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    1016 Winchester Road Irvine, KY 40336

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    Claim this Listing
    For Lease
    $4,225/Mo $6 SF/Yr (calc)

    COMMERCIAL - Irvine, KY

    Property size:
    7,800 SF
    Lot size:
    1.08 Acres
    Added:
    Aug 19, 2024
    Days on Market:
    614
    Last Refresh:
    Apr 24 at 12:06 am

    Property Features for 1016 Winchester Road

    General Information

    Property type
    Commercial Lease
    Property subtype
    Other
    Parking
    35
    Standard status
    Active
    Size
    7,800 SF
    Lot size
    1.08 Acres

    Utilities

    Utilities
    Phone Available
    Sewer type
    Public Sewer

    Building Details

    Floors in Building
    1

    We can help!

    Listing Contact
    James Woolery

    Listing agent James Woolery License #196828

    Listing office Joyce Marcum Realty 250 Main St, Irvine, KY

    Listing date Aug 19, 2024

    MLS# 24017909

    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.

    Overview

    Retail Space on Kentucky Highway

    This 7800 square foot retail space is available for lease and is located directly on a busy Kentucky State Highway, offering exceptional visibility and high-traffic exposure. The property features large storefront windows suitable for displaying merchandise. It is equipped with 3-phase electric power to support various retail operations. The space includes separate male and female bathrooms for staff and customer convenience. A dedicated office area with high-speed internet is available. This retail space is located in Estill County, Kentucky, which has a population of almost 15,000 residents, and benefits from traffic on Kentucky State Highway 89 traveling to Winchester, Richmond, and downtown Irvine and Ravenna, Kentucky. The location is less than 30 minutes from I-75, I-64, and the Kentucky Mountain Parkway. The lot size is 1.08 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Family Dollar Discount Store

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Irvine
    County
    Estill
    State
    Kentucky
    Longitude
    -83.976526
    Latitude
    37.712744

    FAQs

    What type of property is this?
    Retail space - 7800 sq ft retail space with high visibility.
    Where is this retail space located?
    The property is located at 1016 Winchester Road Irvine, KY.
    What is the lease rate?
    The lease rate is $4,225 /Mo.
    What are key features of this property?
    This property features: 7800 sq ft retail space with exceptional visibility on a busy Kentucky State Highway.; High‑traffic location with exposure to traffic traveling to Winchester, Richmond, Irvine, and Ravenna.; Equipped with 3‑phase electric power to support a wide range of retail operations.
    (859) 358-0691
    We can help!
    Listing Contact
    James Woolery
    Real Estate License ID: 196828
    Learn More
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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.

    More about this property
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