Three-Building Mixed-Use
For Sale
$2,600,000
109-119 N Mill Street, Lexington, KY 40507
Commercial Sale, Lexington, KY
Property Size11,000 SF
Lot Size0.10 Acres
Price / SF$236.36
Days on Market174
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: Sep 12
Last Checked: Sep 16 at 11:06AM
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 assemblage includes 3 contiguous buildings totaling 11,000 square feet, with 6 apartments and 2 retail storefronts. The improvements were renovated in 2010 and feature brick construction, membrane roofs, basement space, heat pump heating, and multi-unit cooling. Public sewer serves the property.
Located at 109-119 N Mill Street in Lexington, KY 40507, the property occupies 0.1033 acres. The buildings date to 1886 and offer a combination of residential and street-level commercial space within one connected ownership opportunity.
Located at 109-119 N Mill Street in Lexington, KY 40507, the property occupies 0.1033 acres. The buildings date to 1886 and offer a combination of residential and street-level commercial space within one connected ownership opportunity.
Key Highlights
- 6 apartments and 2 retail storefronts across 3 contiguous buildings
- 11,000 square feet of mixed‑use improvements
- Renovated in 2010
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
$104,671
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
4.03%
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%
$2,093,420
$2.1M
Cap Rate 7%
$1,495,300
$1.5M
Cap Rate 9%
$1,163,011
$1.2M
Market Conditions
NOI Build-Up for 11,000 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
$158.4K $14.40/SF
− Vacancy
−$8.9K −$0.81/SF
EGI
$149.5K $13.59/SF
− OpEx
−$44.9K −$4.08/SF
NOI
$104.7K $9.52/SF
Area
Lexington, 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%
$2,093,420
Cap Rate 7%
$1,495,300
Cap Rate 9%
$1,163,011
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
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Open Analytics
Current Use
Lease Details
6
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
3,572
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Three contiguous buildings combine apartment units with two retail storefronts.
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: 6 apartments and 2 retail storefronts across 3 contiguous buildings; 11,000 square feet of mixed‑use improvements; Renovated in 2010
