Flex Space with
For Sale
$159,000
Pending
311 Main Street, N Middletown, KY 40357
Commercial Sale, N Middletown, KY
Property Size770 SF
Lot Size0.24 Acres
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
Pending
APN
0621017006
Size
770 SF
Lot size
0.24 Acres
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Zoned
Cooling system
Wall Unit(s), Multi Units
Amenities
automotive lift
kitchen appliances
washer and 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: Sep 1
Last Checked: Sep 1 at 3:06PM
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 770-square-foot flex property combines a ground-level automotive workspace with an upper-level apartment. The main floor includes a garage with an automotive lift, an office, and two restrooms. Upstairs, the one-bedroom, one-bath apartment has an open living and kitchen arrangement, appliances, and a washer and dryer.
Mini-split HVAC serves the office and apartment, while the building also features block construction, a metal roof, public sewer, and electric zoned heating. Several windows have been replaced. The property is located at 311 Main Street in N Middletown and includes 0.238 acres, ample parking, and Main Street visibility. Zoning is C; permitted uses and other property details should be verified by the buyer.
Mini-split HVAC serves the office and apartment, while the building also features block construction, a metal roof, public sewer, and electric zoned heating. Several windows have been replaced. The property is located at 311 Main Street in N Middletown and includes 0.238 acres, ample parking, and Main Street visibility. Zoning is C; permitted uses and other property details should be verified by the buyer.
Key Highlights
- 770 square feet on a 0.238‑acre parcel
- Garage includes an automotive lift
- One‑bedroom, one‑bath apartment with appliances and 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
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
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
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Flexible commercial building combining automotive workspace, office areas, and an upstairs residential apartment.
Where is this flex 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: 770 square feet on a 0.238‑acre parcel; Garage includes an automotive lift; One‑bedroom, one‑bath apartment with appliances and washer and dryer
