Updated
For Sale
$455,000
265 S Highland Street, Winchester, KY 40391
Residential Income, Winchester, KY
Property Size5,058 SF
Lot Size0.14 Acres
Price / SF$89.96
Days on Market189
Property Features for 265 S Highland Street
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning description
R-1C
Bedrooms
8
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 8, Bedroom 2, Bedroom 7, Laundry Room, Bathroom 1, Bathroom 3, Bedroom 4, Bathroom 4, Bathroom 2, Bedroom 6, Bedroom 1, Bedroom 3, Bedroom 5
Parking features
Offsite
Subdivision
Downtown
Elementary school
Conkwright
Middle school
Robert Campbell
High school
GRC
Elementary school district
Clark County - 7
Middle school district
Clark County - 7
High school district
Clark County - 7
Directions
Take Lexington Ave east through town, and turn right on South Highland. Home is on the left.
Standard status
Active
APN
054-4004-023-00
Size
5,058 SF
Lot size
0.14 Acres
Utilities
Heating system
Electric (Heating)
Cooling system
Central Air
Building Details
Year built
1940
Floors in Building
2
Number of units
4
Roof type
Shingle
Listing Agency:
RE/MAX Elite Lexington · RE/MAX International
(859) 245-1165
Listed By:
J Corey Griffo · License #70549
(502) 804-7067
Added: Mar 12
Changed: Sep 12
Last Checked: Sep 16 at 12:06PM
MLS# 26004961
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 5,058-square-foot quadplex, built in 1940, contains four residential units with a consistent two-bedroom, one-bathroom layout. Each unit includes a full kitchen and private laundry area. The property has been updated throughout and features central air, electric heat, and a shingle roof.
Utilities are separately metered for each unit. The 0.14-acre property includes offsite parking and is located at 265 S Highland Street in Winchester, near downtown shopping, dining, and local amenities. The building provides a total of eight bedrooms and four bathrooms across its four-unit configuration.
Utilities are separately metered for each unit. The 0.14-acre property includes offsite parking and is located at 265 S Highland Street in Winchester, near downtown shopping, dining, and local amenities. The building provides a total of eight bedrooms and four bathrooms across its four-unit configuration.
Key Highlights
- Four‑unit quadplex with 8 bedrooms and 4 bathrooms
- Approximately 5,058 square feet on 0.14 acres
- Each unit has 2 bedrooms, 1 bathroom, a full kitchen, and private laundry
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
$38,616
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
8.49%
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%
$772,320
$772.3K
Cap Rate 7%
$551,657
$551.7K
Cap Rate 9%
$429,067
$429.1K
Market Conditions
NOI Build-Up for 5,058 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
$73.4K $14.52/SF
− Vacancy
−$3.2K −$0.64/SF
EGI
$70.2K $13.88/SF
− OpEx
−$31.6K −$6.25/SF
NOI
$38.6K $7.63/SF
Area
Clark County, KY
Vacancy
4.40%
Lease Rate
$14.52 /SF/Yr
Expense Ratio
45.00%
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%
$772,320
Cap Rate 7%
$551,657
Cap Rate 9%
$429,067
Alternative Uses
Best Use
Multifamily LT 5
$616.5K
$539.4K – $719.2K
NOI $43,154 @ 7.0% cap · market cap 9.48%
Second Best
Apartment 5plus
$551.7K
$482.7K – $643.6K
NOI $38,616 @ 7.0% cap · market cap 8.49%
Theoretical Best
Office A
$1.28M
$1.12M – $1.50M
NOI $89,733 @ 7.0% cap · market cap 19.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
506
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 Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Quadplex - Four updated rental units offer private laundry areas and separately metered utilities in downtown Winchester.
Where is this quadplex located?
The property is located at 265 S Highland Street Winchester, KY.
What is the asking price?
The asking price for this property is $455,000.
What are key features of this property?
This property features: Four‑unit quadplex with 8 bedrooms and 4 bathrooms; Approximately 5,058 square feet on 0.14 acres; Each unit has 2 bedrooms, 1 bathroom, a full kitchen, and private laundry
