Kerr Building 2 N Main St
Fully Renovated Historic Landmark • $168K Gross Rent + $4K/Month Upside
Marketing description
• • Asking Price: $1,595,000 – Priced to Sell
• • Units: 18 Residential apartments with extra room (Kerr 1867, LLC) + 2 Renovated Commercial Offices (Kerr on Main LLC)
• • Additional ±5,500 SF Commercial Space (Vacant, Build-to-Suit)
• • Zoning: B‑2 (Downtown Business – Full Commercial Use Allowed)
• • LURA applies to residential only (expires 2035)
• • Separate Deeds: Residential and Commercial floors deeded separately
• • Historic Blue Grass Trust (BGT) Designation
• • No Deferred Maintenance – Fully Renovated Inside and Out 2022 2024
• • Located in the heart of the Main Street High Side Project revitalization zone• Offered by: Kerr on Main LLC & Kerr 1867, LLC (Tsubaki Group affiliated)
Additional Upside & Location Benefits
• • Most tenants already self-pay utilities; NOI lift remains from final conversions
• • To add on two vending machines and laundry room will generate passive income
• • ±5,500 SF commercial space vacant— prime lease-up opportunity
• • Neighboring renovated units asking $1,200/month for smaller 1-bed walk-ups
• • City of Winchester is actively investing through the High Side Project, improving
infrastructure, sidewalks, and downtown foot traffic
• • Historic rooster story part of building folklore — a beloved landmark in local history
Investment highlights
Current Cap Rate: ~5%
• • Pro Forma Cap Rate: 8%+ with both offices leased at $1,200/month (adds $28,800 annual income), completion of utility adjustments, and annual HUD/KHC rent inflation adjusted 2%-5% increases for LIHTC units
• • Future Cap Potential: 9%+ with full lease-up of ±5,500 SF commercial, ideal for store front
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