Ranch Duplex with Attached
New
For Sale
$207,000
408 Colby Ridge Boulevard, Winchester, KY 40391
MULTI_FAMILY - Ranch - Winchester, KY
Property Size948 SF
Lot Size0.12 Acres
Price / SF$218.35
Days on Market3
Property Features for 408 Colby Ridge Boulevard
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
2
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bathroom 1, Laundry Room, Bathroom 2, Bedroom 1
Parking features
Garage - Attached
Window features
Blinds
Interior features
Ceiling Fan(s)
Exterior features
Awning(s), Garden
Fencing
Privacy
Appliances
Disposal, Dishwasher, Microwave, Refrigerator, Oven
Subdivision
Colby Ridge
Lot features
Landscaped, Few Trees
Elementary school
Conkwright
Middle school
Clark(Legacy)
High school
GRC
Elementary school district
Clark County - 7
Middle school district
Clark County - 7
High school district
Clark County - 7
Directions
408 colby ridge winchester ky
Standard status
Active
APN
043-1013-025-00
Size
948 SF
Lot size
0.12 Acres
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Electric (Heating), Heat Pump (Heating), Forced Air
Cooling system
Central Air, Ceiling Fan(s)
Water source
Public
Amenities
storage shed
privacy fence
deck
Building Details
Year built
1999
Floors in Building
1
Flooring type
Carpet, Laminate
Building materials
Vinyl Siding
Roof type
Shingle
Architectural style
Ranch
Listing Agency:
Murphy Realty Group
(859) 498-1275
Listed By:
Dwight Donaldson
(859) 404-3919
Added: Aug 9
Last Checked: Aug 11 at 12:06PM
MLS# 26021498
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 ranch-style duplex offers 948 square feet on a 0.12-acre lot, with an attached garage, privacy fencing, a deck, storage shed, and garden area. The exterior uses vinyl siding and includes an awning, while the shingle roof was installed on a 1999-built property. Interior features include ceiling fans, carpet and laminate flooring, and a laundry room. The kitchen is equipped with a disposal, dishwasher, microwave, refrigerator, and oven.
Heating is provided by electric forced air and a heat pump, with central air and ceiling fans for cooling. Public water and public sewer serve the property, and cable is available. The residence is located in Winchester, Kentucky, within ZIP Code 40391.
Heating is provided by electric forced air and a heat pump, with central air and ceiling fans for cooling. Public water and public sewer serve the property, and cable is available. The residence is located in Winchester, Kentucky, within ZIP Code 40391.
Key Highlights
- 948 square feet on a 0.12‑acre lot
- 1999‑built ranch‑style duplex
- Attached garage, deck, storage shed, and privacy fence
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
$8,088
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
3.91%
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%
$161,760
$161.8K
Cap Rate 7%
$115,543
$115.5K
Cap Rate 9%
$89,867
$89.9K
Market Conditions
NOI Build-Up for 948 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
$12.1K $12.72/SF
− Vacancy
−$504 −$0.53/SF
EGI
$11.6K $12.19/SF
− OpEx
−$3.5K −$3.66/SF
NOI
$8.1K $8.53/SF
Area
Clark County, KY
Vacancy
4.18%
Lease Rate
$12.72 /SF/Yr
Expense Ratio
30.00%
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%
$161,760
Cap Rate 7%
$115,543
Cap Rate 9%
$89,867
Alternative Uses
Best Use
Multifamily LT 5
$115.5K
$101.1K – $134.8K
NOI $8,088 @ 7.0% cap · market cap 3.91%
Second Best
Apartment 5plus
$103.4K
$90.5K – $120.6K
NOI $7,238 @ 7.0% cap · market cap 3.50%
Theoretical Best
Office A
$240.3K
$210.2K – $280.3K
NOI $16,818 @ 7.0% cap · market cap 8.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
369
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 Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Ranch-style duplex with an attached garage, privacy fencing, and public water and sewer service.
Where is this duplex located?
The property is located at 408 Colby Ridge Boulevard Winchester, KY.
What is the asking price?
The asking price for this property is $207,000.
What are key features of this property?
This property features: 948 square feet on a 0.12‑acre lot; 1999‑built ranch‑style duplex; Attached garage, deck, storage shed, and privacy fence
