For Sale
$875,000

1549 Winchester Ave Ashland KyAshland, KY 41101

High-return, renovated mixed-use building.

Overview

Added:
Dec 11, 2024
Days on market:
116
This exceptional mixed-use property, located at 1549 & 1557-1559 Winchester Ave, Ashland, KY 41101, presents a compelling investment opportunity. The 26,400 square foot building, constructed in 1900 and extensively renovated in 2022, boasts a blend of storefront retail space and traditional office space across two stories. Currently featuring a multi-tenant occupancy, the property offers significant upside potential with an 86% vacancy rate and a strong pro forma cap rate of 12.31%. The asking price is $875,000, translating to $33.14 per square foot. The building's net operating income (NOI) is $107,736. Situated on a 0.34-acre lot in a prime downtown location, the property benefits from a hard corner with signalized access, ample on-street parking, and a private rear parking lot. Unique features include former bank vaults, a rooftop solar farm, and historic architectural details in the theater building, such as high ceilings and ornate molding. Recent street renovations have enhanced the area's appeal, adding roundabouts, new sidewalks, brick pavers, and curbs. The strong demographics of downtown Ashland, with a daytime population exceeding 63,700 within a 5-mile radius, and its location within the Huntington-Ashland metropolitan area (376,000+ residents), further solidify this property's investment value. Ashland's role as a regional economic and medical center adds to its long-term prospects. The property's APN is 030-13-09-008.00.

Highlights

  • Multi-tenant office and retail building in an Opportunity Zone.
  • 26,400 SF building with 86% vacancy, offering significant value-add potential.
  • 12.31% pro forma cap rate presents strong leasing upside.
  • Prime downtown Ashland location on a hard corner with signalized access, ample on-street parking, and a private rear lot.
  • Former bank building with recent renovations and unique walk-in vaults.
  • Rooftop solar farm.

Property Details for 1549 Winchester Ave Ashland Ky

Property type
Retail properties, Office properties
Square Feet
26,400 SF
Year Built/Renovated
1900/2022
Buildings
1
Stories
2
Lot Size (sq. ft)
14,810 SF

Location Insight

City
Ashland
County
Boyd
State
Kentucky
Latitude
38.47884075
Longitude
-82.63987295
1549 Winchester Ave Ashland Ky, Ashland, Kentucky

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1549 Winchester Ave Ashland Ky
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