Renovated Retail
For Sale
$299,999
16 N Main Street, Winchester, KY 40391
COMMERCIAL - Winchester, KY
Property Size2,310 SF
Lot Size0.18 Acres
Price / SF$129.87
Days on Market558
Property Features for 16 N Main Street
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning description
B-2
Subdivision
Commercial
Directions
Winchester, KY is conveniently situated just 18 miles east of Lexington and, with proximity to I-64, provides quick access to the larger city's amenities. Downtown Winchester is home to a variety of beloved local establishments, including the historic Leeds Center for the Arts, La Trattoria, Loma's, The Hall Coffee & Social Club, and several small shops.
Standard status
Active
APN
054-3209-015-00
Size
2,310 SF
Lot size
0.18 Acres
Amenities
new roof
4 new skylights
exposed beams
new hardwood floors
plumbed for 4 bathrooms
laundry room
back office
large back parking lot
Building Details
Floors in Building
1
Building materials
Brick, Glass
Listing Agency:
Block + Lot Homes
(859) 309-0099
Listed By:
Lara Thornbury · License #SL3587398
(859) 771-2552
Added: Jan 30, 2025
Changed: Aug 4
Last Checked: Aug 11 at 5:06PM
MLS# 25001584
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.
Investment Insights
Based on property information with market context.
This renovated retail storefront at 16 N Main Street features brick and glass construction and a total building size of 2,310 square feet on a 0.18-acre lot. Updates include a new roof, four new skylights, exposed beams, and new hardwood floors throughout. The space is plumbed for four bathrooms, with a dedicated laundry room and a back office that has a window looking into the main space. Electrical and plumbing work have been completed, supporting readiness for tenant buildout.
The property includes a back parking lot designed to serve both customers and staff, and it sits downtown in Winchester. It is located directly across from a brand-new apartment building, with additional nearby retail and restaurants. The Leeds Center for the Arts is also across the street.
For operators looking for a retail-ready downtown space, the combination of completed mechanical/electrical/plumbing updates and on-site back parking provides a practical foundation for a new storefront concept.
The property includes a back parking lot designed to serve both customers and staff, and it sits downtown in Winchester. It is located directly across from a brand-new apartment building, with additional nearby retail and restaurants. The Leeds Center for the Arts is also across the street.
For operators looking for a retail-ready downtown space, the combination of completed mechanical/electrical/plumbing updates and on-site back parking provides a practical foundation for a new storefront concept.
Key Highlights
- 2,310 SF retail storefront on a 0.18‑acre lot at 16 N Main Street
- New roof plus four new skylights, exposed beams, and new hardwood floors throughout
- Plumbed for four bathrooms with a laundry room and back office (window to main space)
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
$21,981
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
7.33%
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%
$439,620
$439.6K
Cap Rate 7%
$314,014
$314.0K
Cap Rate 9%
$244,233
$244.2K
Market Conditions
NOI Build-Up for 2,310 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
$33.3K $14.40/SF
− Vacancy
−$1.9K −$0.81/SF
EGI
$31.4K $13.59/SF
− OpEx
−$9.4K −$4.08/SF
NOI
$22.0K $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%
$439,620
Cap Rate 7%
$314,014
Cap Rate 9%
$244,233
Alternative Uses
Best Use
Retail
$314.0K
$274.8K – $366.4K
NOI $21,981 @ 7.0% cap · market cap 7.33%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$585.4K
$512.3K – $683.0K
NOI $40,981 @ 7.0% cap · market cap 13.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
681
Businesses Nearby
Under-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
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Frequently Asked Questions
What type of property is this?
Storefront property - Renovated storefront with a new roof and four skylights, plus new hardwood floors throughout.
Where is this storefront property located?
The property is located at 16 N Main Street Winchester, KY.
What is the asking price?
The asking price for this property is $299,999.
What are key features of this property?
This property features: 2,310 SF retail storefront on a 0.18‑acre lot at 16 N Main Street; New roof plus four new skylights, exposed beams, and new hardwood floors throughout; Plumbed for four bathrooms with a laundry room and back office (window to main space)
