Building Details

Year built 2002

Floors in Building 1

Listing Agency: Schrader Commercial Properties Llc

Listed By: James Schrader · License #41930 Show Phone

Added: Sep 14 Changed: Oct 1 Last Checked: Oct 7 at 3:06PM

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MLS# 11979560

Copyright © 2026 My State MLS. 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 4,664-square-foot office condominium is configured as a single-tenant medical office on the first floor. Built in 2002, the property includes four bathrooms and an installed security system with key-fob entry. The space is 100% leased to Sun Behavioral Health.

The property is positioned within a professional park near the intersection of Alumni Drive and New Circle Road, with convenient access from both roads and close proximity to Man O' War Boulevard. The Sterlington Road corridor includes UK HealthCare, Alumni Dental Center, and Larry Kopczyk, DMD.

Key Highlights

• 4,664‑square‑foot single‑tenant office condominium
• 100% leased to Sun Behavioral Health
• Medical‑office configuration on the first floor

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$58,296

Cap Rate

7.11%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,165,920 $1.2M

Cap Rate 7%

$832,800 $832.8K

Cap Rate 9%

$647,733 $647.7K

Market Conditions

NOI Build-Up for 4,664 SF

Gross rent

$89.5K $19.20/SF

− Vacancy

−$11.8K −$2.53/SF

EGI

$77.7K $16.67/SF

− OpEx

−$19.4K −$4.17/SF

NOI

$58.3K $12.50/SF

Area

ZIP 40517

Vacancy

13.20%

Lease Rate

$19.20 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,165,920

Cap Rate 7%

$832,800

Cap Rate 9%

$647,733

Alternative Uses

Best Use

Office B

$832.8K

$728.7K – $971.6K (±1% cap)

NOI $58,296 @ 7.0% cap · market cap 7.11%

Second Best

Healthcare Medical

$794.4K

$695.1K – $926.8K (±1% cap)

NOI $55,610 @ 7.0% cap · market cap 6.78%

Theoretical Best

Office A

$967.1K

$846.2K – $1.13M (±1% cap)

NOI $67,699 @ 7.0% cap · market cap 8.26%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Medical Office Space

Suggested Use

Top Pick Real Estate Agency Law Firm Restaurant Hair Salon Building Supply Spa & Massage Center

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

1

Office units

100%

Occupancy

Single-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

500

Businesses Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Demographics for 40517, KY

37,751

Population

18,306

Households

2.1

Avg Household Size

33

Median Age

41%

College-Educated

92%

High-School Grad

6.2 sq mi

ZIP Area

6,089

Density / Sq Mi

$51,778

Median Household Income

$35,010

Median Earnings

$1,092

Median Rent

$196,300

Median Home Value

Market

Vacancy Rate% for Office in South region

14.4% 2019

16.4% 2020

17.3% 2021

18% 2022

18.6% 2023

20.3% 2024

20.2% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this medical office space located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Medical Office Space - First-floor office condominium with medical-office improvements, four bathrooms, and key-fob security in a professional park setting.

Where is this medical office space located?

The property is located at 2339 Sterlington Rd Lexington, KY.

What is the asking price?

The asking price for this property is $820,000.

What are key features of this property?

This property features: 4,664‑square‑foot single‑tenant office condominium; 100% leased to Sun Behavioral Health; Medical‑office configuration on the first floor