Country Club & Golf Course
For Sale
$3,100,000
Pending
38 E Main Street, Paris, KY 40361
COMMERCIAL - Paris, KY
Property Size12,000 SF
Lot Size47.00 Acres
Days on Market128
Property Features for 38 E Main Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Comm, Business, Ind, options per P and Z
Rooms
Basement
Parking features
Open
Basement
Exterior Entry, Walk-Out Access, Interior Entry, Full
Subdivision
Downtown
Directions
Proceed through Main Street Paris towards the courthouse. Continue under the train bridge and over the bridge of Stoner Creek. Property is on the right.
Standard status
Pending
APN
036-10-11-001,00 Old Stoner Creek Golf and Co Club
Size
12,000 SF
Lot size
47.00 Acres
Utilities
Sewer type
Septic Tank, Public Sewer
Heating system
Electric (Heating), Forced Air, Natural Gas
Cooling system
Central Air, Gas (Cooling), Electric, Multi Units
Building Details
Floors in Building
1
Building materials
Vinyl Siding, Wood Siding
Roof type
Metal
Listing Agency:
Oak & Acre
(859) 988-2036
Listed By:
Charles Nichols · License #195655
(859) 707-7988
Added: Apr 1
Changed: Aug 5
Last Checked: Aug 6 at 9:06PM
MLS# 26006662
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.
Former Stoner Creek Country Club and golf course redevelopment site, offered “as is,” with 47 acres along the banks of the historic Stoner Creek. The property includes a large building with a dining room, ballroom, and bar, plus additional interior space identified with a basement.
Located at 38 E Main Street in Paris, KY (Bourbon County). The site is described as in-town and suitable for development, preservation, or other concept-driven reuse. Public remarks also reference potential options that would be contingent on Planning and Zoning approval.
On-site infrastructure and building systems are described as including public sewer and a septic tank, with heating available via natural gas, electric forced air, and electric heating, and cooling described as central air with gas and electric components. Exterior materials are listed as vinyl siding and wood siding, with a metal roof. Parking is identified as open.
Located at 38 E Main Street in Paris, KY (Bourbon County). The site is described as in-town and suitable for development, preservation, or other concept-driven reuse. Public remarks also reference potential options that would be contingent on Planning and Zoning approval.
On-site infrastructure and building systems are described as including public sewer and a septic tank, with heating available via natural gas, electric forced air, and electric heating, and cooling described as central air with gas and electric components. Exterior materials are listed as vinyl siding and wood siding, with a metal roof. Parking is identified as open.
Key Highlights
- 47‑acre former Stoner Creek Country Club and golf course site
- Directly on the banks of the historic Stoner Creek
- Large building with dining room, ballroom, and bar
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
$139,674
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
4.51%
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%
$2,793,480
$2.8M
Cap Rate 7%
$1,995,343
$2.0M
Cap Rate 9%
$1,551,933
$1.6M
Market Conditions
NOI Build-Up for 12,000 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
$197.3K $16.44/SF
− Vacancy
−$11.0K −$0.92/SF
EGI
$186.2K $15.52/SF
− OpEx
−$46.6K −$3.88/SF
NOI
$139.7K $11.64/SF
Area
Bourbon 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%
$2,793,480
Cap Rate 7%
$1,995,343
Cap Rate 9%
$1,551,933
Alternative Uses
Best Use
Specialty Retail
$2.00M
$1.75M – $2.33M
NOI $139,674 @ 7.0% cap · market cap 4.51%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.04M
$2.66M – $3.55M
NOI $212,890 @ 7.0% cap · market cap 6.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
501
Businesses Nearby
Explore this area
Business Placement
Demographics for 40361, KY
18,214
Population
8,173
Households
2.2
Avg Household Size
42
Median Age
25%
College-Educated
87%
High-School Grad
257.1 sq mi
ZIP Area
71
Density / Sq Mi
$57,074
Median Household Income
$36,206
Median Earnings
$793
Median Rent
$216,700
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?
Recreation land - Historic country club and golf course land with a large event-focused building on the banks of Stoner Creek.
Where is this recreation land located?
The property is located at 38 E Main Street Paris, KY.
What is the asking price?
The asking price for this property is $3,100,000.
What are key features of this property?
This property features: 47‑acre former Stoner Creek Country Club and golf course site; Directly on the banks of the historic Stoner Creek; Large building with dining room, ballroom, and bar
