Medical Office Space For
For Sale
$575,000
Pending
3217 Summit Square Place, Lexington, KY 40509
COMMERCIAL - Lexington, KY
Property Size3,090 SF
Days on Market96
Property Features for 3217 Summit Square Place
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning description
P-1
Parking
56
Subdivision
Commercial
Directions
Man-O-War to Blazer Parkway to Right on Prosperous Place to Left into Summit Square Place. Take first Left upon entering Summit Square and follow around to the back side of the buildings. Ste 100 is the second building on the back side.
Standard status
Pending
APN
38131060
Size
3,090 SF
Utilities
Utilities
Cable Available
Building Details
Year built
2002
Floors in Building
2
Building materials
Steel Frame, Brick, Concrete
Roof type
Shingle
Listing Agency:
Plum Tree Realty
(513) 443-5060
Listed By:
Brianna R Jonkers
(859) 221-2117
Added: May 30
Changed: Aug 4
Last Checked: Sep 2 at 12:06AM
MLS# 26012336
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 commercial property, currently outfitted as a medical office, is available for sale. The property is located in Summit Square Place near St. Joe East in Lexington, Kentucky. The office space includes four treatment rooms, a waiting room, a central office, laundry and kitchen facilities, one restroom, a break room, and a storage room. The property has a size of 3090 square feet and is located in the 40509 postal code area of Fayette County.
Key Highlights
- Desirable location in Summit Square Place near St. Joe East.
- Currently outfitted as a medical office with 4 treatment rooms.
- Includes waiting room, central office, laundry and kitchen facilities.
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
$38,569
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
6.71%
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%
$771,380
$771.4K
Cap Rate 7%
$550,986
$551.0K
Cap Rate 9%
$428,544
$428.5K
Market Conditions
NOI Build-Up for 3,090 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
$59.3K $19.20/SF
− Vacancy
−$7.9K −$2.56/SF
EGI
$51.4K $16.64/SF
− OpEx
−$12.9K −$4.16/SF
NOI
$38.6K $12.48/SF
Area
ZIP 40509
Vacancy
13.32%
Lease Rate
$19.20 /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%
$771,380
Cap Rate 7%
$550,986
Cap Rate 9%
$428,544
Alternative Uses
Best Use
Office B
$551.0K
$482.1K – $642.8K
NOI $38,569 @ 7.0% cap · market cap 6.71%
Second Best
Healthcare Medical
$462.8K
$404.9K – $539.9K
NOI $32,393 @ 7.0% cap · market cap 5.63%
Theoretical Best
Office A
$643.8K
$563.3K – $751.1K
NOI $45,066 @ 7.0% cap · market cap 7.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,138
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 40509, KY
44,572
Population
19,802
Households
2.3
Avg Household Size
36
Median Age
57%
College-Educated
95%
High-School Grad
47.8 sq mi
ZIP Area
932
Density / Sq Mi
$89,429
Median Household Income
$52,489
Median Earnings
$1,317
Median Rent
$338,200
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Similar Off Market Nearby
- Richmond Road Veterinary Clinic — 3270 Richmond Rd, Lexington, KY 40509
- Kevin Smith — 3270 Richmond Rd, Lexington, KY 405091811
- Blue Paw Primary Pet Care — 3101 Richmond Rd Ste 306, Lexington, KY 40509
- PetVet365 Pet Hospital Lexington/Richmond Rd — 2870 Richmond Rd Suite 160 and 170, Lexington, KY 40509
Frequently Asked Questions
What type of property is this?
Medical Office Space - Office space near St. Joe East, currently a medical office.
Where is this medical office space located?
The property is located at 3217 Summit Square Place Lexington, KY.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: Desirable location in Summit Square Place near St. Joe East.; Currently outfitted as a medical office with **4 treatment rooms.**; Includes waiting room, central office, laundry and kitchen facilities.
