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    Central City Motel For Sale Title is generated by Realmo AI

    606 S 2nd Street, Central City, KY 42330

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    For Sale
    $1,350,000

    COMMERCIAL - Central City, KY

    Property size:
    1,929 SF
    Lot size:
    1.35 Acres
    Price / SF:
    $699/SF
    Added:
    Feb 23, 2026
    Days on Market:
    92
    Last Refresh:
    May 26 at 1:06 pm

    Property Features for 606 S 2nd Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Parking features
    Open
    Standard status
    Active
    APN
    142-03-03-030
    Size
    1,929 SF
    Lot size
    1.35 Acres

    Utilities

    Heating system
    Heat Pump (Heating)
    Cooling system
    Multi Units

    Building Details

    Year built
    1962
    Floors in Building
    1

    We can help!

    Listing Contact
    Ronald Gibson

    Listing agent Ronald Gibson License #179538

    Listing office Godby Realty & Auction 340 Clifty Street Suite 1, Somerset, KY

    Listing date Feb 23, 2026

    MLS# 26003220

    Copyright © 2026 ImagineMLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Proximity to Paradise Regional Industrial Park and major employers.
    • Located in Muhlenberg County, Kentucky, experiencing growth in key industries.
    • Includes essential amenities such as free Wi‑Fi, air conditioning, a 24‑hour reception, and laundry facilities.
    • Walking distance to local dining options.
    • Features multi‑unit cooling.
    • Open parking available.

    Overview

    This motel offers accommodations with complimentary high-speed Wi-Fi, individually controlled air conditioning, a 24-hour front desk, and on-site laundry facilities. The property is located within walking distance of local dining options, including El Bracero Mexican Restaurant. Situated in Muhlenberg County, Kentucky, the area is undergoing an economic transformation in its industrial sector, shifting toward defense manufacturing, specialized industrial equipment, and energy production. The 620-acre Paradise Regional Industrial Park, located approximately 3 miles west of Greenville, supports industries including steel, plastics, logistics, and advanced manufacturing. Biomass Engineering and Equipment (BE&E) is establishing a $20 million manufacturing facility focused on equipment for the biomass, recycling, agricultural, and forest products sectors, with plans to create 250 jobs. Greenville Manufacturing Kentucky is establishing a new $16.2 million operation, also projected to employ 250 people. Repkon USA is constructing a $435 million trinitrotoluene (TNT) production facility in Graham. Established players such as Dyno Nobel and Ensign-Bickford Aerospace & Defense (EBAD) maintain operations in Graham. The Tennessee Valley Authority (TVA) operates the Paradise Combined Cycle Plant in Drakesboro. The property is situated on a 1.35-acre lot and includes a 1,929 square feet building. This combination of investments positions Muhlenberg County as an emerging hub for high-tech manufacturing, defense, and energy infrastructure, offering enhanced economic opportunities and supporting related business travel and development in the area.
    Property Profile Location Intelligence

    Current Use by Public Records

    Caronoda Motel Hotel & Motel

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Best Western Central City — 627 S 2nd St, Central City, KY 42330
    • Super 8 by Wyndham Central City — 635 S 2nd St, Central City, KY 42330
    • Days Inn by Wyndham Central City — 640 S 2nd St, Central City, KY 42330
    • Caronoda Motel — 606 S 2nd St, Central City, KY 42330
    • Central INN — 300 Everly Brothers Blvd, Central City, KY 42330

    Location Insight

    • Map
    • Local Demand
    City
    Central City
    County
    Muhlenberg
    State
    Kentucky
    Longitude
    -87.117796
    Latitude
    37.288408

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    FAQs

    What type of property is this?
    Motel - Motel with on-site amenities in a growing industrial area.
    Where is this motel located?
    The property is located at 606 S 2nd Street Central City, KY.
    What is the asking price?
    The asking price for this property is $1,350,000.
    What are key features of this property?
    This property features: Proximity to Paradise Regional Industrial Park and major employers.; Located in Muhlenberg County, Kentucky, experiencing growth in key industries.; Includes essential amenities such as free Wi‑Fi, air conditioning, a 24‑hour reception, and laundry facilities.
    (480) 221-3717
    We can help!
    Listing Contact
    Ronald Gibson
    Real Estate License ID: 179538
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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