Building Details

Year Built 9999

Buildings 1

Stories 2

Listing Agency: Keller Williams Commonwealth Show Phone

Listed By: Christa Joynt

Source: Centralkentuckyhomefinder

Added: Jul 8 Changed: Aug 27 Last Checked: Aug 28 at 12:19PM

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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 Keller Williams Commonwealth

Investment Insights

Based on property information with market context.

This flex property combines a spacious garage with an automotive lift, office space, and two restrooms on the main level. One restroom has a vent but lacks heating and air conditioning. The upper level contains a one-bedroom, one-bath apartment with an open living and kitchen area, kitchen appliances, and a washer and dryer. Mini-split HVAC systems serve the office and apartment, and several windows have been replaced.

Positioned on Main Street in North Middletown, the property includes ample parking and direct Main Street visibility. Its prior automotive operation and existing garage improvements support automotive-related use, while the office, storage, apartment, and open areas provide flexibility for live-work, contractor, trade, retail, or office applications, subject to zoning approval. Buyers should verify zoning, permitted uses, and all property details.

Key Highlights

• Spacious garage with an automotive lift, office, and two restrooms
• One‑bedroom, one‑bath upstairs apartment with open living and kitchen area
• Apartment includes kitchen appliances, washer, and dryer

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 (±1% cap)

NOI $10,827 @ 7.0% cap · market cap 6.81%

Second Best

Mixed Use

$106.3K

$93.0K – $124.0K (±1% cap)

NOI $7,438 @ 7.0% cap · market cap 4.68%

Theoretical Best

Office A

$195.1K

$170.8K – $227.7K (±1% cap)

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

Flex space

Suggested Use

Top Pick Big Box & Wholesale Store Hair Salon Butcher Nail Salon Wine and Liquor Store Spa & Massage Center

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

Lease Details

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

42

Businesses Nearby

Well-served

Demand for This Use

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

14.4% 2019

16.4% 2020

17.3% 2021

18% 2022

18.6% 2023

20.3% 2024

20.2% 2025

Questions? Ask Rey

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What type of property is this? Where is this flex space located? What is the asking price? Find similar properties ... What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Flex space - Garage, office, and upper-level residential accommodations support a flexible live-work configuration.

Where is this flex space located?

The property is located at 311 Main St N 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: Spacious garage with an automotive lift, office, and two restrooms; One‑bedroom, one‑bath upstairs apartment with open living and kitchen area; Apartment includes kitchen appliances, washer, and dryer