Historic Mixed-Use Income
1-5-339 Main St Paris, KY 40361
1-5-339 Main St, Paris, KY, 40361
$1,650,000
For Sale
$1,650,000
Four-story former bank building with renovated apartments, street-level tenants, and two adjacent brick buildings with office space.
Property Size10,362 SF
Price / SF$159.24
Days on Market103
Property Features for 1-5-339 Main St
General Information
- Standard status
- Active
- Size
- 10,362 SF
Listing agency
Century 21 Advantage Realty - Georgetown
(408) 832-7660
Listed by
Alysia Niva · License #252766
(408) 832-7660
Source
Exprealty
Added: Apr 12 Updated: Jul 22 at 9:11PM Checked: Jul 22 at 9:11PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Century 21 Advantage Realty - Georgetown
Investment Insights
Based on property information with market context.
This historic income property includes a four-story former bank building with an art deco facade, plus two adjacent brick buildings behind the main structure. The main building features multiple street-level lease tenants and three additional 1-bedroom, 1-bath apartments with full kitchens and laundry hookups in each unit. An elevator provides access for upstairs tenants.
The offering also includes 3 Ardery Place and 5 Ardery Place. 3 Ardery Place provides an office area on the street level and a possible living area or additional office space on the second floor. 5 Ardery Place has a first-floor office space and an apartment upstairs, accessible at the rear of the building, along with a conference room available for hourly rental and an attic area that can be used for storage or finished as an additional loft-style apartment.
Dedicated parking consists of five spaces for the property, with additional street parking available, including handicapped parking. The residential apartments have been completely renovated or are currently under renovation.
The offering also includes 3 Ardery Place and 5 Ardery Place. 3 Ardery Place provides an office area on the street level and a possible living area or additional office space on the second floor. 5 Ardery Place has a first-floor office space and an apartment upstairs, accessible at the rear of the building, along with a conference room available for hourly rental and an attic area that can be used for storage or finished as an additional loft-style apartment.
Dedicated parking consists of five spaces for the property, with additional street parking available, including handicapped parking. The residential apartments have been completely renovated or are currently under renovation.
Key Highlights
- Old Bank Building built in 1899 in Downtown Paris, KY, with a 4‑story layout and art deco facade
- Income‑producing setup with 2 street‑level tenants plus 3 additional renovated/renovating 1BR/1BA apartments in the main building
- Apartments include full kitchens and laundry hookups in each unit; elevator serves upstairs tenants
Local Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $223.8k | $21.60 |
| − Vacancy | −$29.5k | −$2.85 |
| EGI | $194.3k | $18.75 |
| − OpEx | −$48.6k | −$4.69 |
| NOI | $145.7k | $14.06 |
10,362 SF · lease $21.60/SF/yr · vacancy 13.20% · expense 25.00%
Alternative Uses
Best Use
Office B
$2.08M
$1.82M – $2.43M
NOI $145,706 @ 7.0% cap · market cap 8.83%
Second Best
Multifamily LT 5
$1.26M
$1.11M – $1.47M
NOI $88,407 @ 7.0% cap · market cap 5.36%
Theoretical Best
Office A
$2.63M
$2.30M – $3.06M
NOI $183,830 @ 7.0% cap · market cap 11.14%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Quadplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Quadplex - Four-story former bank building with renovated apartments, street-level tenants, and two adjacent brick buildings with office space.
Where is this quadplex located?
The property is located at 1-5-339 Main St Paris, KY.
What is the asking price?
The asking price for this property is $1,650,000.
What are key features of this property?
This property features: Old Bank Building built in 1899 in Downtown Paris, KY, with a 4‑story layout and art deco facade; Income‑producing setup with 2 street‑level tenants plus 3 additional renovated/renovating 1BR/1BA apartments in the main building; Apartments include full kitchens and laundry hookups in each unit; elevator serves upstairs tenants
