Freestanding Retail
For Sale
Contact for pricing
838 Bypass Rd, Winchester, KY 40391
Open interior layout with two restrooms and B-3 Highway Business zoning.
Property Size2,906 SF
Price / SF$211.60
Days on Market407
Property Features for 838 Bypass Rd
General Information
Standard status
Active
Size
2,906 SF
Property subtype
RETAIL
Zoning
B-3
Additional Details
Traffic Count
30,000 vehicles/day
Building Details
Buildings
1
Listing Agency:
Lifstyl Real Estate
(859) 278-7501
Listed By:
Kush Rathod · License #266753
Source:
Moodyscre
Added: Jul 21, 2025
Changed: Aug 31
Last Checked: Aug 31 at 1:24AM
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 Lifstyl Real Estate
Investment Insights
Based on property information with market context.
This 2,906-square-foot freestanding retail property features a wide-open interior plan and two restrooms. The configuration provides a flexible commercial setting for retail or service-based operations, subject to applicable deed restrictions.
Positioned on Bypass Rd in Winchester, the property is less than one mile from I-64 and approximately two miles from downtown. The site has visibility from approximately 30,000 vehicles per day and offers prominent signage opportunities. B-3 (Highway Business) zoning supports the stated retail and service-use profile. Deed restrictions prohibit restaurant or bar operations at this location until April 12, 2027.
Positioned on Bypass Rd in Winchester, the property is less than one mile from I-64 and approximately two miles from downtown. The site has visibility from approximately 30,000 vehicles per day and offers prominent signage opportunities. B-3 (Highway Business) zoning supports the stated retail and service-use profile. Deed restrictions prohibit restaurant or bar operations at this location until April 12, 2027.
Key Highlights
- 2,906‑square‑foot freestanding retail building
- Wide‑open interior layout with two restrooms
- B‑3 (Highway Business) zoning
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
$27,652
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
4.50%
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%
$553,040
$553.0K
Cap Rate 7%
$395,029
$395.0K
Cap Rate 9%
$307,244
$307.2K
Market Conditions
NOI Build-Up for 2,906 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
$41.8K $14.40/SF
− Vacancy
−$2.3K −$0.81/SF
EGI
$39.5K $13.59/SF
− OpEx
−$11.9K −$4.08/SF
NOI
$27.7K $9.52/SF
Area
Clark County, KY
Vacancy
5.60%
Lease Rate
$14.40 /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%
$553,040
Cap Rate 7%
$395,029
Cap Rate 9%
$307,244
Alternative Uses
Best Use
Retail
$395.0K
$345.7K – $460.9K
NOI $27,652 @ 7.0% cap · market cap 4.50%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$736.5K
$644.4K – $859.3K
NOI $51,555 @ 7.0% cap · market cap 8.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
30,000 VPD
Traffic count
Location Intelligence
Trade Area within ½ mile
520
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 Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Open interior layout with two restrooms and B-3 Highway Business zoning.
Where is this retail space located?
The property is located at 838 Bypass Rd Winchester, KY.
What is the asking price?
The asking price for this property is $614,900.
What are key features of this property?
This property features: 2,906‑square‑foot freestanding retail building; Wide‑open interior layout with two restrooms; B‑3 (Highway Business) zoning
