Versatile Commercial Property Near
For Sale
$300,000
1045 Early Drive, Winchester, KY 40391
Commercial property with metal barn, easy access to I-64.
Property Size1,675 SF
Lot Size0.58 Acres
Price / SF$179.10
Days on Market1860
Property Features for 1045 Early Drive
General Information
Standard status
Active
Size
1,675 SF
Lot size
0.58 Acres
Property subtype
Commercial/Industrial
Building Details
Year Built
9999
Listing Agency:
Ensor Real Estate, LLC
(859) 771-8311
Listed By:
Whitney Ann Ensor · License #209139
(859) 771-8311
Source:
Exitrealty
Added: Jul 9, 2021
Changed: Aug 8
Last Checked: Aug 10 at 4:52AM
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 Ensor Real Estate, LLC
Investment Insights
Based on property information with market context.
This commercial property, located at I-64 exit 96, features a metal/pole barn approximately 1675 square feet in size. The garage on-site includes three 10x10 garage doors, two 8ft doors, and two entrances, with the current access split to each side. Situated on 0.58 acres, the property is zoned B-3. Utilities are on-site per the seller and plat, though water and gas are not currently hooked up to the building. The property is being sold As Is, and the buyer is responsible for verifying all information and aspects, including access to water, gas, and electric, as well as their locations. According to the seller, there are egress and ingress rights down Holiday Drive to the building.
Key Highlights
- Prime Location: Situated at I‑64 exit 96, offering easy access.
- Large Metal/Pole Barn: Approximately 1675 sqft, providing substantial space.
- Versatile Garage: Equipped with three 10x10 garage doors and two 8ft doors, plus 2 entrances.
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
$15,938
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
5.31%
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%
$318,760
$318.8K
Cap Rate 7%
$227,686
$227.7K
Cap Rate 9%
$177,089
$177.1K
Market Conditions
NOI Build-Up for 1,675 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
$24.1K $14.40/SF
− Vacancy
−$1.4K −$0.81/SF
EGI
$22.8K $13.59/SF
− OpEx
−$6.8K −$4.08/SF
NOI
$15.9K $9.52/SF
Area
Clark 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%
$318,760
Cap Rate 7%
$227,686
Cap Rate 9%
$177,089
Alternative Uses
Best Use
Retail
$227.7K
$199.2K – $265.6K
NOI $15,938 @ 7.0% cap · market cap 5.31%
Second Best
Industrial
$141.7K
$124.0K – $165.3K
NOI $9,919 @ 7.0% cap · market cap 3.31%
Theoretical Best
Office A
$424.5K
$371.5K – $495.3K
NOI $29,716 @ 7.0% cap · market cap 9.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
78
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 40391, KY
36,461
Population
16,125
Households
2.3
Avg Household Size
41
Median Age
22%
College-Educated
90%
High-School Grad
237.3 sq mi
ZIP Area
154
Density / Sq Mi
$67,910
Median Household Income
$40,323
Median Earnings
$884
Median Rent
$197,200
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Auto shop - Commercial property with metal barn, easy access to I-64.
Where is this auto shop located?
The property is located at 1045 Early Drive Winchester, KY.
What is the asking price?
The asking price for this property is $300,000.
What are key features of this property?
This property features: Prime Location: Situated at I‑64 exit 96, offering easy access.; Large Metal/Pole Barn: Approximately 1675 sqft, providing substantial space.; Versatile Garage: Equipped with three 10x10 garage doors and two 8ft doors, plus 2 entrances.
