Add Listing
    For Sale
    • For Sale
    • For Lease
    • Sold
    • Property Lookup
    • Brokers
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    202 W Main Street Lebanon, KY 40033

    View on Map
    Claim this Listing
    Pending
    $899,000

    COMMERCIAL - Lebanon, KY

    Property size:
    16,500 SF
    Lot size:
    0.24 Acres
    Added:
    Mar 18, 2025
    Days on Market:
    409
    Last Refresh:
    Apr 30 at 3:06 pm

    Property Features for 202 W Main Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Parking
    55
    Standard status
    Pending
    Size
    16,500 SF
    Lot size
    0.24 Acres

    Utilities

    Sewer type
    Public Sewer

    Building Details

    Floors in Building
    2
    Building materials
    Brick
    Roof type
    Rubber

    We can help!

    Listing Contact
    William Schlosser

    Listing agent William Schlosser License #276902

    Listing office Coldwell Banker McMahan 1010 Brandy Lane Suite E, Richmond, KY

    Listing date Mar 18, 2025

    MLS# 25005953

    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.

    Overview

    Mixed-Use Building in Downtown Lebanon

    This two-story mixed-use building, previously used as a restaurant, is located in downtown Lebanon. The second story features six apartments overlooking downtown, with an additional apartment located in the rear. These apartments are suitable for short-term rentals, such as Airbnb, or long-term rentals. The restaurant space below encompasses 9,000 square feet and includes a fully functioning commercial kitchen, bar, server stations, projectors, a sound system, and walk-in freezers and coolers. There is ample seating for guests, along with a full-size banquet room that includes its own bathrooms. The building is situated on a corner lot on Main Street, offering 225 feet of street frontage. The lot size is 0.24 acres. The property's total size is 16,500 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Conventional restaurants

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Lebanon
    County
    Marion
    State
    Kentucky
    Longitude
    -85.249502
    Latitude
    37.570873

    Nearby Similar for Sale

    • $595,000
      7,000 SF

      Versatile Commercial Building Near Main

      Commercial building suitable for various purposes near Main Street.
      212 N Depot Street, Lebanon, KY 40033
      View Details
    • $700,000
      11,500 SF

      Income-Producing Commercial Property in Lebanon

      Versatile property with restaurant space, flea market, and Airbnb.
      65 Old Springfield Road, Lebanon, KY 40033
      View Details
    • $1,490,000

      Grain Elevator Operation in Lebanon

      6.78-acre grain elevator with 505,000-bushel capacity in Lebanon, KY.
      101 Bourbon Drive, Lebanon, KY 40033
      View Details
    • $580,000
      7,000 SF

      Advance Auto Parts For Sale

      7,000 SF retail property with NN lease in Lebanon, KY.
      749 West Main St, Lebanon, KY 40033
      View Details
    • Contact for pricing
      59,760 SF

      End Cap Restaurant Space Available

      End cap restaurant space in former Walmart center.
      770 W. Main Street, Lebanon, KY 40033
      View Details

    FAQs

    What type of property is this?
    Mixed-use property - Two-story mixed-use building with restaurant and apartments in downtown Lebanon.
    Where is this mixed-use property located?
    The property is located at 202 W Main Street Lebanon, KY.
    What is the asking price?
    The asking price for this property is $899,000.
    What are key features of this property?
    This property features: Mixed‑use building featuring a fully equipped 9000 sq ft restaurant space with a commercial kitchen, bar, and banquet room.; Seven apartments on the second story, ideal for rentals.; Prime downtown location on Main Street Corner with 225 feet of street frontage.
    (859) 805-9014
    We can help!
    Listing Contact
    William Schlosser
    Real Estate License ID: 276902
    Learn More
    Request Owner's contact information
    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.
    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
    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

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!