Restaurant Building with
For Sale
Contact for pricing
409 North Main Street, Nicholasville, KY 40356
Well-maintained restaurant building on a 0.5-acre lot with 22 parking spaces and recent interior and plumbing updates.
Property Size3,069 SF
Price / SF$203.65
Days on Market146
Property Features for 409 North Main Street
General Information
Standard status
Active
Size
3,069 SF
Property subtype
Retail, Hospitality
Listing Agency:
SVN | Stone Commercial Real Estate
Listed By:
Travis Rose · License #KY
(859) 806-1591
Source:
Crexi
Added: Apr 14
Changed: Aug 27
Last Checked: Sep 4 at 5:22PM
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 SVN | Stone Commercial Real Estate
Investment Insights
Based on property information with market context.
A block-and-steel restaurant building currently operating as a long-standing local restaurant. The property was recently renovated in October 2025 with new PEX plumbing, new sewer drain lines, and updated interior finishes. The roof and HVAC systems are approximately 10 years old, and the building is described as having no major capital repairs needed. Three-phase electric is available, supporting a range of commercial uses beyond the current restaurant operation.
The site is located along busy North Main Street with strong traffic counts and strong visibility. It includes 22 parking spaces. The property is positioned next to the future Jessamine County courthouse.
The offering includes the real estate only; restaurant equipment is not included and will be sold separately. Tours must be scheduled through Advisor Travis Rose due to ongoing operations.
The site is located along busy North Main Street with strong traffic counts and strong visibility. It includes 22 parking spaces. The property is positioned next to the future Jessamine County courthouse.
The offering includes the real estate only; restaurant equipment is not included and will be sold separately. Tours must be scheduled through Advisor Travis Rose due to ongoing operations.
Key Highlights
- 3,068 SF restaurant building on a 0.5‑acre lot at 409 N Main Street, Nicholasville, KY
- Recently renovated in October 2025 with new PEX plumbing, new sewer drain lines, and updated interior
- Roof and HVAC systems are approximately 10 years old; block‑and‑steel structure reported well maintained with no major capital repairs needed
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
$35,722
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
5.72%
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%
$714,440
$714.4K
Cap Rate 7%
$510,314
$510.3K
Cap Rate 9%
$396,911
$396.9K
Market Conditions
NOI Build-Up for 3,069 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
$50.5K $16.44/SF
− Vacancy
−$2.8K −$0.92/SF
EGI
$47.6K $15.52/SF
− OpEx
−$11.9K −$3.88/SF
NOI
$35.7K $11.64/SF
Area
Jessamine County, KY
Vacancy
5.60%
Lease Rate
$16.44 /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%
$714,440
Cap Rate 7%
$510,314
Cap Rate 9%
$396,911
Alternative Uses
Best Use
Specialty Retail
$510.3K
$446.5K – $595.4K
NOI $35,722 @ 7.0% cap · market cap 5.72%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$777.8K
$680.6K – $907.5K
NOI $54,447 @ 7.0% cap · market cap 8.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
51
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 40356, KY
44,381
Population
17,934
Households
2.5
Avg Household Size
39
Median Age
31%
College-Educated
90%
High-School Grad
139.5 sq mi
ZIP Area
318
Density / Sq Mi
$75,264
Median Household Income
$41,427
Median Earnings
$1,020
Median Rent
$246,300
Median Home Value
Market
Vacancy Rate% for Retail 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?
Conventional restaurant - Well-maintained restaurant building on a 0.5-acre lot with 22 parking spaces and recent interior and plumbing updates.
Where is this conventional restaurant located?
The property is located at 409 North Main Street Nicholasville, KY.
What is the asking price?
The asking price for this property is $625,000.
What are key features of this property?
This property features: 3,068 SF restaurant building on a 0.5‑acre lot at 409 N Main Street, Nicholasville, KY; Recently renovated in October 2025 with new PEX plumbing, new sewer drain lines, and updated interior; Roof and HVAC systems are approximately 10 years old; block‑and‑steel structure reported well maintained with no major capital repairs needed
