Building Details

Building Size 2,160 SF

Listing Agency: Bishop Realty & Auction, LLC d***@bardstown.com Show Phone

Listed By: David Bishop · License #175597 Show Phone

Source: Kcrea.resimplifi

Added: Oct 6, 2025 Changed: Aug 29 Last Checked: Aug 30 at 1:51PM

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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 Bishop Realty & Auction, LLC

Investment Insights

Based on property information with market context.

This 6-acre flex property includes a 2,160-square-foot shop and office building measuring 36 feet by 60 feet. Overhead doors serve both ends of the main structure, which also contains a front office and bathroom. Additional improvements include storage buildings, six storage units, and a separate retail building with office space and a bathroom. A single-wide mobile home is also located on the property.

Zoned I-1, the site has city water and electric service. The property is located at 320 E Main St in Fairfield, Kentucky, approximately 10 minutes from Bardstown, 25 minutes from Mt. Washington, and 45 minutes from Louisville.

Key Highlights

• 6‑acre I‑1‑zoned flex property
• 2,160‑square‑foot main shop and office building
• 36‑foot by 60‑foot building with overhead doors at both ends

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

$20,249

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

5.06%

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%

$404,980 $405.0K

Cap Rate 7%

$289,271 $289.3K

Cap Rate 9%

$224,989 $225.0K

Market Conditions

NOI Build-Up for 2,160 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

$31.1K $14.40/SF

− Vacancy

−$2.2K −$1.01/SF

EGI

$28.9K $13.39/SF

− OpEx

−$8.7K −$4.02/SF

NOI

$20.2K $9.37/SF

Area

Nelson County, KY

Vacancy

7.00%

Lease Rate

$14.40 /SF/Yr

Expense Ratio

30.00%

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%

$404,980

Cap Rate 7%

$289,271

Cap Rate 9%

$224,989

Alternative Uses

Best Use

Self Storage

$289.3K

$253.1K – $337.5K (±1% cap)

NOI $20,249 @ 7.0% cap · market cap 5.06%

Second Best

Warehouse

$264.9K

$231.8K – $309.0K (±1% cap)

NOI $18,540 @ 7.0% cap · market cap 4.64%

Theoretical Best

Office A

$455.4K

$398.4K – $531.3K (±1% cap)

NOI $31,875 @ 7.0% cap · market cap 7.97%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Flex space

Suggested Use

Top Pick Auto Repair Shop Grocery & Convenience Store Food Market

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

Yes

Utilities to site

Location Intelligence

Trade Area within ½ mile

14

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 40020, KY

133

Population

128

Households

1

Avg Household Size

46

Median Age

6%

College-Educated

99%

High-School Grad

0.5 sq mi

ZIP Area

266

Density / Sq Mi

$87,951

Median Household Income

Market

Vacancy Rate% for Industrial in South region

6% 2019

6.5% 2020

4% 2021

3.5% 2022

6% 2023

7.6% 2024

7.9% 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 - I-1-zoned property with multiple structures, storage capacity, and city water and electric service.

Where is this flex space located?

The property is located at 320 E Main St Fairfield, KY.

What is the asking price?

The asking price for this property is $399,900.

What are key features of this property?

This property features: 6‑acre I‑1‑zoned flex property; 2,160‑square‑foot main shop and office building; 36‑foot by 60‑foot building with overhead doors at both ends