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    Property profile & analytics

    1500 Winchester Ave Ashland, KY 41101

    • Residential income homes
    • 28,500 SF
    For Sale
    View listing
    $1,600,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US34-0892248
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Residential income homes

    Property Details for 1500 Winchester Ave

    Year built
    1932
    Property size
    28,500 SF
    Property type
    Residential income homes
    Property subtype
    Retail space

    Description

    This exceptional mixed-use property, located at 1500 Winchester Avenue in Ashland, Kentucky, presents a unique investment opportunity. Boasting 28,500 square feet across four stories, this 1932 building offers a blend of commercial and residential space. The asking price is $1,600,000, translating to $56.14 per square foot. The property is currently undergoing renovation, with floors two through four partially completed. These floors feature seven residential units: three two-bedroom units and one one-bedroom unit on each floor. A rooftop area provides potential for a deck or social space. The main floor and mezzanine have been prepped for development, offering considerable flexibility for future tenants or owners. Existing plans are available, or the space can be customized to individual needs. Many materials needed to complete the renovation are already on-site. The building's prime downtown Ashland location offers easy access to local amenities. The estimated occupancy date is February 23, 2024. This property combines gorgeous architecture with significant upside potential, making it an attractive investment for owner-users seeking a unique and versatile space. The building's character and charm are undeniable, and the partially completed state allows for customization and immediate value-add opportunities.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Ashland
    County
    Boyd
    State
    Kentucky
    Longitude
    -82.640537265627
    Latitude
    38.479170736298

    Comparable in this City

    • $395,000
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      Ashland Office Building - High Traffic Area

      Prime Office Space, 2675 SF, High Visibility
      701 Winchester Ave, Ashland, KY 41101
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    • $995,000
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      Downtown Ashland Cornerstone

      Historic 4-Story Building, Endless Potential
      1638 Winchester Ave, Ashland, KY 41101
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    • $750,000
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      Downtown Ashland Mixed-Use Opportunity

      Commercial property in accessible location near bridges and transportation routes.
      226 17Th St, Ashland, KY 41101
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    • $399,000

      Remodeled Building Suitable for Various Businesses

      Remodeled building suitable for spa, retail, medical, rehab, or office.
      2048 Winchester Ave, Ashland, KY 41101
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    • $299,900

      Office/Apartment Building in Central Location

      Mixed-use building with office space and a two-bedroom apartment.
      1428 Winchester Ave, Ashland, KY 41101
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    • $750,000
      62,276 SF

      Commercial Property in Downtown Ashland

      Versatile commercial property in downtown Ashland, Kentucky.
      226 17Th St, Ashland, KY 41101
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    Similar Nearby for Sale

    • $395,000
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      Ashland Office Building - High Traffic Area

      Prime Office Space, 2675 SF, High Visibility
      701 Winchester Ave, Ashland, KY 41101
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    • $750,000
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      Downtown Ashland Mixed-Use Opportunity

      Commercial property in accessible location near bridges and transportation routes.
      226 17Th St, Ashland, KY 41101
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    • $995,000
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      Downtown Ashland Cornerstone

      Historic 4-Story Building, Endless Potential
      1638 Winchester Ave, Ashland, KY 41101
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    • $399,000

      Remodeled Building Suitable for Various Businesses

      Remodeled building suitable for spa, retail, medical, rehab, or office.
      2048 Winchester Ave, Ashland, KY 41101
      View Details
    • $299,900

      Office/Apartment Building in Central Location

      Mixed-use building with office space and a two-bedroom apartment.
      1428 Winchester Ave, Ashland, KY 41101
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    • $750,000
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      Commercial Property in Downtown Ashland

      Versatile commercial property in downtown Ashland, Kentucky.
      226 17Th St, Ashland, KY 41101
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    Similar Nearby for Lease

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      Ashland KY Commercial Gem

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      Modern Office Space in Ashland

      Prime office spaces with modern amenities in a vibrant location.
      350 Diederich Blvd, Ashland, KY 41101
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    • $17 SF/Yr

      Prestigious Office Building in Ashland

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    • $8,500 /Mo
      5,315 SF

      Ashland Commercial Space For Rent

      Commercial space in Ashland, ideal for medical or professional office.
      1901 Winchester Ave, Ashland, KY 41101
      View Details
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    1500 Winchester Ave
    Ashland, KY 41101
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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