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Renovated Medical Office Building

308 W Lexington Avenue Winchester, KY 40391

308 W Lexington Avenue, Winchester, KY, 40391
$825,000
For Sale
Claim this Listing
$825,000

COMMERCIAL - Winchester, KY

Property Size3,570 SF
Lot Size0.57 Acres
Price / SF$231.09
AddedJun 30
Days on Market16
Last RefreshJul 15 at 12:06 pm

Property Features for 308 W Lexington Avenue

General Information

Property type
Commercial Sale
Property subtype
Office
Rooms
Basement
Standard status
Active
APN
054-1032-005-00
Size
3,570 SF
Lot size
0.57 Acres

Building Details

Year built
1967
Floors in Building
1

Listing agent Gregory Leveridge License #215416

Listing office Block + Lot Homes 133 W Short St, Lexington, KY

Listing date Jun 30, 2026

MLS# 26015570

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.

308 W Lexington Avenue is a recently renovated office building designed for a medical practice. The main space includes a bright reception area, large office, file room, five exam rooms, and a kitchen area. At the rear of the building, there are two suites that could be leased separately or incorporated into the primary layout, depending on tenant needs. An unfinished basement provides room to be outfitted for additional office space if desired.

The property includes a generous parking lot and access to a back alley way, supporting convenient arrival and service access. It is positioned as a gateway to the downtown district and is described as close to the Bypass and I-64, offering broad regional accessibility.

This building may suit an owner-operator medical tenant seeking an exam-room office configuration, or a buyer looking for flexible tenancy. The presence of rear suites and an unfinished basement makes it practical for use as a multi-suite office arrangement or for expanding interior capacity after tenant fit-out.

Key Highlights

  • Recently renovated office space for a medical practice, built in 1967
  • Main level features bright reception, large office, file room, kitchen area, and 5 exam rooms
  • Back of building includes 2 suites that can be leased separately or incorporated into the main space

Local Financial Insights For Office B

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 $77.1k $21.60
− Vacancy −$10.2k −$2.85
EGI $66.9k $18.75
− OpEx −$16.7k −$4.69
NOI $50.2k $14.06
3,570 SF · lease $21.60/SF/yr · vacancy 13.20% · expense 25.00%

Alternative Uses

Best Use
Office B
$717.1K
$627.5K – $836.7K (±1% cap)
NOI $50,200 @ 7.0% cap · market cap 6.08%
Second Best
Healthcare Medical
$540.5K
$473.0K – $630.6K (±1% cap)
NOI $37,836 @ 7.0% cap · market cap 4.59%
Theoretical Best
Office A
$904.8K
$791.7K – $1.06M (±1% cap)
NOI $63,335 @ 7.0% cap · market cap 7.68%
Zoning and permitted uses should be independently verified with local authorities.

Property Analytics

Property Profile Location Intelligence

Current Use by Public Records

LG&E and KU Energy ... Gas Company Kentucky Utilities Electric Utility Company

Suggested Use

Real Estate Agency Dental Office HVAC Service Carpet & Flooring Store Gym & Fitness Center Skin Care Clinic Computer & Electronic Repair Tech Support Center Veterinary Clinic Auto Parts Store

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

FAQs

What type of property is this?
Medical Office Space - Renovated medical office setup with multiple exam rooms, flexible back suites, and potential for additional basement office space.
Where is this medical office space located?
The property is located at 308 W Lexington Avenue Winchester, KY.
What is the asking price?
The asking price for this property is $825,000.
What are key features of this property?
This property features: Recently renovated office space for a medical practice, built in 1967; Main level features bright reception, large office, file room, kitchen area, and 5 exam rooms; Back of building includes 2 suites that can be leased separately or incorporated into the main space
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