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 Market30
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
(859) 321-2898
Listed By:
Christopher Mitchell · License #197495
Source:
Sellkentucky
Added: Aug 1
Changed: Aug 29
Last Checked: Aug 25 at 5:26AM
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 = 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
$114,186
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
4.39%
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%
$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
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
$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 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%
$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.
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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
