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    Live-Work Office with Multiple Fireplaces Title is generated by Realmo AI

    117 W Maxwell Street, Lexington, KY 40508

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    For Sale
    $249,900

    COMMERCIAL - Lexington, KY

    Type:Office
    Property size:
    958 SF
    Lot size:
    0.05 Acres
    Price / SF:
    $260/SF
    Added:
    Feb 18, 2026
    Days on Market:
    107
    Last Refresh:
    Jun 5 at 2:06 am

    Property Features for 117 W Maxwell Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Office
    Basement
    Crawl Space
    Standard status
    Active
    APN
    17008100
    Size
    958 SF
    Lot size
    0.05 Acres

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Forced Air, Natural Gas
    Cooling system
    Central Air

    Building Details

    Year built
    1900
    Floors in Building
    1
    Building materials
    Wood Siding

    We can help!

    Listing Contact
    Jon Travis T Emnett

    Listing agent Jon Travis T Emnett

    Listing office Top Ten Realty 532 James Lane, Versailles, KY

    Listing date Feb 18, 2026

    MLS# 26002979

    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.

    HighLights

    • Remodeled office property built in 1900 with wood siding, multiple fireplaces, and exposed hardwood floors
    • B‑1 zoning allows day‑to‑day business use and live/work‑style setups
    • Can also be used as an Air BnB, with a kitchenette area and remodeled full bath
    • Heating: forced air with natural gas; central air cooling
    • Connected to public sewer
    • No onsite parking; includes a large side yard/patio enclosed with fencing and on‑street parking options

    Overview

    This well maintained, remodeled property has been used as an office for Joe Bologna's Restaurant for the past 28 years. Inside, it features multiple fireplaces, exposed hardwood floors, a remodeled full bath, and a kitchenette area. The layout is suited for day-to-day business use and can also support a live where you work style setup.

    Located at 117 W Maxwell Street in Lexington, KY, the property is described as well located to downtown Lexington as well as the University of Kentucky. The property currently has no onsite parking, but there is plenty of on-street parking, and monthly spots are available at the Lexington Transit Center and other private lots in the corridor. The large side yard or patio space is enclosed with fencing.

    With its B-1 zoning, the space can be operated as an office for business purposes, used as a live-work configuration, or potentially used in an Air BnB style arrangement, subject to applicable requirements. The fenced outdoor patio area may also support tenant or guest use depending on the operating model.
    Property Profile Location Intelligence

    Current Use by Public Records

    Live-work space

    Suggested Use

    Real Estate Agency Spa & Massage Center Restaurant Hair Salon Nail Salon Dental Office Building Supply Skin Care Clinic Daycare Center Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Lexington
    County
    Fayette
    State
    Kentucky
    Longitude
    -84.50159
    Latitude
    38.043864

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    FAQs

    What type of property is this?
    Live-work space - Remodeled B-1 live-work office with multiple fireplaces, hardwood floors, a full bath, kitchenette, and a fenced side patio.
    Where is this live-work space located?
    The property is located at 117 W Maxwell Street Lexington, KY.
    What is the asking price?
    The asking price for this property is $249,900.
    What are key features of this property?
    This property features: Remodeled office property built in 1900 with wood siding, multiple fireplaces, and exposed hardwood floors; B‑1 zoning allows day‑to‑day business use and live/work‑style setups; Can also be used as an Air BnB, with a kitchenette area and remodeled full bath
    (859) 229-8758
    We can help!
    Listing Contact
    Jon Travis T Emnett
    Request Owner's contact information
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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.

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