Add Listing
    For Lease
    • 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

    1478 W Lexington Ave Winchester, KY 40391

    View on Map
    Sponsored
    For Lease
    $4,000 /Mo ($40 SF/Yr)

    COMMERCIAL - Winchester, KY

    Type:Retail
    Property size:
    1,188 SF
    Lot size:
    0.37 Acres
    Days on Market:
    4
    Last Refresh:
    Mar 5 at 7:06 am

    Property Features for 1478 W Lexington Ave

    General Information

    Property type
    Commercial Lease
    Property subtype
    Retail
    Standard status
    Active
    Zoning
    B-3
    APN
    042-2007-001-01
    Size
    1,188 SF
    Lot size
    0.37 Acres

    Building Details

    Year built
    1990

    We can help!

    Listing Contact
    Bryan Little

    Keller Williams Commonwealth (859) 721-2121

    Listing agent Bryan Little (859) 721-2121

    Listing date Mar 2, 2026

    MLS# 26003828

    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.

    Learn more

    Property Insight Report

    Overview

    Freestanding Restaurant with Double Drive-Thru

    This freestanding, full-service restaurant building, formerly a Rally's, is available for lease in Winchester, KY. The property, totaling 1,188 square feet, features a double drive-thru configuration and includes all existing equipment, presenting a turnkey opportunity for a new restaurant, coffee shop, or quick-service concept. Situated on 0.37 acres at the corner of West Lexington Avenue (US-60) and Bypass Road (KY-1958), the property benefits from high traffic counts, excellent visibility, and strong signage presence. The location is adjacent to Speedway and directly across from Ale-8-One, just minutes from downtown Winchester and approximately 0.4 miles from I-64, providing convenient regional access. The property is zoned B-3.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Rally's Restaurant

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Winchester
    County
    Clark
    State
    Kentucky
    Longitude
    -84.209277
    Latitude
    38.005917

    Nearby Similar for Lease

    • $2,500 /Mo
      2,310 SF

      Renovated Retail Space with Parking

      Recently renovated retail space with ample parking in downtown Winchester.
      16 N Main St, Winchester, KY 40391
      View Details
    • $13 SF/Yr
      2,200 SF

      Updated Office Building in Winchester

      2,200 SF office space in the heart of Winchester.
      116 S Maple St, Winchester, KY 40391
      View Details
    • $7 SF/Yr
      15,368 SF

      Industrial Building in Winchester, KY

      15,368 SF industrial building with outside storage potential.
      475 Gawthrop Dr, Winchester, KY 40391
      View Details
    • New
      $8 SF/Yr
      19,800 SF

      Winchester Climate-Controlled Warehouse For Lease

      19,800 SF climate-controlled warehouse with interstate access. Available May/June 2026.
      350 Tierney Way, Winchester, KY 40391
      View Details
    • $10 SF/Yr
      62,525 SF

      Retail Space in Colby Station

      Prime retail space in high-traffic Winchester shopping center.
      1946 Bypass Rd, Winchester, KY 40391
      View Details
    • $2,200 /Mo
      1,200 SF

      Well-Maintained Strip Center Space

      Highly visible, accessible commercial space in Winchester, Kentucky.
      1200 Bypass Rd, Winchester, KY 40391
      View Details
    • $2,500 /Mo
      3,000 SF

      Renovated Restaurant Space in Winchester

      Beautifully renovated restaurant space with seating for 100 in Winchester.
      30 N Main St, Winchester, KY 40391
      View Details
    • $2,000 /Mo
      3,920 SF

      Downtown Winchester Retail Space Available

      Retail space in downtown Winchester with parking and grant opportunities.
      29 S Main St, Winchester, KY 40391
      View Details
    • $4,900 /Mo
      Pending

      Prime Medical Space For Rent

      3,700 sq ft medical space in high-visibility Winchester location.
      505 Shoppers Dr, Winchester, KY 40391
      View Details
    • $1,700 /Mo
      Pending

      Commercial Space in Winchester, KY

      Versatile commercial space suitable for various business types.
      174 Pedro Way, Winchester, KY 40391
      View Details
    • $17 SF/Yr
      62,525 SF

      Winchester Retail Center Opportunity

      High-traffic retail space available in KY.
      1910 Bypass Rd, Winchester, KY 40391
      View Details
    • $240 SF/Yr
      8,400 SF

      Winchester Office Space - New Construction

      Modern Office Suites, Ample Parking
      5 Shoppers Dr, Winchester, KY 40391
      View Details

    FAQs

    What type of property is this?
    Restaurant - Turnkey restaurant opportunity with high visibility and convenient access.
    Where is this restaurant located?
    The property is located at 1478 W Lexington Ave Winchester, KY.
    What is the lease rate?
    The lease rate is $40 SF/Yr.
    What are key features of this property?
    This property features: - Turnkey restaurant opportunity with all existing equipment included.; - Double drive-thru configuration for efficient service.; - High-traffic location at the corner of West Lexington Avenue (US-60) and Bypass Road (KY-1958).
    (859) 619-4969
    Request Owner's contact information
    1478 W Lexington Ave Winchester, KY 40391
    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.
    1478 W Lexington Ave
    Winchester, KY 40391
    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
    1478 W Lexington Ave Winchester, KY 40391
    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

    We can help!
    Listing Contact
    Bryan Little
    (859) 619-4969 (859) 721-2121
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!