Lexington Mixed-Use Investment
For Sale
$2,600,000
109-119 N Mill Street, Lexington, KY 40507
COMMERCIAL - Lexington, KY
Property Size11,000 SF
Lot Size0.10 Acres
Price / SF$236.36
Days on Market127
Property Features for 109-119 N Mill Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
B-2B
Rooms
Basement
Basement
Crawl Space, Unfinished
Subdivision
Downtown
Directions
West Main, right on North Mill Street. Buildings are on your left
Standard status
Active
APN
38234110
Size
11,000 SF
Lot size
0.10 Acres
Utilities
Sewer type
Public Sewer
Heating system
Heat Pump (Heating)
Cooling system
Multi Units
Building Details
Year built
1886
Floors in Building
3
Building materials
Brick
Roof type
Membrane
Listing Agency:
Bluegrass Sotheby's International Realty
(859) 268-0099
Listed By:
Christopher Mitchell · License #197495
(859) 321-2898
Added: Mar 27
Changed: May 14
Last Checked: Jul 31 at 12:06AM
MLS# 26006199
Copyright © 2026 ImagineMLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This mixed-use property in Lexington, Kentucky, features six apartments and two retail storefronts, distributed across three contiguous buildings. The property has a strong rental history and is described as easily managed. The buildings were completely renovated in 2010 and have been exceptionally well maintained by the current owners. The property size is 11,000 square feet, situated on a lot of approximately 0.1033 acres.
Key Highlights
- Stabilized property with strong rental history provides immediate income.
- Six apartments and two retail storefronts offer diversified income streams.
- Contiguous buildings simplify property management.
Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $158.4k | $14.40 |
| − Vacancy | −$8.9k | −$0.81 |
| EGI | $149.5k | $13.59 |
| − OpEx | −$44.9k | −$4.08 |
| NOI | $104.7k | $9.52 |
11,000 SF · lease $14.40/SF/yr · vacancy 5.60% · expense 30.00%
Alternative Uses
Best Use
Retail
$1.50M
$1.31M – $1.74M
NOI $104,671 @ 7.0% cap · market cap 4.03%
Second Best
Mixed Use
$1.48M
$1.30M – $1.73M
NOI $103,950 @ 7.0% cap · market cap 4.00%
Theoretical Best
Office A
$2.29M
$2.01M – $2.67M
NOI $160,428 @ 7.0% cap · market cap 6.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,109
Businesses Nearby
Explore this area
Business Placement
Demographics for 40507, KY
2,043
Population
1,765
Households
1.2
Avg Household Size
44
Median Age
54%
College-Educated
93%
High-School Grad
0.4 sq mi
ZIP Area
5,108
Density / Sq Mi
$34,543
Median Household Income
$40,826
Median Earnings
$642
Median Rent
$391,000
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Six apartments and two retail storefronts in three buildings.
Where is this mixed-use property located?
The property is located at 109-119 N Mill Street Lexington, KY.
What is the asking price?
The asking price for this property is $2,600,000.
What are key features of this property?
This property features: Stabilized property with strong rental history provides immediate income.; Six apartments and two retail storefronts offer diversified income streams.; Contiguous buildings simplify property management.
