Four-Story Mixed-Use
For Sale
$5,700,000
144 N Broadway, Lexington, KY 40507
Commercial Sale, Lexington, KY
Property Size18,032 SF
Lot Size0.18 Acres
Price / SF$316.10
Days on Market121
Property Features for 144 N Broadway
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
B-2B
Rooms
Basement
Basement
Partially Finished, Full
Subdivision
Downtown
Directions
Broadway, cross over Short Street building is on your right.
Standard status
Active
APN
14145700
Size
18,032 SF
Lot size
0.18 Acres
Utilities
Sewer type
Public Sewer
Heating system
Heat Pump (Heating)
Cooling system
Multi Units, Electric, Central Air
Building Details
Year built
1915
Floors in Building
4
Building materials
Brick, Concrete, Glass
Roof type
Flat, Membrane
Listing Agency:
Bluegrass Sotheby's International Realty
(859) 268-0099
Listed By:
Christopher Mitchell · License #197495
(859) 321-2898
Added: May 19
Changed: Sep 12
Last Checked: Sep 16 at 11:06AM
MLS# 26011350
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 four-story mixed-use property at 144 N Broadway contains 18,032 square feet on a 0.18-acre parcel. The ground level is configured as a private club, while the second floor provides naturally lit space suited to office or creative studio use. Floors three and four contain five short-term rental units, creating a varied vertical layout within the building.
Constructed in 1915, the property combines brick, concrete, and glass construction with a flat membrane roof. Building systems include heat-pump heating, electric central air, and multiple cooling units, with public sewer service. A basement is also included. Its downtown Lexington setting places the building within the city’s central commercial and cultural environment.
Constructed in 1915, the property combines brick, concrete, and glass construction with a flat membrane roof. Building systems include heat-pump heating, electric central air, and multiple cooling units, with public sewer service. A basement is also included. Its downtown Lexington setting places the building within the city’s central commercial and cultural environment.
Key Highlights
- Four‑story mixed‑use building totaling 18,032 square feet
- 0.18‑acre parcel at 144 N Broadway, Lexington, KY 40507
- Ground‑floor private club configuration
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
$201,562
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
3.54%
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%
$4,031,240
$4.0M
Cap Rate 7%
$2,879,457
$2.9M
Cap Rate 9%
$2,239,578
$2.2M
Market Conditions
NOI Build-Up for 18,032 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
$324.6K $18.00/SF
− Vacancy
−$55.8K −$3.10/SF
EGI
$268.7K $14.90/SF
− OpEx
−$67.2K −$3.73/SF
NOI
$201.6K $11.18/SF
Area
Lexington, KY
Vacancy
17.20%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
25.00%
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%
$4,031,240
Cap Rate 7%
$2,879,457
Cap Rate 9%
$2,239,578
Alternative Uses
Best Use
Office B
$2.88M
$2.52M – $3.36M
NOI $201,562 @ 7.0% cap · market cap 3.54%
Second Best
Mixed Use
$2.43M
$2.13M – $2.84M
NOI $170,402 @ 7.0% cap · market cap 2.99%
Theoretical Best
Office A
$3.76M
$3.29M – $4.38M
NOI $262,984 @ 7.0% cap · market cap 4.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
3,626
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
View Realmo Analytics
Market
Vacancy Rate% for Office 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 - Historic downtown asset with a private club, flexible upper-floor space, and five short-term rental units.
Where is this mixed-use property located?
The property is located at 144 N Broadway Lexington, KY.
What is the asking price?
The asking price for this property is $5,700,000.
What are key features of this property?
This property features: Four‑story mixed‑use building totaling 18,032 square feet; 0.18‑acre parcel at 144 N Broadway, Lexington, KY 40507; Ground‑floor private club configuration
