Building Details

Year Built 1980

Buildings 1

Stories 1

Tenancy Single

Listing Agency: New Doors Real Estate

Listed By: Charles D Beaman Show Phone

Source: Meliarealty

Added: Sep 26 Last Checked: Sep 26 at 2:59PM

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Investment Insights

Based on property information with market context.

The 1,867-square-foot storefront, per appraisal, was built in 1980 and occupies a 30-by-100-foot lot. A café, restaurant, and catering operation currently occupies the building; the business is not part of the sale. The tenant leases month to month and has indicated a preference to stay.

The property is in downtown Wilmore, steps from Asbury Theological Seminary and minutes from Asbury University. Local shops and dining are among the surrounding downtown uses.

Key Highlights

• 1,867 SF, per appraisal
• 30' x 100' lot
• Built in 1980

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

$17,765

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

7.73%

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%

$355,300 $355.3K

Cap Rate 7%

$253,786 $253.8K

Cap Rate 9%

$197,389 $197.4K

Market Conditions

NOI Build-Up for 1,867 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

$26.9K $14.40/SF

− Vacancy

−$1.5K −$0.81/SF

EGI

$25.4K $13.59/SF

− OpEx

−$7.6K −$4.08/SF

NOI

$17.8K $9.52/SF

Area

Jessamine County, KY

Vacancy

5.60%

Lease Rate

$14.40 /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%

$355,300

Cap Rate 7%

$253,786

Cap Rate 9%

$197,389

Alternative Uses

Best Use

Specialty Retail

$310.4K

$271.6K – $362.2K (±1% cap)

NOI $21,731 @ 7.0% cap · market cap 9.45%

Second Best

Retail

$253.8K

$222.1K – $296.1K (±1% cap)

NOI $17,765 @ 7.0% cap · market cap 7.73%

Theoretical Best

Office A

$473.2K

$414.0K – $552.0K (±1% cap)

NOI $33,122 @ 7.0% cap · market cap 14.41%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Storefront properties

Suggested Use

Top Pick Building Supply Real Estate Agency Restaurant Auto Repair Shop Law Firm Hair Salon

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Single-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

545

Businesses Nearby

32k

Monthly Visits Nearby

Balanced

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 40390, KY

7,469

Population

2,598

Households

2.9

Avg Household Size

33

Median Age

41%

College-Educated

93%

High-School Grad

24.7 sq mi

ZIP Area

302

Density / Sq Mi

$71,731

Median Household Income

$29,751

Median Earnings

$833

Median Rent

$219,000

Median Home Value

Market

Vacancy Rate% for Retail in South region

7% 2020

6.2% 2021

5.1% 2022

4.8% 2023

4.9% 2024

5.4% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this storefront properties located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Storefront property - A month-to-month tenant currently occupies the single-story commercial property.

Where is this storefront property located?

The property is located at 111 E Main St Wilmore, KY.

What is the asking price?

The asking price for this property is $229,900.

What are key features of this property?

This property features: 1,867 SF, per appraisal; 30' x 100' lot; Built in 1980