Office Building with B-3
For Sale
$450,000
1320 Fulton Road, Winchester, KY 40391
Commercial Sale, Winchester, KY
Property Size2,530 SF
Lot Size0.22 Acres
Price / SF$177.87
Days on Market44
Property Features for 1320 Fulton Road
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
B-3
Directions
1320 Fulton Rd, Winchester, KY
Subdivision
007 - Clark County
Standard status
Active
APN
043-1001-004-00
Size
2,530 SF
Lot size
0.22 Acres
Utilities
Heating system
Heat Pump (Heating)
Cooling system
Heat Pump
Building Details
Year built
1983
Floors in Building
1
Listing Agency:
KY Realty Co
Listed By:
Holly Spradlin · License #207752
(606) 793-4395
Added: Aug 14
Changed: Sep 12
Last Checked: Sep 26 at 11:06AM
MLS# 26022173
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.
Located at 1320 Fulton Road in Winchester, Kentucky, this 2,530-square-foot office building sits on a 0.22-acre parcel. Constructed in 1983, the property includes heat-pump heating and heat-pump cooling, providing a single system for both climate functions. B-3 zoning is in place for the site.
The property offers access to major roadways and surrounding communities, supporting convenient customer and client access. Its Winchester location places the building within Clark County and the 40391 postal area.
The property offers access to major roadways and surrounding communities, supporting convenient customer and client access. Its Winchester location places the building within Clark County and the 40391 postal area.
Key Highlights
- 2,530‑square‑foot office building
- 0.22‑acre parcel
- B‑3 zoning
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
$35,576
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
7.91%
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%
$711,520
$711.5K
Cap Rate 7%
$508,229
$508.2K
Cap Rate 9%
$395,289
$395.3K
Market Conditions
NOI Build-Up for 2,530 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
$54.6K $21.60/SF
− Vacancy
−$7.2K −$2.85/SF
EGI
$47.4K $18.75/SF
− OpEx
−$11.9K −$4.69/SF
NOI
$35.6K $14.06/SF
Area
Clark County, KY
Vacancy
13.20%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
25.00%
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%
$711,520
Cap Rate 7%
$508,229
Cap Rate 9%
$395,289
Alternative Uses
Best Use
Office B
$508.2K
$444.7K – $592.9K
NOI $35,576 @ 7.0% cap · market cap 7.91%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$641.2K
$561.1K – $748.1K
NOI $44,884 @ 7.0% cap · market cap 9.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
568
Businesses Nearby
Explore this area
Business Placement
Demographics for 40391, KY
36,461
Population
16,125
Households
2.3
Avg Household Size
41
Median Age
22%
College-Educated
90%
High-School Grad
237.3 sq mi
ZIP Area
154
Density / Sq Mi
$67,910
Median Household Income
$40,323
Median Earnings
$884
Median Rent
$197,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - The property includes heat-pump heating and cooling within a commercial office setting in Winchester.
Where is this office building located?
The property is located at 1320 Fulton Road Winchester, KY.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: 2,530‑square‑foot office building; 0.22‑acre parcel; B‑3 zoning
