Automotive-Ready Live-Work
For Sale
$159,000
311 Main Street, N Middletown, KY 40357
COMMERCIAL - N Middletown, KY
Property Size770 SF
Lot Size0.24 Acres
Price / SF$206.49
Days on Market47
Property Features for 311 Main Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
C
Parking
15
Subdivision
Downtown
Directions
From Paris (approximately 10 minutes): * Take US-460 E (Main Street) toward North Middletown. * Continue straight into North Middletown. * 311 Main Street will be on your left. From Winchester (approximately 20-25 minutes): * Take KY-627 N toward Paris. * Turn right onto KY-57 E at the flashing light in North Middletown. * Turn right onto Main Street (US-460). * 311 Main Street will be on your left. From Lexington (approximately 35-40 minutes): * Take I-64 East to Exit 96 (KY-627 toward Paris/Winchester). * Turn left onto KY-627 N toward Paris. * Continue to North Middletown, then turn right onto KY-57 E at the flashing light. * Turn right onto Main Street (US-460). * 311 Main Street will be on your left.
Standard status
Active
APN
0621017006
Size
770 SF
Lot size
0.24 Acres
Utilities
Sewer type
Public Sewer
Heating system
Zoned, Electric (Heating)
Cooling system
Multi Units, Wall Unit(s)
Amenities
automotive lift
office
restrooms
apartment
kitchen appliances
washer/dryer
mini-split HVAC
replaced windows
Building Details
Floors in Building
2
Building materials
Block
Roof type
Metal
Listing Agency:
Keller Williams Commonwealth · Keller Williams Realty
(859) 721-2121
Listed By:
Christa Joynt · License #223454
(859) 771-3968
Added: Jul 17
Changed: Aug 4
Last Checked: Sep 1 at 1:06AM
MLS# 26018927
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 property is a mixed-use live-work style building featuring a spacious garage with an automotive lift, along with an office and two restrooms on the main level. One restroom is finished with a vent but does not include heating and air. The upper level includes a one-bedroom, one-bath apartment with an open living and kitchen area. The apartment is move-in ready and includes kitchen appliances and a washer and dryer. Mini-split HVAC systems have been added to both the office and apartment spaces, and several windows have been replaced.
Located on Main Street in North Middletown, the property offers ample parking and visibility from the street. It was previously operated as an automotive business, and the layout supports a variety of commercial uses, subject to zoning approval.
Buyer should verify zoning, permitted uses, and all aspects of the property prior to closing.
Located on Main Street in North Middletown, the property offers ample parking and visibility from the street. It was previously operated as an automotive business, and the layout supports a variety of commercial uses, subject to zoning approval.
Buyer should verify zoning, permitted uses, and all aspects of the property prior to closing.
Key Highlights
- Block construction with metal roof and public sewer service
- Large main‑level garage with an automotive lift, office, and two restrooms (one finished with a vent but without heating and air)
- Upstairs 1‑bedroom, 1‑bath apartment with open living/kitchen area and included kitchen appliances
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
$10,827
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
6.81%
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%
$216,540
$216.5K
Cap Rate 7%
$154,671
$154.7K
Cap Rate 9%
$120,300
$120.3K
Market Conditions
NOI Build-Up for 770 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
$16.6K $21.60/SF
− Vacancy
−$2.2K −$2.85/SF
EGI
$14.4K $18.75/SF
− OpEx
−$3.6K −$4.69/SF
NOI
$10.8K $14.06/SF
Area
Bourbon County, KY
Vacancy
13.20%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
25.00%
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%
$216,540
Cap Rate 7%
$154,671
Cap Rate 9%
$120,300
Alternative Uses
Best Use
Office B
$154.7K
$135.3K – $180.5K
NOI $10,827 @ 7.0% cap · market cap 6.81%
Second Best
Mixed Use
$106.3K
$93.0K – $124.0K
NOI $7,438 @ 7.0% cap · market cap 4.68%
Theoretical Best
Office A
$195.1K
$170.8K – $227.7K
NOI $13,660 @ 7.0% cap · market cap 8.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
42
Businesses Nearby
Explore this area
Business Placement
Demographics for 40357, KY
116
Population
47
Households
2.5
Avg Household Size
39
Median Age
30%
High-School Grad
$11,786
Median Household Income
$838
Median Rent
$95,000
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Live-work space - Versatile Main Street property with a garage, office space, and an upstairs one-bedroom apartment.
Where is this live-work space located?
The property is located at 311 Main Street N Middletown, KY.
What is the asking price?
The asking price for this property is $159,000.
What are key features of this property?
This property features: Block construction with metal roof and public sewer service; Large main‑level garage with an automotive lift, office, and two restrooms (one finished with a vent but without heating and air); Upstairs 1‑bedroom, 1‑bath apartment with open living/kitchen area and included kitchen appliances
