Two-Story Office Building with
For Sale
$699,000
218 S Maple Street, Winchester, KY 40391
COMMERCIAL - Winchester, KY
Property Size6,110 SF
Lot Size0.70 Acres
Price / SF$114.40
Days on Market172
Property Features for 218 S Maple Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Professional Office
Rooms
Basement
Parking
30
Basement
Unfinished, Exterior Entry
Subdivision
Downtown
Directions
Corner of Boone Avenue and Maples Street.
Standard status
Active
APN
054-1041-003-00
Size
6,110 SF
Lot size
0.70 Acres
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Zoned, Heat Pump (Heating)
Cooling system
Heat Pump, Zoned
Building Details
Year built
1814
Floors in Building
2
Listing Agency:
Steven D Adams Real Estate Services, LLC
(859) 744-1080
Listed By:
Steven D Adams
(859) 749-0387
Added: Mar 2
Changed: Aug 10
Last Checked: Aug 21 at 12:06AM
MLS# 26004697
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 two-story building operated for more than 20 years as a physician’s office and is configured with a “ready to go” office on the main floor. The second floor contains two large apartments with walkup, outside entry. An unfinished basement provides storage and access to the building’s mechanical systems.
The property also includes a detached 3-bay garage for parking and storage, along with an asphalt parking lot with room for more than 25 vehicles. Located at 218 S Maple Street in Winchester, KY (Clark County).
The property also includes a detached 3-bay garage for parking and storage, along with an asphalt parking lot with room for more than 25 vehicles. Located at 218 S Maple Street in Winchester, KY (Clark County).
Key Highlights
- Two‑story building previously operated as a physician’s office for over 20 years
- Main floor offers a ready‑to‑go office space; second floor has two large apartments with walkup, outside entry
- Unfinished basement provides storage and access to mechanical systems
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
$52,129
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
7.46%
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%
$1,042,580
$1.0M
Cap Rate 7%
$744,700
$744.7K
Cap Rate 9%
$579,211
$579.2K
Market Conditions
NOI Build-Up for 6,110 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
$77.7K $12.72/SF
− Vacancy
−$3.2K −$0.53/SF
EGI
$74.5K $12.19/SF
− OpEx
−$22.3K −$3.66/SF
NOI
$52.1K $8.53/SF
Area
Clark County, KY
Vacancy
4.18%
Lease Rate
$12.72 /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%
$1,042,580
Cap Rate 7%
$744,700
Cap Rate 9%
$579,211
Alternative Uses
Best Use
Office B
$1.23M
$1.07M – $1.43M
NOI $85,916 @ 7.0% cap · market cap 12.29%
Second Best
Multifamily LT 5
$744.7K
$651.6K – $868.8K
NOI $52,129 @ 7.0% cap · market cap 7.46%
Theoretical Best
Office A
$1.55M
$1.35M – $1.81M
NOI $108,396 @ 7.0% cap · market cap 15.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
656
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 Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Main-floor office space with two upstairs apartments, plus an unfinished basement, detached 3-bay garage, and parking for 25+ vehicles.
Where is this office building located?
The property is located at 218 S Maple Street Winchester, KY.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: Two‑story building previously operated as a physician’s office for over 20 years; Main floor offers a ready‑to‑go office space; second floor has two large apartments with walkup, outside entry; Unfinished basement provides storage and access to mechanical systems
