16-Unit Apartment
For Sale
$1,200,000
16 Linden Ave, Winchester, KY 40391
Fully occupied apartments feature recent exterior, electrical, HVAC, and interior updates.
Property Size7,480 SF
Lot Size0.34 Acres
Price / SF$160.43
Days on Market252
Property Features for 16 Linden Ave
General Information
Standard status
Active
Size
7,480 SF
Lot size
0.34 Acres
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
16 x 1BR/1BA
Multifamily Units
16
Additional Details
Highway Access
Yes
Building Details
Year Built
1998
Listing Agency:
KB Realty Group
(859) 619-9896
Listed By:
Kevin Bradley · License #268917
Source:
Centralkentuckyhomefinder
Added: Dec 20, 2025
Changed: Aug 28
Last Checked: Aug 28 at 2:27PM
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 KB Realty Group
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.
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 = 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
$57,107
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
4.76%
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%
$1,142,140
$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
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
$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 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%
$1,142,140
Cap Rate 7%
$815,814
Cap Rate 9%
$634,522
Alternative Uses
Best Use
Apartment 5plus
$815.8K
$713.8K – $951.8K
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
NOI $132,701 @ 7.0% cap · market cap 11.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
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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
