Three-Story Mixed-Use
New
For Sale
$2,350,000
230 N Gratz St, Midway, KY 40347
Flexible commercial configuration combines office, hospitality, retail, and temperature-controlled areas.
Property Size15,886 SF
Lot Size0.97 Acres
Price / SF$147.93
Days on Market5
Property Features for 230 N Gratz St
General Information
Standard status
Active
Size
15,886 SF
Lot size
0.97 Acres
Property subtype
Retail
Additional Details
Highway Access
Yes
Building Details
Building Size
15,886 SF
Buildings
1
Stories
3
Listing Agency:
NAI Isaac
(859) 221-4438
Listed By:
Bruce Isaac, SIOR, CCIM · License #KY #182312
(859) 221-4438
Source:
Naiglobal
Added: Aug 11
Changed: Aug 14
Last Checked: Aug 15 at 4:36AM
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 NAI Isaac
Investment Insights
Based on property information with market context.
Located at 230 N. Gratz Street in Midway, Kentucky, this three-story mixed-use building contains ±15,886 SF on ±0.97 acres. The first floor provides ±8,748 SF, including ±6,767 SF of commercial area, a ±1,159 SF freezer, and ±822 SF of refrigerated space. The second floor adds ±4,508 SF of office space, while two hospitality suites comprise ±2,630 SF. Temperature-controlled infrastructure supports food-related and specialty commercial operations, and the overall layout accommodates office, hospitality, retail, institutional, and other mixed-use applications.
The property sits in downtown Midway near restaurants, retailers, and local businesses. Access to I-64 connects the site with Lexington, Georgetown, Frankfort, Versailles, and Louisville. The address is 230 N. Gratz St, Midway, KY 40347.
The property sits in downtown Midway near restaurants, retailers, and local businesses. Access to I-64 connects the site with Lexington, Georgetown, Frankfort, Versailles, and Louisville. The address is 230 N. Gratz St, Midway, KY 40347.
Key Highlights
- ±15,886 SF three‑story commercial building on ±0.97 acres
- First floor contains ±8,748 SF, including ±6,767 SF of commercial space
- Includes a ±1,159 SF freezer and ±822 SF of refrigerated 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
$153,459
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
6.53%
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%
$3,069,180
$3.1M
Cap Rate 7%
$2,192,271
$2.2M
Cap Rate 9%
$1,705,100
$1.7M
Market Conditions
NOI Build-Up for 15,886 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
$266.9K $16.80/SF
− Vacancy
−$21.4K −$1.34/SF
EGI
$245.5K $15.46/SF
− OpEx
−$92.1K −$5.80/SF
NOI
$153.5K $9.66/SF
Area
Woodford County, KY
Vacancy
8.00%
Lease Rate
$16.80 /SF/Yr
Expense Ratio
37.50%
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%
$3,069,180
Cap Rate 7%
$2,192,271
Cap Rate 9%
$1,705,100
Alternative Uses
Best Use
Office B
$3.19M
$2.79M – $3.72M
NOI $223,383 @ 7.0% cap · market cap 9.51%
Second Best
Mixed Use
$2.19M
$1.92M – $2.56M
NOI $153,459 @ 7.0% cap · market cap 6.53%
Theoretical Best
Office A
$4.03M
$3.52M – $4.70M
NOI $281,830 @ 7.0% cap · market cap 11.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
188
Businesses Nearby
Explore this area
Business Placement
Demographics for 40347, KY
3,114
Population
1,520
Households
2
Avg Household Size
42
Median Age
46%
College-Educated
95%
High-School Grad
40.6 sq mi
ZIP Area
77
Density / Sq Mi
$84,054
Median Household Income
$33,625
Median Earnings
$1,011
Median Rent
$318,400
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?
Mixed-use property - Flexible commercial configuration combines office, hospitality, retail, and temperature-controlled areas.
Where is this mixed-use property located?
The property is located at 230 N Gratz St Midway, KY.
What is the asking price?
The asking price for this property is $2,350,000.
What are key features of this property?
This property features: ±15,886 SF three‑story commercial building on ±0.97 acres; First floor contains ±8,748 SF, including ±6,767 SF of commercial space; Includes a ±1,159 SF freezer and ±822 SF of refrigerated space
