Historic Downtown Restaurant
New
For Sale
$1,799,900
108 Court Street lot 108, Versailles, KY 40383
Commercial Sale, Versailles, KY
Property Size7,122 SF
Lot Size0.23 Acres
Price / SF$252.72
Days on Market3
Property Features for 108 Court Street lot 108
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
B-2
Zoning description
Mixed Use
Rooms
Basement
Parking
4
Basement
Walk-Up Access, Unfinished, Interior Entry
Subdivision
Downtown
Directions
From Lexington take Versailles Rd outbound, Left on S Main St, Right on Court St and the buildings will be on your left.
Standard status
Active
APN
30-2016-010-00
Size
7,122 SF
Lot size
0.23 Acres
Utilities
Sewer type
Public Sewer
Heating system
Zoned, Heat Pump (Heating), Forced Air, Natural Gas
Cooling system
Heat Pump, Central Air, Electric, Zoned
Building Details
Year built
1889
Floors in Building
3
Building materials
Brick, Stone, Wood Siding
Roof type
Shingle, Membrane, Flat, Rubber
Listing Agency:
Bluegrass Sotheby's International Realty
(859) 268-0099
Listed By:
James N Turek · License #216197
(859) 221-2575
Added: Sep 23
Last Checked: Sep 25 at 2:06PM
MLS# 26026295
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.
Built in 1889, this 7,122-square-foot restaurant property occupies 0.228 acres and combines historic construction with a substantially updated interior. Brick, stone, and wood siding contribute to the building’s character, while multiple dining areas, two outdoor terraces, a main bar, an upstairs bar with wine cellar, and private rooms support varied restaurant and event functions. Furniture and kitchen equipment are included in the sale.
Approximately 800 square feet is occupied by an insurance office, providing an additional component within the property. The building is located in downtown Versailles near Courthouse Square, shops, restaurants, and historic architecture. B-2 zoning, public sewer, natural gas heating, and central air service the property.
Approximately 800 square feet is occupied by an insurance office, providing an additional component within the property. The building is located in downtown Versailles near Courthouse Square, shops, restaurants, and historic architecture. B-2 zoning, public sewer, natural gas heating, and central air service the property.
Key Highlights
- 7,122‑square‑foot restaurant property on 0.228 acres
- Built in 1889 with brick, stone, and wood siding
- Two outdoor terraces, main bar, upstairs bar, and wine cellar
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
$82,897
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
4.61%
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%
$1,657,940
$1.7M
Cap Rate 7%
$1,184,243
$1.2M
Cap Rate 9%
$921,078
$921.1K
Market Conditions
NOI Build-Up for 7,122 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
$117.1K $16.44/SF
− Vacancy
−$6.6K −$0.92/SF
EGI
$110.5K $15.52/SF
− OpEx
−$27.6K −$3.88/SF
NOI
$82.9K $11.64/SF
Area
Woodford 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%
$1,657,940
Cap Rate 7%
$1,184,243
Cap Rate 9%
$921,078
Alternative Uses
Best Use
Specialty Retail
$1.18M
$1.04M – $1.38M
NOI $82,897 @ 7.0% cap · market cap 4.61%
Second Best
Mixed Use
$982.8K
$860.0K – $1.15M
NOI $68,799 @ 7.0% cap · market cap 3.82%
Theoretical Best
Office A
$1.80M
$1.58M – $2.11M
NOI $126,350 @ 7.0% cap · market cap 7.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
545
Businesses Nearby
32k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 87%
Home Improvements & Furnishings 13%
Circle K
Shops & Services
9,867 visits/mo
0.1 miles
Dollar General
Shops & Services
8,934 visits/mo
0.2 miles
Marathon
Shops & Services
6,088 visits/mo
0.2 miles
Main Street Hardware Co
Home Improvements & Furnishings
3,989 visits/mo
0.3 miles
O'Reilly Auto Parts
Shops & Services
1,899 visits/mo
0.5 miles
Demographics for 40383, KY
24,592
Population
10,431
Households
2.4
Avg Household Size
43
Median Age
42%
College-Educated
91%
High-School Grad
150.4 sq mi
ZIP Area
164
Density / Sq Mi
$80,444
Median Household Income
$42,365
Median Earnings
$998
Median Rent
$279,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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?
Conventional restaurant - Fully equipped restaurant with multiple dining areas, two terraces, two bars, and private event rooms in downtown Versailles.
Where is this conventional restaurant located?
The property is located at 108 Court Street lot 108 Versailles, KY.
What is the asking price?
The asking price for this property is $1,799,900.
What are key features of this property?
This property features: 7,122‑square‑foot restaurant property on 0.228 acres; Built in 1889 with brick, stone, and wood siding; Two outdoor terraces, main bar, upstairs bar, and wine cellar
