Building Details

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Listing Agency: Keller Williams Commonwealth

Listed By: Christa Joynt · License #223454 Show Phone

Source: Centralkentuckyhomefinder

Added: Jun 18 Changed: Oct 1 Last Checked: Oct 12 at 7:53PM

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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 / Yr

$10,827

Cap Rate

6.81%

Suggested Prices Based on Cap Rates

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

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 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. How Realmo checks its estimates

Property Analytics

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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

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

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?

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