Renovated Retail
For Sale
$299,999
16 N Main Street, Winchester, KY 40391
Commercial Sale, Winchester, KY
Property Size2,310 SF
Lot Size0.18 Acres
Price / SF$129.87
Days on Market584
Property Features for 16 N Main Street
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning description
B-2
Subdivision
Commercial
Directions
Winchester, KY is conveniently situated just 18 miles east of Lexington and, with proximity to I-64, provides quick access to the larger city's amenities. Downtown Winchester is home to a variety of beloved local establishments, including the historic Leeds Center for the Arts, La Trattoria, Loma's, The Hall Coffee & Social Club, and several small shops.
Standard status
Active
APN
054-3209-015-00
Size
2,310 SF
Lot size
0.18 Acres
Building Details
Floors in Building
1
Building materials
Brick, Glass
Listing Agency:
Block + Lot Homes
(859) 309-0099
Listed By:
Lara Thornbury · License #SL3587398
(859) 771-2552
Added: Jan 30, 2025
Changed: Sep 2
Last Checked: Sep 6 at 9:06AM
MLS# 25001584
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 2,310-square-foot brick-and-glass storefront in downtown Winchester has undergone extensive renovation, including a new roof, four skylights, hardwood flooring, exposed beams, updated electrical and plumbing, and HVAC. The layout includes a main retail area, private rear office with a view into the sales floor, laundry room, and plumbing for four bathrooms. A rear parking lot provides on-site parking for tenants, customers, and employees.
The property is directly across from seven new apartments and shares its block with five restaurants, multiple shops, and the Leeds Center for the Arts. Downtown Winchester is located 18 miles east of Lexington with access to I-64. The offering is fully leased and carries a 10% cap rate.
The property is directly across from seven new apartments and shares its block with five restaurants, multiple shops, and the Leeds Center for the Arts. Downtown Winchester is located 18 miles east of Lexington with access to I-64. The offering is fully leased and carries a 10% cap rate.
Key Highlights
- 2,310 SF renovated retail storefront in downtown Winchester
- 10% cap rate with the property fully leased
- New roof, four skylights, hardwood floors, updated electrical, plumbing, and HVAC
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
$21,981
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
7.33%
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%
$439,620
$439.6K
Cap Rate 7%
$314,014
$314.0K
Cap Rate 9%
$244,233
$244.2K
Market Conditions
NOI Build-Up for 2,310 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
$33.3K $14.40/SF
− Vacancy
−$1.9K −$0.81/SF
EGI
$31.4K $13.59/SF
− OpEx
−$9.4K −$4.08/SF
NOI
$22.0K $9.52/SF
Area
Clark 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%
$439,620
Cap Rate 7%
$314,014
Cap Rate 9%
$244,233
Alternative Uses
Best Use
Retail
$314.0K
$274.8K – $366.4K
NOI $21,981 @ 7.0% cap · market cap 7.33%
Second Best
Apartment 5plus
$251.9K
$220.5K – $293.9K
NOI $17,636 @ 7.0% cap · market cap 5.88%
Theoretical Best
Office A
$585.4K
$512.3K – $683.0K
NOI $40,981 @ 7.0% cap · market cap 13.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
681
Businesses Nearby
Under-served
Demand for This Use
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
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Storefront property - Fully leased retail space with updated building systems, customer parking, and a private rear office.
Where is this storefront property located?
The property is located at 16 N Main Street Winchester, KY.
What is the asking price?
The asking price for this property is $299,999.
What are key features of this property?
This property features: 2,310 SF renovated retail storefront in downtown Winchester; 10% cap rate with the property fully leased; New roof, four skylights, hardwood floors, updated electrical, plumbing, and HVAC
