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    Renovated Commercial Space, Winchester, KY Title is generated by Realmo AI

    16 N Main Street, Winchester, KY 40391

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    Claim this Listing
    For Sale
    $299,999

    COMMERCIAL - Winchester, KY

    Type:Retail
    Property size:
    2,310 SF
    Lot size:
    0.18 Acres
    Price / SF:
    $129/SF
    Added:
    Jan 30, 2025
    Days on Market:
    485
    Last Refresh:
    May 30 at 9:06 pm

    Property Features for 16 N Main Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Retail
    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

    We can help!

    Listing Contact
    Lara Thornbury
    Lara Thornbury

    Listing agent Lara Thornbury License #SL3587398

    Listing office Block + Lot Homes 133 W Short St, Lexington, KY

    Listing date Jan 30, 2025

    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.

    HighLights

    • Largest back parking lot in the Downtown area.
    • Recently renovated with new roof, 4 new skylights, exposed beams, new hardwood floors, new plumbing and new electrical.
    • Located directly across from a brand‑new apartment building and surrounded by retail and restaurants.
    • Numerous building and business grants periodically offered by Winchester.
    • Plumbed for 4 bathrooms, laundry room and back office.
    • New hardwood floors throughout.

    Overview

    This renovated commercial property is located in Winchester, Kentucky. The building features a new roof, four new skylights, and exposed beams. The interior includes new hardwood floors throughout. Plumbing is in place for four bathrooms, a laundry room, and a back office with a window overlooking the main space. New electrical and plumbing systems have been installed. The property includes the largest back parking lot in the downtown area. The property is located across the street from a new apartment building and is surrounded by retail and restaurants. The property size is 2310 square feet and the lot size is 0.18 acres. The property is located near multiple restaurants, shops, and the Leeds Center for the Arts. Winchester periodically offers building and business grants.

    Local Financial Insights For Retail

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $33.3k $14.40
    − Vacancy −$1.9k −$0.81
    EGI $31.4k $13.59
    − OpEx −$9.4k −$4.08
    NOI $22.0k $9.52
    2,310 SF · lease $14.40/SF/yr · vacancy 5.60% · expense 30.00%

    Alternative Uses

    Best Use
    Retail
    $314.0K
    $274.8K – $366.4K (±1% cap)
    NOI $21,981 @ 7.0% cap · market cap 7.33%
    Second Best
    —
    —
    no second resolved use
    Theoretical Best
    Office A
    $585.4K
    $512.3K – $683.0K (±1% cap)
    NOI $40,981 @ 7.0% cap · market cap 13.66%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Busy Bee Innovations ... Custom T-Shirt Store Fifth Element Brazilian ... Training Center

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Winchester
    County
    Clark
    State
    Kentucky
    Longitude
    -84.176899
    Latitude
    37.9941

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    FAQs

    What type of property is this?
    Storefront property - Recently renovated commercial space with parking in downtown Winchester.
    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: Largest back parking lot in the Downtown area.; Recently renovated with new roof, 4 new skylights, exposed beams, new hardwood floors, new plumbing and new electrical.; Located directly across from a brand‑new apartment building and surrounded by retail and restaurants.
    (859) 771-2552
    We can help!
    Listing Contact
    Lara Thornbury
    Lara Thornbury
    Real Estate License ID: SL3587398
    Request Owner's contact information
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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.

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