Updated 4-Unit
For Sale
$455,000
265 S Highland Street, Winchester, KY 40391
MULTI_FAMILY - Winchester, KY
Property Size5,058 SF
Lot Size0.14 Acres
Price / SF$89.96
Days on Market163
Property Features for 265 S Highland Street
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning description
R-1C
Bedrooms
8
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 1, Bedroom 7, Bedroom 6, Bedroom 8, Bathroom 2, Laundry Room, Bedroom 5, Bedroom 2, Bedroom 4, Bathroom 4, Bathroom 3, Bedroom 3, Bathroom 1
Parking features
Offsite
Subdivision
Downtown
Elementary school
Conkwright
Middle school
Robert Campbell
High school
GRC
Elementary school district
Clark County - 7
Middle school district
Clark County - 7
High school district
Clark County - 7
Directions
Take Lexington Ave east through town, and turn right on South Highland. Home is on the left.
Standard status
Active
APN
054-4004-023-00
Size
5,058 SF
Lot size
0.14 Acres
Utilities
Heating system
Electric (Heating)
Cooling system
Central Air
Amenities
private laundry area
Building Details
Year built
1940
Floors in Building
2
Number of units
4
Roof type
Shingle
Listing Agency:
RE/MAX Elite Lexington · RE/MAX International
(859) 245-1165
Listed By:
J Corey Griffo · License #70549
(502) 804-7067
Added: Mar 12
Changed: Aug 12
Last Checked: Aug 21 at 12:06AM
MLS# 26004961
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 quadplex contains four residential units, each arranged with two bedrooms, one bathroom, a full kitchen, and a private laundry area. The property offers approximately 5,058 square feet and has been updated throughout. Separate utility metering assigns service responsibility to each unit. Central air conditioning and electric heating serve the building, which was built in 1940 and has a shingle roof.
The property occupies 0.14 acres in downtown Winchester, with shopping, dining, and local amenities nearby. Parking is provided offsite.
The property occupies 0.14 acres in downtown Winchester, with shopping, dining, and local amenities nearby. Parking is provided offsite.
Key Highlights
- Four units, each with 2 bedrooms, 1 bathroom, a full kitchen, and a private laundry area
- Approximately 5058 square feet on 0.14 acres
- Utilities are separately metered for each unit
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
$38,616
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
8.49%
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%
$772,320
$772.3K
Cap Rate 7%
$551,657
$551.7K
Cap Rate 9%
$429,067
$429.1K
Market Conditions
NOI Build-Up for 5,058 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
$73.4K $14.52/SF
− Vacancy
−$3.2K −$0.64/SF
EGI
$70.2K $13.88/SF
− OpEx
−$31.6K −$6.25/SF
NOI
$38.6K $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%
$772,320
Cap Rate 7%
$551,657
Cap Rate 9%
$429,067
Alternative Uses
Best Use
Multifamily LT 5
$616.5K
$539.4K – $719.2K
NOI $43,154 @ 7.0% cap · market cap 9.48%
Second Best
Apartment 5plus
$551.7K
$482.7K – $643.6K
NOI $38,616 @ 7.0% cap · market cap 8.49%
Theoretical Best
Office A
$1.28M
$1.12M – $1.50M
NOI $89,733 @ 7.0% cap · market cap 19.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
506
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?
Quadplex - Four residential units include private laundry areas and separately metered utilities.
Where is this quadplex located?
The property is located at 265 S Highland Street Winchester, KY.
What is the asking price?
The asking price for this property is $455,000.
What are key features of this property?
This property features: Four units, each with 2 bedrooms, 1 bathroom, a full kitchen, and a private laundry area; Approximately 5058 square feet on 0.14 acres; Utilities are separately metered for each unit
