Bed & Breakfast With Event
For Sale
$1,100,000
1010 Steele Road, Versailles, KY 40383
Residential Income, Versailles, KY
Property Size8,452 SF
Lot Size9.00 Acres
Price / SF$130.15
Days on Market348
Property Features for 1010 Steele Road
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Zoning
R-1
Zoning description
Residential
Bedrooms
11
Bathrooms
12
Full bathrooms
11
Half bathrooms
1
Rooms
Bedroom 8, Bathroom 5, Bathroom 10, Laundry Room, Bedroom 11, Bathroom 11, Bathroom 2, Bedroom 5, Bedroom 6, Bedroom 9, Bedroom 10, Bathroom 6, Bathroom 9, Bathroom 3, Bedroom 7, Bathroom 7, Bathroom 1, Bathroom 8, Bedroom 2, Bathroom 12, Bedroom 3, Bathroom 4, Bedroom 4, Bedroom 1
Security features
Security System
Subdivision
Rural
Elementary school
Simmons
Middle school
Woodford Co
High school
Woodford Co
Elementary school district
Woodford County - 10
Middle school district
Woodford County - 10
High school district
Woodford County - 10
Directions
From Frankfort: 60 east. Right on Steele Road. From Versailles: Troy Pike (33 south). Right on Falling Springs Blvd. Left on Tyrone Pike (62 west). Right on Steele Road. Property on right.
Standard status
Active
APN
09-0000-0121
Size
8,452 SF
Lot size
9.00 Acres
Utilities
Utilities
Propane
Heating system
Heat Pump (Heating), Forced Air, Electric (Heating)
Cooling system
Attic Fan, Central Air, Heat Pump, Electric
Amenities
recreation room
party/banquet room
redwood sauna
in-ground pool
landscaped grounds
gazebo
balconies
Building Details
Year built
1998
Floors in Building
2
Roof type
Shingle
Listing Agency:
Biederman Real Estate
(859) 277-2030
Listed By:
Lesley Ward
(859) 361-3246
Added: Sep 26, 2025
Changed: Sep 2
Last Checked: Sep 8 at 4:06AM
MLS# 25502409
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.
Investment Insights
Based on property information with market context.
This 8,452-square-foot bed and breakfast and event property occupies 9 acres and was built in 1998. The guest operation includes 8 bedrooms, each with a private bathroom, along with a bridal suite, recreation room, and separate banquet room. Four guest rooms include balconies, and the first floor has a redwood sauna.
Outdoor improvements include an in-ground pool, landscaped grounds, and a gazebo. Two additional apartments provide living rooms, kitchens, bedrooms, and bathrooms: a 700-square-foot unit above the garage and another apartment above the event room. The property is zoned R-1 and uses propane utilities, with central air, heat pump, forced air, electric systems, and an attic fan among the listed mechanical features.
Outdoor improvements include an in-ground pool, landscaped grounds, and a gazebo. Two additional apartments provide living rooms, kitchens, bedrooms, and bathrooms: a 700-square-foot unit above the garage and another apartment above the event room. The property is zoned R-1 and uses propane utilities, with central air, heat pump, forced air, electric systems, and an attic fan among the listed mechanical features.
Key Highlights
- 9‑acre bed and breakfast and event property
- 8 guest bedrooms, each with a private bathroom
- 4 guest rooms with balconies plus a dedicated bridal suite
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
$43,359
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
3.94%
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%
$867,180
$867.2K
Cap Rate 7%
$619,414
$619.4K
Cap Rate 9%
$481,767
$481.8K
Market Conditions
NOI Build-Up for 8,452 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
$121.7K $14.40/SF
− Vacancy
−$30.4K −$3.60/SF
EGI
$91.3K $10.80/SF
− OpEx
−$47.9K −$5.67/SF
NOI
$43.4K $5.13/SF
Area
Jessamine County, KY
Vacancy
25.00%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
52.50%
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%
$867,180
Cap Rate 7%
$619,414
Cap Rate 9%
$481,767
Alternative Uses
Best Use
Hotel Hospitality
$619.4K
$542.0K – $722.7K
NOI $43,359 @ 7.0% cap · market cap 3.94%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.14M
$1.87M – $2.50M
NOI $149,945 @ 7.0% cap · market cap 13.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
3
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 40383, KY
24,592
Population
10,431
Households
2.4
Avg Household Size
43
Median Age
42%
College-Educated
91%
High-School Grad
150.4 sq mi
ZIP Area
164
Density / Sq Mi
$80,444
Median Household Income
$42,365
Median Earnings
$998
Median Rent
$279,400
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Bed & breakfast - Hospitality property with guest accommodations, event facilities, apartments, pool, and landscaped grounds.
Where is this bed & breakfast located?
The property is located at 1010 Steele Road Versailles, KY.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: 9‑acre bed and breakfast and event property; 8 guest bedrooms, each with a private bathroom; 4 guest rooms with balconies plus a dedicated bridal suite
