Brick
For Sale
$160,000
825/827 Independence Dr, Madisonville, KY 42431
Residential Income, Madisonville, KY
Property Size1,500 SF
Lot Size0.36 Acres
Price / SF$106.67
Days on Market231
Property Features for 825/827 Independence Dr
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
2
Rooms
Bedroom 2, Bedroom 1
Window features
Double Pane Windows
Interior features
Mini-Blinds
Appliances
Range-Electric, Refrigerator
Subdivision
Heritage Manor
Directions
From the intersection of US 41 and McLaughlin Ave, head West on McLaughlin Ave, continue on Princeton Rd for less than a mile, turn left on Boone Dr, take a slight right on Washington Blvd, and turn right onto Independence Dr. Property on right
Standard status
Active
Size
1,500 SF
Lot size
0.36 Acres
Utilities
Cooling system
Central Air, Electric
Building Details
Year built
1977
Number of units
2
Building materials
1 Story, Brick
Roof type
Metal
Listing Agency:
Bolinger Real Estate & Auction
(270) 632-8882
Listed By:
Ben Bolinger · License #246976
(270) 889-7848
Added: Jan 15
Changed: Aug 20
Last Checked: Sep 3 at 6:06PM
MLS# 118556
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 single-story duplex contains 1,500 square feet on a 0.36-acre lot. Built in 1977, the brick property has a metal roof, central electric cooling, mini-blinds, an electric range, and a refrigerator. The layout includes two residential units.
Located at 825/827 Independence Dr in Madisonville, Kentucky, the property is identified within ZIP code 42431 and Hopkins County. Unit occupancy includes one month-to-month arrangement and one lease signed on 9/30/25, providing two distinct lease structures within the duplex.
Located at 825/827 Independence Dr in Madisonville, Kentucky, the property is identified within ZIP code 42431 and Hopkins County. Unit occupancy includes one month-to-month arrangement and one lease signed on 9/30/25, providing two distinct lease structures within the duplex.
Key Highlights
- 1,500‑square‑foot duplex on 0.36 acres
- Single‑story brick construction completed in 1977
- Metal roof and central electric cooling
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
$10,174
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
6.36%
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%
$203,480
$203.5K
Cap Rate 7%
$145,343
$145.3K
Cap Rate 9%
$113,044
$113.0K
Market Conditions
NOI Build-Up for 1,500 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
$15.3K $10.20/SF
− Vacancy
−$765 −$0.51/SF
EGI
$14.5K $9.69/SF
− OpEx
−$4.4K −$2.91/SF
NOI
$10.2K $6.78/SF
Area
Hopkins County, KY
Vacancy
5.00%
Lease Rate
$10.20 /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%
$203,480
Cap Rate 7%
$145,343
Cap Rate 9%
$113,044
Alternative Uses
Best Use
Multifamily LT 5
$145.3K
$127.2K – $169.6K
NOI $10,174 @ 7.0% cap · market cap 6.36%
Second Best
Apartment 5plus
$130.7K
$114.4K – $152.5K
NOI $9,152 @ 7.0% cap · market cap 5.72%
Theoretical Best
Office A
$253.0K
$221.4K – $295.2K
NOI $17,712 @ 7.0% cap · market cap 11.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
51
Businesses Nearby
Explore this area
Business Placement
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two residential units with central air, electric ranges, and refrigerators.
Where is this duplex located?
The property is located at 825/827 Independence Dr Madisonville, KY.
What is the asking price?
The asking price for this property is $160,000.
What are key features of this property?
This property features: 1,500‑square‑foot duplex on 0.36 acres; Single‑story brick construction completed in 1977; Metal roof and central electric cooling
