Historic Mixed-Use Corner
New
For Sale
$874,900
402 Overton Street, Newport, KY 41071
Two storefronts frame commercial space beneath a three-bedroom residence with basement storage.
Property Size3,197 SF
Days on Market3
Property Features for 402 Overton Street
General Information
Standard status
Active
Size
3,197 SF
Property subtype
Commercial
Zoning
Non Conform
Building Details
Building Size
3,197 SF
Year Built
1894
Buildings
1
Listing Agency:
Keller Williams Realty Service
(859) 240-0727
Listed By:
Mark Ramler · License #221336
(859) 240-0727
Source:
Bushrealty
Added: Aug 20
Changed: Aug 21
Last Checked: Aug 21 at 5:02AM
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 Keller Williams Realty Service
Investment Insights
Based on property information with market context.
Built in 1894, this brick mixed-use property combines ground-floor commercial space with a substantial upper-level residence. The commercial portion includes two storefronts, high ceilings, large windows, hardwood floors, open rooms, and a basement with both interior and exterior entry. Non Conform zoning is noted for the property.
The residence occupies the upper levels and includes three bedrooms, three full bathrooms, a spacious living room with fireplace, a separate sitting room, and a balcony. Its eat-in kitchen features stainless steel appliances, custom cabinetry, and quartz countertops. Original woodwork, tall ceilings, and natural light complement the updated interiors.
Renovation work completed in 2019 included electrical, plumbing, and HVAC improvements, while the roof was replaced in 2023. The building occupies a prominent corner in Newport’s East Row Historic District.
The residence occupies the upper levels and includes three bedrooms, three full bathrooms, a spacious living room with fireplace, a separate sitting room, and a balcony. Its eat-in kitchen features stainless steel appliances, custom cabinetry, and quartz countertops. Original woodwork, tall ceilings, and natural light complement the updated interiors.
Renovation work completed in 2019 included electrical, plumbing, and HVAC improvements, while the roof was replaced in 2023. The building occupies a prominent corner in Newport’s East Row Historic District.
Key Highlights
- Mixed‑use brick building constructed in 1894
- Two storefronts and ground‑floor commercial space with high ceilings and large windows
- Three‑bedroom, three‑full‑bath upper‑level residence
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
$35,584
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
4.07%
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%
$711,680
$711.7K
Cap Rate 7%
$508,343
$508.3K
Cap Rate 9%
$395,378
$395.4K
Market Conditions
NOI Build-Up for 3,197 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
$52.6K $16.44/SF
− Vacancy
−$1.7K −$0.54/SF
EGI
$50.8K $15.90/SF
− OpEx
−$15.3K −$4.77/SF
NOI
$35.6K $11.13/SF
Area
Campbell County, KY
Vacancy
3.28%
Lease Rate
$16.44 /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%
$711,680
Cap Rate 7%
$508,343
Cap Rate 9%
$395,378
Alternative Uses
Best Use
Retail
$508.3K
$444.8K – $593.1K
NOI $35,584 @ 7.0% cap · market cap 4.07%
Second Best
Mixed Use
$472.7K
$413.6K – $551.5K
NOI $33,089 @ 7.0% cap · market cap 3.78%
Theoretical Best
Office A
$876.9K
$767.3K – $1.02M
NOI $61,382 @ 7.0% cap · market cap 7.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,006
Businesses Nearby
202k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 69%
Shops & Services 15%
Superstores 7%
Hotels & Casinos 6%
Brio Italian Grille
Dining
25,275 visits/mo
0.3 miles
McDonald's
Dining
24,109 visits/mo
0.5 miles
Cold Stone Creamery
Dining
23,002 visits/mo
0.3 miles
Kroger Fuel Center
Shops & Services
15,782 visits/mo
0.4 miles
Big Lots
Superstores
14,754 visits/mo
0.5 miles
Demographics for 41071, KY
19,796
Population
10,883
Households
1.8
Avg Household Size
37
Median Age
38%
College-Educated
89%
High-School Grad
5.5 sq mi
ZIP Area
3,599
Density / Sq Mi
$58,329
Median Household Income
$44,836
Median Earnings
$1,047
Median Rent
$186,000
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two storefronts frame commercial space beneath a three-bedroom residence with basement storage.
Where is this mixed-use property located?
The property is located at 402 Overton Street Newport, KY.
What is the asking price?
The asking price for this property is $874,900.
What are key features of this property?
This property features: Mixed‑use brick building constructed in 1894; Two storefronts and ground‑floor commercial space with high ceilings and large windows; Three‑bedroom, three‑full‑bath upper‑level residence
