.87%
Second Best
Apartment 5plus
$183.6K
$160.6K – $214.2K
NOI $12,851 @ 7.0% cap · market cap 7.34%
Theoretical Best
Office A
$323.3K
$282.9K – $377.2K
NOI $22,633 @ 7.0% cap · market cap 12.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
234
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Two separate residences with refreshed flooring and paint provide flexible rental layouts near downtown amenities.
Where is this duplex located?
The property is located at 510 Glen Lily Road Bowling Green, KY.
What is the asking price?
The asking price for this property is $175,000.
What are key features of this property?
This property features: Two‑unit duplex with approximately 1,464 square feet; Lower residence includes 2 bedrooms and 1 bathroom; Upper residence includes 1 bedroom and 1 bathroom
