Building Details

Year Built 1965

Listing Agency: Block & Lot Real Estate

Listed By: Lara Thornbury · License #SL3587398 Show Phone

Source: Kcrea.resimplifi

Added: Aug 27 Changed: Oct 14 Last Checked: Oct 16 at 5:54AM

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Investment Insights

Based on property information with market context.

This flex property includes two separate commercial buildings totaling 8,000 square feet on a 0.??-acre? site. The front structure is configured for professional office use with updated interior improvements, while original features remain above the drop ceiling, including tall ceilings and exposed metal trusses. Its prior warehouse configuration included a dock door, supporting potential repositioning for warehouse, showroom, flex, or mixed office and warehouse use.

The rear building has concrete flooring, tall ceilings, and two distinct warehouse areas. A private parking lot and rear alley access serve the property, adding practical functionality for office, storage, and business operations. Built in 1965 and zoned B-2, the property is located in downtown Winchester near retail and high-density residential surroundings.

Key Highlights

• Two‑building flex property with 8,000 square feet
• Front building configured as professional office space
• Rear building divided into two warehouse spaces

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$43,992

Cap Rate

8.82%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$879,840 $879.8K

Cap Rate 7%

$628,457 $628.5K

Cap Rate 9%

$488,800 $488.8K

Is this asking price fair?

Market Conditions

NOI Build-Up for 8,000 SF

Gross rent

$72.0K $9.00/SF

− Vacancy

−$4.3K −$0.54/SF

EGI

$67.7K $8.46/SF

− OpEx

−$23.7K −$2.96/SF

NOI

$44.0K $5.50/SF

Area

Clark County, KY

Vacancy

6.00%

Lease Rate

$9.00 /SF/Yr

Expense Ratio

35.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$879,840

Cap Rate 7%

$628,457

Cap Rate 9%

$488,800

Alternative Uses

Best Use

Office B

$1.61M

$1.41M – $1.87M (±1% cap)

NOI $112,493 @ 7.0% cap · market cap 22.54%

Second Best

Warehouse

$821.8K

$719.1K – $958.8K (±1% cap)

NOI $57,528 @ 7.0% cap · market cap 11.53%

Theoretical Best

Office A

$2.03M

$1.77M – $2.37M (±1% cap)

NOI $141,926 @ 7.0% cap · market cap 28.44%

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

Property Analytics

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Open Analytics

Current Use

Kathleen A. Lindsay, PHD Physician Laura P. Timm, ... Counselor Carol T. Robertson, ... Physician Michelle D. Sames, ... Counselor Kelly S. Nunley, ... Counselor

Suggested Use

Top Pick Real Estate Agency Dental Office Spa & Massage Center Skin Care Clinic Hair Salon Law Firm

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

659

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 Office in South region

14.4% 2019

16.4% 2020

17.3% 2021

18% 2022

18.6% 2023

20.3% 2024

20.2% 2025

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Frequently Asked Questions

What type of property is this?

Flex space - Versatile commercial layout combines upgraded offices, warehouse areas, private parking, and rear alley access.

Where is this flex space located?

The property is located at 26 N Highland Street Winchester, KY.

What is the asking price?

The asking price for this property is $499,000.

What are key features of this property?

This property features: Two‑building flex property with 8,000 square feet; Front building configured as professional office space; Rear building divided into two warehouse spaces