Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    4551 Springhill Dr Owensboro, KY 42303-4671

    • Commercial real estate
    • 2.73 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US34-0688774
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Gyro house / Restaurant
    • Deaconess Clinic - Springhill / Pediatrician / Physician
    • Victoria Edwards, MD / Pediatrician / Physician
    • Deaconess Heart Group - Owensboro / Medical Clinic
    • 54 Wine & Spirits / (Bike/Boat/Book/etc) Store / Wine and Liquor Store

    Property Details for 4551 Springhill Dr

    Lot size
    2.73 lot acres
    Property type
    Commercial real estate
    APN
    075-T0-00-003-00-000
    APU
    075T00000300000

    Description

    Lake Forest Center, a Class A retail strip center and medical facility, presents a prime investment opportunity in Owensboro, Kentucky's thriving East Daviess County submarket. This single-story, 24,000 square foot building, constructed in 2017, sits on a 2.73-acre lot at 4551 Springhill Dr, conveniently located near Hwy 54. The property boasts 12 suites, currently featuring a mix of medical and food and beverage tenants. There is 2,000 square feet of immediately available space. The center benefits from a high-visibility location with a prominent digital pylon sign, ensuring excellent exposure for tenants. The property is zoned B-4 and has a Daviess County APN of 075-T0-00-003-00-000. The building features no elevators. This well-maintained property offers a strong foundation for continued success and growth, making it an attractive option for both investors and tenants seeking a strategic location in a vibrant market. The available space presents a unique opportunity to establish or expand a business within a thriving retail environment. The property's modern design and convenient location make it an ideal choice for a variety of businesses. The existing tenant mix provides a synergistic environment, attracting a diverse customer base. This is a rare opportunity to acquire a well-positioned, high-quality retail property in a desirable location.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Owensboro
    County
    Daviess
    State
    Kentucky
    Longitude
    -87.0422
    Latitude
    37.7441
    CBSA code
    36980
    CBSA name
    OWENSBORO, KY METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    0
    $0.00
    $0.00
    $0.00
    $3,297,000
    -
    $0.00
    $0.00
    $3,297,000

    Comparable in this City

    • Value Estimation by Request
      0.01 Acres

      Hwy 60

      COMMERCIAL (GENERAL) • 0.01 Acres
      Hwy 60, Owensboro, KY 42303
      View Details
    • Value Estimation by Request
      0.15 Acres

      Owensboro, KY 42303

      COMMERCIAL (GENERAL) • 0.15 Acres
      Owensboro, KY 42303
      View Details
    • Value Estimation by Request
      0.01 Acres

      Hwy 60

      COMMERCIAL (GENERAL) • 0.01 Acres
      Hwy 60, Owensboro, KY 42303
      View Details
    • Value Estimation by Request

      4218 Hwy 144

      COMMERCIAL (GENERAL)
      4218 Hwy 144, Owensboro, KY 42303-0237
      View Details
    • Value Estimation by Request

      1015 15th St

      COMMERCIAL (GENERAL)
      1015 15th St, Owensboro, KY 42303-3910
      View Details
    • Value Estimation by Request
      0.62 Acres

      4367 Springhill Dr

      COMMERCIAL (GENERAL) • 0.62 Acres
      4367 Springhill Dr, Owensboro, KY 42303-4661
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      1.20 Acres

      Gateway Commons Commercial Pads

      Owensboro, KY commercial land parcels
      3280 Hayden Rd, Owensboro, KY 42303
      View Details
    • $200,000
      0.50 Acres

      Highway 54 Commercial Land Opportunity

      High-profile Owensboro commercial lot, 0.5 acres.
      3641 Ralph Ave, Owensboro, KY 42303
      View Details
    • $5,552,000
      16.98 Acres

      Owensboro Commercial Land Development

      Prime 16.98-acre commercial lot, ready to build.
      3050 Fairview Dr, Owensboro, KY 42303
      View Details
    • $799,900
      11.45 Acres

      Owensboro Commercial Land - 11 Acres

      Prime KY Commercial Land, I-1 Zoning
      0 Daniels Ln, Owensboro, KY 42303
      View Details
    • $1,700,000
      5.50 Acres

      3910 Ky-54

      Land • 5.50 Acres
      3910 Ky-54, Owensboro, KY 42303
      View Details
    • $3,000,000
      9.90 Acres

      Owensboro KY Commercial Land Investment

      9.9 Acres, Highway 60 Frontage, High Growth Area
      3100 Heartland Crossing Blvd, Owensboro, KY 42303
      View Details

    Similar Nearby for Lease

    • $8 SF/Yr
      20,000 SF

      Highway 144 Flex Space Available

      Versatile Flex Space, 1,000-20,000 SF
      2930 Ky-144, Owensboro, KY 42303
      View Details
    • $25 SF/Yr
      2,040 SF

      New Hartford Road Office Space

      Prime Location, 2023 Construction, 2040 SF
      3415 New Hartford Rd, Owensboro, KY 42303
      View Details
    • $8 SF/Yr
      10,000 SF

      Owensboro Industrial Space Available

      Modern 10,000 sq ft warehouse/manufacturing space.
      5056 Downwind Dr, Owensboro, KY 42303
      View Details
    • $8,750 /Mo
      14,000 SF

      Spacious Industrial Facility For Lease

      14,000 SF industrial facility with oversized doors and loading dock.
      2920 B Fairview Dr, Owensboro, KY 42303
      View Details
    • $9 SF/Yr
      10,500 SF

      Owensboro Industrial Flex Space

      10,500 SF Flex Space, East Daviess County
      4143 Vincent Station Dr, Owensboro, KY 42303
      View Details
    • $8 SF/Yr
      16,250 SF

      Owensboro Warehouse: Prime Location

      16,250 SF Warehouse, Distribution, Office
      1734 Parrish Ave, Owensboro, KY 42303
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    4551 Springhill Dr
    Owensboro, KY 42303-4671
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.