Mixed-Use Property with
159 E Main Street, Georgetown, KY 40324
For Sale
New
$700,000
Commercial Sale, Georgetown, KY
Property Size2,832 SF
Lot Size0.07 Acres
Price / SF$247.18
Days on Market2
Property Features for 159 E Main Street
General Information
Property type
Property subtype
Zoning
Zoning description
Rooms
Subdivision
Directions
Standard status
APN
Size
Lot size
Tenancy & Operations
Currently Operating
Tenant in Place
Additional Details
Mixed-Use Components
Building Details
Floors in Building
Buildings
Listing Agency:
Cornett & Associates
(502) 863-0609
Listed By:
Elizabeth Lyons
(859) 361-2488
Added: Nov 9
Changed: Nov 10
Last Checked: Nov 10 at 12:06PM
MLS# 26030810
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.
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Investment Insights
Based on property information with market context.
This two-story mixed-use property combines a ground-floor restaurant space with an upper-level apartment. The commercial space is occupied by Fava’s Restaurant, whose local roots date to 1910, and both the commercial and residential spaces have active lease agreements. The building contains 2,832 square feet on a 0.071-acre lot and is zoned B-3.
The apartment includes three bedrooms, an updated kitchen and bathroom, and in-unit laundry. Access is available by both an interior staircase and an exterior staircase, and off-street parking is provided. The property is at 159 E Main Street in downtown Georgetown, Kentucky.
The apartment includes three bedrooms, an updated kitchen and bathroom, and in-unit laundry. Access is available by both an interior staircase and an exterior staircase, and off-street parking is provided. The property is at 159 E Main Street in downtown Georgetown, Kentucky.
Key Highlights
- 2,832‑square‑foot, two‑story mixed‑use property on a 0.071‑acre lot
- Ground‑floor commercial space occupied by Fava’s Restaurant, with roots dating to 1910
- Three‑bedroom apartment with updated kitchen and bathroom, in‑unit laundry, and two staircase options
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$31,478
Cap Rate
4.50%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$629,560
$629.6K
Cap Rate 7%
$449,686
$449.7K
Cap Rate 9%
$349,756
$349.8K
Market Conditions
NOI Build-Up for 2,832 SF
Gross rent
$44.2K $15.60/SF
− Vacancy
−$2.2K −$0.78/SF
EGI
$42.0K $14.82/SF
− OpEx
−$10.5K −$3.70/SF
NOI
$31.5K $11.11/SF
Area
Scott County, KY
Vacancy
5.00%
Lease Rate
$15.60 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$629,560
Cap Rate 7%
$449,686
Cap Rate 9%
$349,756
Alternative Uses
Best Use
Specialty Retail
$449.7K
$393.5K – $524.6K
NOI $31,478 @ 7.0% cap · market cap 4.50%
Second Best
Retail
$385.0K
$336.9K – $449.1K
NOI $26,948 @ 7.0% cap · market cap 3.85%
Theoretical Best
Office A
$717.7K
$628.0K – $837.4K
NOI $50,242 @ 7.0% cap · market cap 7.18%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
1
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
764
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
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Market
Vacancy Rate% for Retail in South region
Frequently Asked Questions
What type of property is this?
Mixed-use property - The upper-level apartment has three bedrooms, laundry, and separate interior and exterior stair access.
Where is this mixed-use property located?
The property is located at 159 E Main Street Georgetown, KY.
What is the asking price?
The asking price for this property is $700,000.
What are key features of this property?
This property features: 2,832‑square‑foot, two‑story mixed‑use property on a 0.071‑acre lot; Ground‑floor commercial space occupied by Fava’s Restaurant, with roots dating to 1910; Three‑bedroom apartment with updated kitchen and bathroom, in‑unit laundry, and two staircase options
