Historic Mixed-Use Property with
For Sale
$1,650,000
339 Main Street, Paris, KY 40361
COMMERCIAL - Paris, KY
Property Size10,362 SF
Lot Size0.09 Acres
Price / SF$159.24
Days on Market132
Property Features for 339 Main Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Commercial first Fl/ Res upper
Parking
5
Subdivision
City Limits
Directions
From New Circle, Broadway turns into Paris Pike, follow all the way to the end of town building on the left side of Main St
Standard status
Active
APN
026-70-31-007.00
Size
10,362 SF
Lot size
0.09 Acres
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Natural Gas
Cooling system
Central Air
Amenities
conference room
Building Details
Year built
1899
Floors in Building
4
Building materials
Brick, Stone
Listing Agency:
Century 21 Advantage Realty - Georgetown
(502) 557-8600
Listed By:
Alysia Niva · License #252766
(408) 832-7660
Added: Apr 12
Changed: Aug 4
Last Checked: Aug 21 at 1:06AM
MLS# 26007687
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.
Located at 339 Main Street in Paris, Kentucky, the property includes a 10,362-square-foot, four-story building constructed in 1899 with a brick and stone exterior and an Art Deco facade. Two street-level tenants hold multi-year leases, while three one-bedroom, one-bath apartments feature full kitchens and laundry hookups. An elevator serves the upper floors, and the residential units have been renovated or are undergoing renovation.
The offering also includes the adjacent brick buildings at 3 Ardery Place and 5 Ardery Place. Their layouts provide street-level office space, additional office or residential flexibility, and an upstairs apartment at 5 Ardery Place. A conference room is available for hourly rental, while an attic area provides storage space or potential future finish-out. Five dedicated parking spaces serve the property, with additional street parking nearby, including handicapped parking. The buildings use natural gas heat, central air, and public sewer.
The offering also includes the adjacent brick buildings at 3 Ardery Place and 5 Ardery Place. Their layouts provide street-level office space, additional office or residential flexibility, and an upstairs apartment at 5 Ardery Place. A conference room is available for hourly rental, while an attic area provides storage space or potential future finish-out. Five dedicated parking spaces serve the property, with additional street parking nearby, including handicapped parking. The buildings use natural gas heat, central air, and public sewer.
Key Highlights
- 10,362‑square‑foot mixed‑use property at 339 Main Street in Paris, KY
- Four‑story building constructed in 1899 with a brick and stone exterior and Art Deco facade
- Three 1/1 apartments with full kitchens and laundry hookups
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
$145,706
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
8.83%
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%
$2,914,120
$2.9M
Cap Rate 7%
$2,081,514
$2.1M
Cap Rate 9%
$1,618,956
$1.6M
Market Conditions
NOI Build-Up for 10,362 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
$223.8K $21.60/SF
− Vacancy
−$29.5K −$2.85/SF
EGI
$194.3K $18.75/SF
− OpEx
−$48.6K −$4.69/SF
NOI
$145.7K $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%
$2,914,120
Cap Rate 7%
$2,081,514
Cap Rate 9%
$1,618,956
Alternative Uses
Best Use
Office B
$2.08M
$1.82M – $2.43M
NOI $145,706 @ 7.0% cap · market cap 8.83%
Second Best
Mixed Use
$1.43M
$1.25M – $1.67M
NOI $100,097 @ 7.0% cap · market cap 6.07%
Theoretical Best
Office A
$2.63M
$2.30M – $3.06M
NOI $183,830 @ 7.0% cap · market cap 11.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
454
Businesses Nearby
Explore this area
Business Placement
Demographics for 40361, KY
18,214
Population
8,173
Households
2.2
Avg Household Size
42
Median Age
25%
College-Educated
87%
High-School Grad
257.1 sq mi
ZIP Area
71
Density / Sq Mi
$57,074
Median Household Income
$36,206
Median Earnings
$793
Median Rent
$216,700
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Four-story brick asset combines leased street-level space, offices, and renovated residential units.
Where is this mixed-use property located?
The property is located at 339 Main Street Paris, KY.
What is the asking price?
The asking price for this property is $1,650,000.
What are key features of this property?
This property features: 10,362‑square‑foot mixed‑use property at 339 Main Street in Paris, KY; Four‑story building constructed in 1899 with a brick and stone exterior and Art Deco facade; Three 1/1 apartments with full kitchens and laundry hookups
