Three-Story Mixed-Use
For Sale
Contact for pricing
114-116 East Main Street, Georgetown, KY 40324
Historic-style commercial building combining leased retail space with renovated residential accommodations across multiple levels.
Property Size10,000 SF
Price / SF$95
Days on Market124
Property Features for 114-116 East Main Street
General Information
Standard status
Active
Size
10,000 SF
Property subtype
Retail
Zoning
B-3
Net Operating Income
$90,250
Additional Details
Highway Access
Yes
Building Details
Year Renovated
2021
Buildings
1
Stories
3
Listing Agency:
Block + Lot
(859) 338-8800
Listed By:
Clay Angelucci · License #KY 70400
Source:
Crexi
Added: May 1
Changed: Aug 31
Last Checked: Aug 31 at 3:34AM
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 Block + Lot
Investment Insights
Based on property information with market context.
Located at 114-116 East Main Street in downtown Georgetown, this approximately 10,000 SF, three-story mixed-use property combines retail and residential components. The basement and first floor provide approximately 6,100 SF leased to a local boutique, while the upper levels contain short-term rental accommodations and loft-style residential space. The second floor measures approximately 1,880 SF and includes two units: one one-bedroom layout and one two-bedroom layout. A separate approximately 1,880 SF upper loft includes a chef’s kitchen, primary suite, arched windows, exposed brick, and high ceilings.
The property is positioned near downtown shops, restaurants, and recurring community events, with access to Lexington and I-75. Georgetown is approximately 12 miles north of Lexington and is home to Toyota’s largest manufacturing plant. B-3 zoning supports the property’s mixed-use classification.
The property is positioned near downtown shops, restaurants, and recurring community events, with access to Lexington and I-75. Georgetown is approximately 12 miles north of Lexington and is home to Toyota’s largest manufacturing plant. B-3 zoning supports the property’s mixed-use classification.
Key Highlights
- Approximately 10,000 SF three‑story mixed‑use property
- B‑3 zoning in downtown Georgetown
- Approximately 6,100 SF basement and first floor leased to a local boutique
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
$76,346
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
8.04%
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%
$1,526,920
$1.5M
Cap Rate 7%
$1,090,657
$1.1M
Cap Rate 9%
$848,289
$848.3K
Market Conditions
NOI Build-Up for 10,000 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
$145.2K $14.52/SF
− Vacancy
−$6.4K −$0.64/SF
EGI
$138.8K $13.88/SF
− OpEx
−$62.5K −$6.25/SF
NOI
$76.3K $7.63/SF
Area
Scott County, KY
Vacancy
4.40%
Lease Rate
$14.52 /SF/Yr
Expense Ratio
45.00%
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%
$1,526,920
Cap Rate 7%
$1,090,657
Cap Rate 9%
$848,289
Alternative Uses
Best Use
Mixed Use
$1.38M
$1.21M – $1.61M
NOI $96,600 @ 7.0% cap · market cap 10.17%
Second Best
Retail
$1.36M
$1.19M – $1.59M
NOI $95,155 @ 7.0% cap · market cap 10.02%
Theoretical Best
Office A
$2.53M
$2.22M – $2.96M
NOI $177,408 @ 7.0% cap · market cap 18.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
420
Businesses Nearby
Explore this area
Business Placement
Demographics for 40324, KY
51,035
Population
20,570
Households
2.5
Avg Household Size
35
Median Age
34%
College-Educated
94%
High-School Grad
155.1 sq mi
ZIP Area
329
Density / Sq Mi
$83,012
Median Household Income
$47,619
Median Earnings
$1,188
Median Rent
$262,700
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?
Mixed-use property - Historic-style commercial building combining leased retail space with renovated residential accommodations across multiple levels.
Where is this mixed-use property located?
The property is located at 114-116 East Main Street Georgetown, KY.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: Approximately 10,000 SF three‑story mixed‑use property; B‑3 zoning in downtown Georgetown; Approximately 6,100 SF basement and first floor leased to a local boutique
