Three-Building Mixed-Use
For Sale
$2,600,000
109119 109-119 N Mill St, Lexington, KY 40507
Combines apartment residences with retail storefront space across contiguous buildings.
Property Size12,000 SF
Price / SF$216.67
Days on Market75
Property Features for 109119 109-119 N Mill St
General Information
Standard status
Active
Size
12,000 SF
Additional Details
Multifamily Units
6
Building Details
Year Built
1886
Year Renovated
2010
Buildings
3
Tenancy
Multi
Listing Agency:
Bluegrass Sotheby's International Realty
Listed By:
Christopher Mitchell · License #197495
(859) 321-2898
Source:
Sellkentucky
Added: Aug 1
Changed: Oct 2
Last Checked: Oct 13 at 12:52AM
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 Bluegrass Sotheby's International Realty
Investment Insights
Based on property information with market context.
This mixed-use property comprises 3 contiguous buildings with 6 apartments and 2 retail storefronts, offering a combination of residential and commercial space within one assemblage. The property contains 12,000 square feet and was renovated in 2010. Its original construction dates to 1886.
Located at 109-119 N Mill St in Lexington, the property includes both residential units and street-facing retail space. The combination of apartment and storefront components creates a compact mixed-use configuration in an established building group.
Located at 109-119 N Mill St in Lexington, the property includes both residential units and street-facing retail space. The combination of apartment and storefront components creates a compact mixed-use configuration in an established building group.
Key Highlights
- 6 apartments across 3 contiguous buildings
- 2 retail storefronts included in the property
- 12,000 square feet of mixed‑use space
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$114,186
Cap Rate
4.39%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,283,720
$2.3M
Cap Rate 7%
$1,631,229
$1.6M
Cap Rate 9%
$1,268,733
$1.3M
Market Conditions
NOI Build-Up for 12,000 SF
Gross rent
$172.8K $14.40/SF
− Vacancy
−$9.7K −$0.81/SF
EGI
$163.1K $13.59/SF
− OpEx
−$48.9K −$4.08/SF
NOI
$114.2K $9.52/SF
Area
Lexington, KY
Vacancy
5.60%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,283,720
Cap Rate 7%
$1,631,229
Cap Rate 9%
$1,268,733
Alternative Uses
Best Use
Retail
$1.63M
$1.43M – $1.90M
NOI $114,186 @ 7.0% cap · market cap 4.39%
Second Best
Mixed Use
$1.62M
$1.42M – $1.89M
NOI $113,400 @ 7.0% cap · market cap 4.36%
Theoretical Best
Office A
$2.50M
$2.19M – $2.92M
NOI $175,012 @ 7.0% cap · market cap 6.73%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Lease Details
6
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
3,073
Businesses Nearby
Explore this area
Business Placement
Demographics for 40507, KY
2,043
Population
1,765
Households
1.2
Avg Household Size
44
Median Age
54%
College-Educated
93%
High-School Grad
0.4 sq mi
ZIP Area
5,108
Density / Sq Mi
$34,543
Median Household Income
$40,826
Median Earnings
$642
Median Rent
$391,000
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Combines apartment residences with retail storefront space across contiguous buildings.
Where is this mixed-use property located?
The property is located at 109119 109-119 N Mill St Lexington, KY.
What is the asking price?
The asking price for this property is $2,600,000.
What are key features of this property?
This property features: 6 apartments across 3 contiguous buildings; 2 retail storefronts included in the property; 12,000 square feet of mixed‑use space
