Historic Mixed-Use Income
For Sale
$1,650,000
1-5-339 Main St, Paris, KY 40361
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 Market149
Property Features for 1-5-339 Main St
General Information
Standard status
Active
Size
10,362 SF
Total Parking Spaces
5
Amenities
elevator
conference room
laundry hookup in each unit
full kitchens
handicapped parking
Building Details
Year Built
1899
Stories
4
Construction
art deco
Tenancy
Multi
Listing Agency:
Century 21 Advantage Realty - Georgetown
(502) 557-8600
Listed By:
Alysia Niva · License #252766
(408) 832-7660
Source:
Exprealty
Added: Apr 12
Changed: Aug 20
Last Checked: Sep 6 at 3:36PM
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
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
$88,407
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
5.36%
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%
$1,768,140
$1.8M
Cap Rate 7%
$1,262,957
$1.3M
Cap Rate 9%
$982,300
$982.3K
Market Conditions
NOI Build-Up for 10,362 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
$131.8K $12.72/SF
− Vacancy
−$5.5K −$0.53/SF
EGI
$126.3K $12.19/SF
− OpEx
−$37.9K −$3.66/SF
NOI
$88.4K $8.53/SF
Area
Bourbon 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%
$1,768,140
Cap Rate 7%
$1,262,957
Cap Rate 9%
$982,300
Alternative Uses
Best Use
Multifamily LT 5
$1.26M
$1.11M – $1.47M
NOI $88,407 @ 7.0% cap · market cap 5.36%
Second Best
Apartment 5plus
$1.13M
$988.9K – $1.32M
NOI $79,110 @ 7.0% cap · market cap 4.79%
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 authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
585
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 Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
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
