Renovated Mixed-Use Brick
New
For Sale
$349,900
720 Main St, Paris, KY 40361
Commercial Sale, Paris, KY
Property Size2,000 SF
Lot Size0.04 Acres
Price / SF$174.95
Days on Market2
Property Features for 720 Main St
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
C
Parking features
On Street
Basement
Crawl Space
Subdivision
Downtown
Directions
Located in the 700 Block of Main Street on the right.
Standard status
Active
APN
026-70-42-003.00
Size
2,000 SF
Lot size
0.04 Acres
Utilities
Utilities
Water Available
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Electric
Amenities
private grassed garden area
Building Details
Floors in Building
2
Building materials
Brick
Roof type
Rubber
Listing Agency:
Thwaites Realtors LLC
(859) 987-9119
Listed By:
Donna A Thwaites · License #209816
(859) 707-8152
Added: Aug 31
Changed: Sep 1
Last Checked: Sep 1 at 9:06PM
MLS# 26023992
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 720 Main St in Paris, Kentucky, this 2,000-square-foot mixed-use property occupies 0.035 acres and includes a two-story brick building. The ground floor contains a spacious storefront that is currently rented, while the second level has two apartments with two bedrooms each. A private grassed garden area extends behind the storefront.
The property received an extensive renovation in 2020, including a new rubber roof and updated HVAC, plumbing, electrical, drywall, and other interior finishes. Original hardwood flooring was restored through much of the building, and tall ceilings are exposed across approximately 80% of the space. The property is zoned C, has on-street parking, water available, and public sewer service. Showings require 48-hour notice.
The property received an extensive renovation in 2020, including a new rubber roof and updated HVAC, plumbing, electrical, drywall, and other interior finishes. Original hardwood flooring was restored through much of the building, and tall ceilings are exposed across approximately 80% of the space. The property is zoned C, has on-street parking, water available, and public sewer service. Showings require 48-hour notice.
Key Highlights
- 2,000 SF mixed‑use building on 0.035 acres
- Two‑story brick construction with a storefront and two 2‑bedroom apartments
- Major renovation completed in 2020
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
$19,320
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
5.52%
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%
$386,400
$386.4K
Cap Rate 7%
$276,000
$276.0K
Cap Rate 9%
$214,667
$214.7K
Market Conditions
NOI Build-Up for 2,000 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
$33.6K $16.80/SF
− Vacancy
−$2.7K −$1.34/SF
EGI
$30.9K $15.46/SF
− OpEx
−$11.6K −$5.80/SF
NOI
$19.3K $9.66/SF
Area
Bourbon County, KY
Vacancy
8.00%
Lease Rate
$16.80 /SF/Yr
Expense Ratio
37.50%
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%
$386,400
Cap Rate 7%
$276,000
Cap Rate 9%
$214,667
Alternative Uses
Best Use
Mixed Use
$276.0K
$241.5K – $322.0K
NOI $19,320 @ 7.0% cap · market cap 5.52%
Second Best
Retail
$271.9K
$237.9K – $317.2K
NOI $19,031 @ 7.0% cap · market cap 5.44%
Theoretical Best
Office A
$506.9K
$443.5K – $591.4K
NOI $35,482 @ 7.0% cap · market cap 10.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
458
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 Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two-story commercial property combines a leased storefront with two upstairs apartments and a private rear garden area.
Where is this mixed-use property located?
The property is located at 720 Main St Paris, KY.
What is the asking price?
The asking price for this property is $349,900.
What are key features of this property?
This property features: 2,000 SF mixed‑use building on 0.035 acres; Two‑story brick construction with a storefront and two 2‑bedroom apartments; Major renovation completed in 2020
