Building Details

Year Built 1998

Listing Agency: KB Realty Group

Listed By: Kevin Bradley · License #268917 Show Phone

Source: Centralkentuckyhomefinder

Added: Oct 29, 2025 Changed: Oct 1 Last Checked: Oct 12 at 8:26PM

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Investment Insights

Based on property information with market context.

This 16-unit apartment property contains one-bedroom, one-bath residences within a 7,480-square-foot building constructed in 1998. All units are occupied, and most have received LVP flooring. Recent capital improvements include a roof replacement in 2022, new siding in 2023, replacement of 6 AC units during the last three years, a new main electrical service mast in 2023, and replacement of all 100-amp breakers in 2025.

The complex occupies a 0.34-acre lot in downtown Winchester, with 20+ parking spaces. Lexington is approximately 20 minutes away via highway access, providing a direct connection between the property and the regional market.

Key Highlights

• 16 one‑bedroom/one‑bath apartments with 100% occupancy
• 7,480‑square‑foot building constructed in 1998
• 0.34‑acre lot with 20+ parking spaces

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$57,107

Cap Rate

4.76%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,142,140 $1.1M

Cap Rate 7%

$815,814 $815.8K

Cap Rate 9%

$634,522 $634.5K

Market Conditions

NOI Build-Up for 7,480 SF

Gross rent

$108.6K $14.52/SF

− Vacancy

−$4.8K −$0.64/SF

EGI

$103.8K $13.88/SF

− OpEx

−$46.7K −$6.25/SF

NOI

$57.1K $7.63/SF

Area

Clark 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 Rate 5%

$1,142,140

Cap Rate 7%

$815,814

Cap Rate 9%

$634,522

Alternative Uses

Best Use

Apartment 5plus

$815.8K

$713.8K – $951.8K (±1% cap)

NOI $57,107 @ 7.0% cap · market cap 4.76%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$1.90M

$1.66M – $2.21M (±1% cap)

NOI $132,701 @ 7.0% cap · market cap 11.06%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Apartment buildings

Suggested Use

Top Pick Dental Office Parking Lot & Garage Skin Care Clinic HVAC Service Real Estate Agency Carpet & Flooring Store

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

16

Residential units

100%

Occupancy

Yes

Highway access

Location Intelligence

Trade Area within ½ mile

221

Businesses Nearby

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 Multifamily in South region

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

Questions? Ask Rey

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What type of property is this? Where is this apartment buildings 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?

Apartment building - Fully occupied apartments feature recent exterior, electrical, HVAC, and interior updates.

Where is this apartment building located?

The property is located at 16 Linden Ave Winchester, KY.

What is the asking price?

The asking price for this property is $1,200,000.

What are key features of this property?

This property features: 16 one‑bedroom/one‑bath apartments with 100% occupancy; 7,480‑square‑foot building constructed in 1998; 0.34‑acre lot with 20+ parking spaces