Mixed-Use Property with Income
For Sale
$470,000
35-37 Hays Street, Winchester, KY 40391
COMMERCIAL - Winchester, KY
Property Size1,440 SF
Lot Size0.13 Acres
Price / SF$326.39
Days on Market206
Property Features for 35-37 Hays Street
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning
R-1C
Subdivision
Stuarts Addition
Directions
Follow I-75 N and KY-627 N to Belmont Ave in Winchester, Take exit 95 for KY-627 toward Winchester/Boonesborough, Turn left onto Nunnelly Ct, Destination will be on the left
Standard status
Active
APN
054-1028-021-00
Size
1,440 SF
Lot size
0.13 Acres
Utilities
Utilities
Water Available
Sewer type
Public Sewer
Building Details
Year built
1950
Floors in Building
2
Building materials
Aluminum Siding, Vinyl Siding
Roof type
Composition
Listing Agency:
Lifstyl Real Estate
(859) 278-7501
Listed By:
Cheri Shaffer
(859) 489-2729
Added: Feb 1
Changed: Aug 15
Last Checked: Aug 26 at 2:06AM
MLS# 26002170
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 mixed-use property includes a commercial building previously operated as a neighborhood market and described as spanning over 3,000 square feet. The commercial space is equipped with a full kitchen and a laundry area, supporting a flexible layout for a variety of business uses.
Also included is a separate 3-bedroom residential home at 35 Hays, which is currently income-producing and leased through 2027. The property is zoned R-1C and is located at 35-37 Hays Street in Winchester, Kentucky (40391) within Clark County.
Also included is a separate 3-bedroom residential home at 35 Hays, which is currently income-producing and leased through 2027. The property is zoned R-1C and is located at 35-37 Hays Street in Winchester, Kentucky (40391) within Clark County.
Key Highlights
- Mixed‑use property with commercial building over 3,000 SF plus a separate 3‑bedroom residential home at 35 Hays
- 3‑bedroom home is currently income‑producing and leased through 2027
- Commercial space includes a full kitchen and laundry area
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
$16,761
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
3.57%
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%
$335,220
$335.2K
Cap Rate 7%
$239,443
$239.4K
Cap Rate 9%
$186,233
$186.2K
Market Conditions
NOI Build-Up for 1,440 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
$23.7K $16.44/SF
− Vacancy
−$1.3K −$0.92/SF
EGI
$22.3K $15.52/SF
− OpEx
−$5.6K −$3.88/SF
NOI
$16.8K $11.64/SF
Area
Clark County, KY
Vacancy
5.60%
Lease Rate
$16.44 /SF/Yr
Expense Ratio
25.00%
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%
$335,220
Cap Rate 7%
$239,443
Cap Rate 9%
$186,233
Alternative Uses
Best Use
Specialty Retail
$239.4K
$209.5K – $279.4K
NOI $16,761 @ 7.0% cap · market cap 3.57%
Second Best
Mixed Use
$198.7K
$173.9K – $231.8K
NOI $13,910 @ 7.0% cap · market cap 2.96%
Theoretical Best
Office A
$365.0K
$319.3K – $425.8K
NOI $25,547 @ 7.0% cap · market cap 5.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
653
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
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Mixed-use building with a kitchen and laundry area plus a separate 3-bedroom residence leased through 2027.
Where is this mixed-use property located?
The property is located at 35-37 Hays Street Winchester, KY.
What is the asking price?
The asking price for this property is $470,000.
What are key features of this property?
This property features: Mixed‑use property with commercial building over 3,000 SF plus a separate 3‑bedroom residential home at 35 Hays; 3‑bedroom home is currently income‑producing and leased through 2027; Commercial space includes a full kitchen and laundry area
