Four-Building Storefront
For Sale
$1,000,000
538 E Center St., Madisonville, KY 42431
Commercial Sale, Madisonville, KY
Property Size5,500 SF
Lot Size1.99 Acres
Price / SF$181.82
Days on Market138
Property Features for 538 E Center St.
General Information
Property type
Commercial Sale
Property subtype
Other
Directions
Travel E. Center St. - Property is on the right
Subdivision
1 - Madisonville
Standard status
Active
Size
5,500 SF
Lot size
1.99 Acres
Building Details
Year built
2007
Listing Agency:
HERITAGE HOMES REAL ESTATE
(270) 825-9090
Listed By:
Maggie Sheets
(270) 836-5086
Added: Apr 27
Changed: Sep 5
Last Checked: Sep 11 at 2:06PM
MLS# 121827
Copyright © 2026 Madisonville-Hopkins County Board of Realtors. 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 storefront property includes four commercial buildings totaling 5,500 square feet on 1.99 acres. Constructed in 2007, the improvements are described as being in excellent condition and include on-site parking. Three buildings are subject to established 5-year leases, while the remaining building can provide additional income or accommodate an owner-user.
The property is located at 538 E Center St. in Madisonville, Kentucky, within Hopkins County. Its commercial configuration combines multiple structures with existing lease coverage and a separate vacant or flexible-use building, offering distinct occupancy options within one property.
The property is located at 538 E Center St. in Madisonville, Kentucky, within Hopkins County. Its commercial configuration combines multiple structures with existing lease coverage and a separate vacant or flexible-use building, offering distinct occupancy options within one property.
Key Highlights
- Four commercial buildings totaling 5,500 square feet
- Three buildings secured by established 5‑year leases
- Fourth building offers income potential or owner‑user flexibility
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
$60,446
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
6.04%
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%
$1,208,920
$1.2M
Cap Rate 7%
$863,514
$863.5K
Cap Rate 9%
$671,622
$671.6K
Market Conditions
NOI Build-Up for 5,500 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
$90.4K $16.44/SF
− Vacancy
−$4.1K −$0.74/SF
EGI
$86.4K $15.70/SF
− OpEx
−$25.9K −$4.71/SF
NOI
$60.4K $10.99/SF
Area
Hopkins County, KY
Vacancy
4.50%
Lease Rate
$16.44 /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%
$1,208,920
Cap Rate 7%
$863,514
Cap Rate 9%
$671,622
Alternative Uses
Best Use
Retail
$863.5K
$755.6K – $1.01M
NOI $60,446 @ 7.0% cap · market cap 6.04%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$927.8K
$811.8K – $1.08M
NOI $64,944 @ 7.0% cap · market cap 6.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
845
Businesses Nearby
72k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 51%
Shops & Services 47%
Beauty & Spa 1%
Wendy's
Dining
18,839 visits/mo
0.4 miles
Marathon
Shops & Services
15,120 visits/mo
0.3 miles
Rally's
Dining
7,425 visits/mo
0.4 miles
Dollar General
Shops & Services
7,072 visits/mo
0.2 miles
Hardee's
Dining
6,446 visits/mo
0.4 miles
Demographics for 42431, KY
26,566
Population
12,569
Households
2.1
Avg Household Size
41
Median Age
20%
College-Educated
88%
High-School Grad
166.7 sq mi
ZIP Area
159
Density / Sq Mi
$57,529
Median Household Income
$37,671
Median Earnings
$858
Median Rent
$151,800
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 Retail in South region
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Frequently Asked Questions
What type of property is this?
Storefront property - Multi-building commercial offering with leased occupancy, a separate owner-user option, and on-site parking.
Where is this storefront property located?
The property is located at 538 E Center St. Madisonville, KY.
What is the asking price?
The asking price for this property is $1,000,000.
What are key features of this property?
This property features: Four commercial buildings totaling 5,500 square feet; Three buildings secured by established 5‑year leases; Fourth building offers income potential or owner‑user flexibility
