Office Suite with
For Sale
$359,900
Pending
108 Dennis Dr, Lexington, KY 40503
Office suite includes three private offices, open work areas, kitchenette, two restrooms, and a covered rear patio.
Property Size1,242 SF
Days on Market66
Property Features for 108 Dennis Dr
General Information
Standard status
Pending
Size
1,242 SF
Listing Agency:
Kevin Huang Realty
(859) 948-5039
Listed By:
Q Kevin Huang · License #260102
(859) 948-5039
Source:
Exprealty
Added: Jun 18
Changed: Aug 20
Last Checked: Aug 22 at 10:29AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Kevin Huang Realty
Investment Insights
Based on property information with market context.
This office suite offers a practical layout with three private offices, two open work areas, a kitchenette, two restrooms, and multiple storage closets. Recent updates include new LVP flooring and fresh paint throughout. A covered rear patio adds an outdoor space that can support everyday break or meeting needs.
The property is located near Nicholasville Road and Regency Road, with quick access to New Circle Road and minutes to downtown Lexington.
The paved parking lot at the rear provides off-street parking for staff and visitors.
The property is located near Nicholasville Road and Regency Road, with quick access to New Circle Road and minutes to downtown Lexington.
The paved parking lot at the rear provides off-street parking for staff and visitors.
Key Highlights
- Office suite with 3 private offices plus 2 open work areas
- Includes kitchenette, 2 restrooms, and multiple storage closets
- Covered rear patio for breaks or client/work gatherings
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
$16,471
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
4.58%
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%
$329,420
$329.4K
Cap Rate 7%
$235,300
$235.3K
Cap Rate 9%
$183,011
$183.0K
Market Conditions
NOI Build-Up for 1,242 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
$25.3K $20.40/SF
− Vacancy
−$3.4K −$2.72/SF
EGI
$22.0K $17.68/SF
− OpEx
−$5.5K −$4.42/SF
NOI
$16.5K $13.26/SF
Area
ZIP 40503
Vacancy
13.32%
Lease Rate
$20.40 /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%
$329,420
Cap Rate 7%
$235,300
Cap Rate 9%
$183,011
Alternative Uses
Best Use
Office B
$235.3K
$205.9K – $274.5K
NOI $16,471 @ 7.0% cap · market cap 4.58%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$258.8K
$226.4K – $301.9K
NOI $18,114 @ 7.0% cap · market cap 5.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,885
Businesses Nearby
Explore this area
Business Placement
Demographics for 40503, KY
28,073
Population
13,437
Households
2.1
Avg Household Size
39
Median Age
57%
College-Educated
96%
High-School Grad
8.8 sq mi
ZIP Area
3,190
Density / Sq Mi
$74,161
Median Household Income
$43,061
Median Earnings
$1,110
Median Rent
$280,000
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Office suite includes three private offices, open work areas, kitchenette, two restrooms, and a covered rear patio.
Where is this office units located?
The property is located at 108 Dennis Dr Lexington, KY.
What is the asking price?
The asking price for this property is $359,900.
What are key features of this property?
This property features: Office suite with 3 private offices plus 2 open work areas; Includes kitchenette, 2 restrooms, and multiple storage closets; Covered rear patio for breaks or client/work gatherings
