Renovated Mixed-Use Brick
New
For Sale
$349,900
720 Main St, Paris, KY 40361
Two-story property combines a leased storefront with two upstairs two-bedroom apartments and a private rear garden.
Property Size2,000 SF
Price / SF$174.95
Days on Market6
Property Features for 720 Main St
General Information
Standard status
Active
Size
2,000 SF
Additional Details
Utilities to Site
Yes
Amenities
private grassed garden area
Building Details
Year Renovated
2020
Buildings
1
Stories
2
Construction
brick
Tenancy
Multi
Listing Agency:
Thwaites Realtors LLC
(859) 987-9119
Listed By:
Donna A Thwaites · License #209816
(859) 707-8152
Source:
Exprealty
Added: Aug 31
Changed: Sep 4
Last Checked: Sep 4 at 3:13PM
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 Thwaites Realtors LLC
Investment Insights
Based on property information with market context.
This two-story brick mixed-use building contains a commercial storefront at street level and two two-bedroom apartments above. The property measures 2,000 square feet and includes a private grassed garden area behind the storefront. The building’s original character remains evident in the exposed tall ceilings and restored hardwood flooring across much of the interior.
A comprehensive renovation completed in 2020 addressed the roof, HVAC, plumbing, electrical systems, and much of the drywall. The storefront is currently leased, while the two residential units provide additional rental space within the same building. Showings require 48-hour notice.
A comprehensive renovation completed in 2020 addressed the roof, HVAC, plumbing, electrical systems, and much of the drywall. The storefront is currently leased, while the two residential units provide additional rental space within the same building. Showings require 48-hour notice.
Key Highlights
- 2,000‑square‑foot two‑story brick mixed‑use building
- Street‑level storefront is currently leased
- Two upstairs 2‑bedroom apartments
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
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Utilities to site
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 property combines a leased storefront with two upstairs two-bedroom apartments and a private rear garden.
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‑square‑foot two‑story brick mixed‑use building; Street‑level storefront is currently leased; Two upstairs 2‑bedroom apartments
