Building Details

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Listing Agency: Keller Williams Commonwealth c***@kw.com Show Phone

Listed By: Christa Joynt · License #223454 Show Phone

Source: Exprealty

Added: Jul 17 Changed: Jul 22 Last Checked: Aug 11 at 9:40AM

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Investment Insights

Based on property information with market context.

This versatile property at 311 Main Street was previously operated as an automotive business and offers a spacious garage with an automotive lift, along with office space and two restrooms on the main level. One restroom is finished with a vent but does not include heating and air. Upstairs, there is a comfortable one-bedroom, one-bath apartment with an open living and kitchen area. The apartment includes kitchen appliances as well as a washer and dryer.

Mini-split HVAC systems have been added to both the office and apartment spaces. Several windows have also been replaced, contributing to the overall updates throughout the property. The home is set up for practical live-work or business use, with ample parking and main-street visibility.

Zoning and permitted uses are subject to buyer verification, and the opportunity may be suited to a range of commercial ventures depending on approval.

Key Highlights

• Spacious garage with an automotive lift, plus office and two restrooms on the main level
• One‑bedroom, one‑bath apartment upstairs with open living and kitchen area
• Mini‑split HVAC systems added to both the office and apartment for year‑round comfort

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

Live-work 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

1

Residential units

Location Intelligence

Trade Area within ½ mile

41

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

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 live-work 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?

Live-work space - Garage with automotive lift plus office and a move-in-ready one-bedroom, one-bath apartment above with mini-split HVAC.

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: Spacious garage with an automotive lift, plus office and two restrooms on the main level; One‑bedroom, one‑bath apartment upstairs with open living and kitchen area; Mini‑split HVAC systems added to both the office and apartment for year‑round comfort