Updated Duplex with Private Outdoor
For Sale
$207,000
408 Colby Ridge Blvd, Winchester, KY 40391
Two-unit property with a storage shed, fenced yard, deck, and recently installed roof.
Property Size948 SF
Price / SF$218.35
Days on Market23
Property Features for 408 Colby Ridge Blvd
General Information
Standard status
Active
Size
948 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Amenities
storage shed
privacy fence
deck
Building Details
Year Built
1999
Listing Agency:
Murphy Realty Group
(859) 494-7954
Listed By:
Dwight Donaldson · License #212432
Source:
Centralkentuckyhouses
Added: Aug 6
Changed: Aug 28
Last Checked: Aug 28 at 12:21PM
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 Murphy Realty Group
Investment Insights
Based on property information with market context.
This duplex at 408 Colby Ridge Blvd in Winchester, Kentucky, was built in 1999 and offers 948 square feet of property size. Exterior features include a storage shed, privacy fencing, a deck, and a maintained yard. The roof has been replaced, providing a recent improvement to the property. Its two-unit configuration supports residential income use, while the outdoor amenities add functional space for occupants.
Key Highlights
- Duplex configuration with 948 square feet of property size
- Built in 1999
- New roof
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
$8,088
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
3.91%
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%
$161,760
$161.8K
Cap Rate 7%
$115,543
$115.5K
Cap Rate 9%
$89,867
$89.9K
Market Conditions
NOI Build-Up for 948 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
$12.1K $12.72/SF
− Vacancy
−$504 −$0.53/SF
EGI
$11.6K $12.19/SF
− OpEx
−$3.5K −$3.66/SF
NOI
$8.1K $8.53/SF
Area
Clark County, KY
Vacancy
4.18%
Lease Rate
$12.72 /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%
$161,760
Cap Rate 7%
$115,543
Cap Rate 9%
$89,867
Alternative Uses
Best Use
Multifamily LT 5
$115.5K
$101.1K – $134.8K
NOI $8,088 @ 7.0% cap · market cap 3.91%
Second Best
Apartment 5plus
$103.4K
$90.5K – $120.6K
NOI $7,238 @ 7.0% cap · market cap 3.50%
Theoretical Best
Office A
$240.3K
$210.2K – $280.3K
NOI $16,818 @ 7.0% cap · market cap 8.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
388
Businesses Nearby
Explore this area
Business Placement
Demographics for 40391, KY
36,461
Population
16,125
Households
2.3
Avg Household Size
41
Median Age
22%
College-Educated
90%
High-School Grad
237.3 sq mi
ZIP Area
154
Density / Sq Mi
$67,910
Median Household Income
$40,323
Median Earnings
$884
Median Rent
$197,200
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two-unit property with a storage shed, fenced yard, deck, and recently installed roof.
Where is this duplex located?
The property is located at 408 Colby Ridge Blvd Winchester, KY.
What is the asking price?
The asking price for this property is $207,000.
What are key features of this property?
This property features: Duplex configuration with 948 square feet of property size; Built in 1999; New roof
