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    Downtown Lexington Office Suite Title is generated by Realmo AI

    115 W 2nd St Suite 101, Lexington, KY 40507

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    Move-in-ready office suite in downtown Lexington near courthouses.

    Type:Office
    Property size:
    1,200 SF
    Price / SF:
    $1.88/SF
    Added:
    May 14, 2026
    Days on Market:
    20
    Last Refresh:
    May 14 at 8:25 pm

    Property Features for 115 W 2nd St Suite 101

    General Information

    Standard status
    Active
    Size
    1,200 SF
    Property subtype
    Office

    Building Details

    Year Built
    1910

    Properties For Sale

    at 115 W 2nd St Suite 101 Contact us

    We can help!

    Listing Contact
    Wade Haga, CCIM

    Listing agent Wade Haga, CCIM License #KY 223094

    Listing office

    Listing date May 14, 2026

    Source Svn

    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 Wade Haga, CCIM

    HighLights

    • Move‑in‑ready ground‑floor office suite in a beautifully renovated building in the heart of downtown Lexington.
    • One block from the Fayette County courthouses.
    • Multiple private rooms suitable for offices, conference, or work stations.
    • Updated full kitchen with stainless appliances.
    • Two dedicated outdoor seating areas.
    • Two parking spaces available for lease in adjacent lot.

    Overview

    Located in the heart of downtown Lexington, 115 W 2nd Street, Suite 101, is a +/- 1,200 SF ground-floor office suite available for lease in a beautifully renovated building. Situated just one block from the Fayette County courthouses, the space is well-suited for a law firm, CPA, or boutique professional services practice. The suite features multiple private rooms, an updated full kitchen with stainless appliances, and exposed brick. It also includes two dedicated outdoor seating areas and a private entrance. Two parking spaces are available for lease in an adjacent lot. The property is within walking distance of downtown restaurants, retail, hotels, and Rupp Arena. Zoned B-2A, the property accommodates a wide range of office and professional uses.
    Location Intelligence

    Current Use by Public Records

    Jim Brown Alley Private University Feldman Group-Architects Architect

    Suggested Use

    Real Estate Agency Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Daycare Center Gym & Fitness Center Skin Care Clinic

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Lexington
    County
    Fayette
    State
    Kentucky
    Longitude
    -84.49465
    Latitude
    38.048629

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    FAQs

    What type of property is this?
    Office units - Move-in-ready office suite in downtown Lexington near courthouses.
    Where is this office units located?
    The property is located at 115 W 2nd St Suite 101 Lexington, KY.
    What is the asking price?
    The asking price for this property is Off market.
    What are key features of this property?
    This property features: Move‑in‑ready ground‑floor office suite in a beautifully renovated building in the heart of downtown Lexington.; One block from the Fayette County courthouses.; Multiple private rooms suitable for offices, conference, or work stations.
    (859) 285-2202
    We can help!
    Listing Contact
    Wade Haga, CCIM
    Real Estate License ID: KY 223094
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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