Office Suite with Private
For Sale
$359,900
Pending
108 Dennis Drive, Lexington, KY 40503
COMMERCIAL - Lexington, KY
Property Size1,242 SF
Lot Size0.27 Acres
Days on Market66
Property Features for 108 Dennis Drive
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning description
P-1
Parking
5
Subdivision
Southland
Directions
Inbound Nicholasville Rd, Left onto Dennis Dr. Building is on the left. Parking in rear.
Standard status
Pending
APN
22222200
Size
1,242 SF
Lot size
0.27 Acres
Utilities
Utilities
Water Available
Heating system
Natural Gas
Cooling system
Electric
Amenities
covered rear patio
Building Details
Year built
1960
Floors in Building
1
Building materials
Brick
Roof type
Shingle
Listing Agency:
Kevin Huang Realty
(859) 948-5039
Listed By:
Q Kevin Huang · License #260102
(859) 948-5039
Added: Jun 18
Changed: Aug 4
Last Checked: Aug 22 at 8:06AM
MLS# 26014263
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 office property for sale offers a functional mix of private and collaborative space. The interior layout includes 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, supporting a professional, move-in ready appearance.
The property is located just off Nicholasville Road and Regency Road, with quick access to New Circle Road and being minutes from downtown Lexington. Off-street parking is available in a paved parking lot at the rear, and a covered rear patio provides an outdoor space for breaks or casual client conversations.
Designed to support a range of professional uses, the combination of separate offices and open areas can accommodate both focused work and team collaboration. With two restrooms and a kitchenette already in place, the space is practical for day-to-day operations. The covered patio and rear parking further enhance usability for employees and visitors. The arrangement also lends itself to tenants looking to consolidate client-facing and workspace functions into one efficient footprint.
The property is located just off Nicholasville Road and Regency Road, with quick access to New Circle Road and being minutes from downtown Lexington. Off-street parking is available in a paved parking lot at the rear, and a covered rear patio provides an outdoor space for breaks or casual client conversations.
Designed to support a range of professional uses, the combination of separate offices and open areas can accommodate both focused work and team collaboration. With two restrooms and a kitchenette already in place, the space is practical for day-to-day operations. The covered patio and rear parking further enhance usability for employees and visitors. The arrangement also lends itself to tenants looking to consolidate client-facing and workspace functions into one efficient footprint.
Key Highlights
- Office space with brick construction and shingle roof; built in 1960
- Floor plan includes 3 private offices, 2 open work areas, a kitchenette, and 2 restrooms
- Heating: natural gas; cooling: electric
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
Lease Details
Yes
Highway access
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 - Well-appointed office space with private offices, open work areas, and covered patio plus off-street parking.
Where is this office units located?
The property is located at 108 Dennis Drive 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 space with brick construction and shingle roof; built in 1960; Floor plan includes 3 private offices, 2 open work areas, a kitchenette, and 2 restrooms; Heating: natural gas; cooling: electric
