Building Details

Year built 1980

Floors in Building 1

Building materials Block

Roof type Metal

Listing Agency: New Doors Real Estate

Listed By: Charles D Beaman Show Phone

Added: May 1 Changed: Sep 12 Last Checked: Sep 22 at 12:06PM

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MLS# 26009655

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 one-story restaurant property contains 1,867 square feet on a 30-by-100-foot lot. Constructed in 1980, the building has block construction, a metal roof, natural gas heat, electric cooling, and public sewer service. The property is currently occupied by a cafe, restaurant, and catering operation; the operating business is excluded from the sale. The tenant leases on a month-to-month basis and has indicated interest in continuing occupancy.

The building is located in downtown Wilmore near Asbury Theological Seminary and minutes from Asbury University. Local retail and dining businesses surround the property, with pedestrian activity in the immediate area. Its existing restaurant use, current occupancy, and modest lot configuration provide a defined commercial setting for continued operation or a future change in use.

Key Highlights

• 1,867 SF one‑story restaurant building
• 30' x 100' lot in downtown Wilmore
• Current cafe, restaurant, and catering tenant; business excluded from sale

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

$17,765

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

7.73%

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%

$355,300 $355.3K

Cap Rate 7%

$253,786 $253.8K

Cap Rate 9%

$197,389 $197.4K

Market Conditions

NOI Build-Up for 1,867 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

$26.9K $14.40/SF

− Vacancy

−$1.5K −$0.81/SF

EGI

$25.4K $13.59/SF

− OpEx

−$7.6K −$4.08/SF

NOI

$17.8K $9.52/SF

Area

Jessamine County, KY

Vacancy

5.60%

Lease Rate

$14.40 /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%

$355,300

Cap Rate 7%

$253,786

Cap Rate 9%

$197,389

Alternative Uses

Best Use

Specialty Retail

$310.4K

$271.6K – $362.2K (±1% cap)

NOI $21,731 @ 7.0% cap · market cap 9.45%

Second Best

Retail

$253.8K

$222.1K – $296.1K (±1% cap)

NOI $17,765 @ 7.0% cap · market cap 7.73%

Theoretical Best

Office A

$473.2K

$414.0K – $552.0K (±1% cap)

NOI $33,122 @ 7.0% cap · market cap 14.41%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Conventional restaurants

Suggested Use

Top Pick Building Supply Real Estate Agency Restaurant Auto Repair Shop Law Firm Hair Salon

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

100%

Occupancy

Single-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

288

Businesses Nearby

14k

Monthly Visits Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Foot Traffic Nearby

Shops & Services 86% Groceries 14%

Dollar General Shops & Services

5,827 visits/mo 0.1 miles

Shell Shops & Services

5,821 visits/mo 0.3 miles

Fitchs Iga #7356 Groceries

2,036 visits/mo 0.1 miles

WesBanco Shops & Services

603 visits/mo 0.0 miles

Demographics for 40390, KY

7,469

Population

2,598

Households

2.9

Avg Household Size

33

Median Age

41%

College-Educated

93%

High-School Grad

24.7 sq mi

ZIP Area

302

Density / Sq Mi

$71,731

Median Household Income

$29,751

Median Earnings

$833

Median Rent

$219,000

Median Home Value

Market

Vacancy Rate% for Retail in South region

7% 2020

6.2% 2021

5.1% 2022

4.8% 2023

4.9% 2024

5.4% 2025

Questions? Ask Rey

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What type of property is this? Where is this conventional restaurants located? What is the asking price? Find similar properties What are key features of this property?

Frequently Asked Questions

What type of property is this?

Conventional restaurant - One-story commercial building with an existing month-to-month restaurant tenancy and flexible future-use potential.

Where is this conventional restaurant located?

The property is located at 111 E Main Street Wilmore, KY.

What is the asking price?

The asking price for this property is $229,900.

What are key features of this property?

This property features: 1,867 SF one‑story restaurant building; 30' x 100' lot in downtown Wilmore; Current cafe, restaurant, and catering tenant; business excluded from sale