Mid-Century Office
New
For Sale
$425,000
122 N Locust St, Versailles, KY 40383
Two-story layout includes private offices, a kitchen, patio, and flexible upper-level workspace.
Property Size2,364 SF
Price / SF$179.78
Days on Market1
Property Features for 122 N Locust St
General Information
Standard status
Active
Size
2,364 SF
Property subtype
Commercial
Building Details
Year Built
1955
Buildings
1
Stories
2
Listing Agency:
RE/MAX Laketime Realty
Listed By:
Lake Cumberland Real Estate Professional
(606) 677-0059
Source:
Lakecumberlandky
Added: Sep 13
Last Checked: Sep 13 at 2:41PM
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 RE/MAX Laketime Realty
Investment Insights
Based on property information with market context.
Built in 1955, this 2,364-square-foot office building offers a two-story configuration near Downtown Versailles. The entry opens to a reception area with hardwood flooring and high ceilings, while the first floor includes three private offices with connecting access, office closets, a private restroom, and a kitchen. An adjacent patio and on-site parking extend the usable workspace outdoors.
The second floor provides an open area that can support a range of office arrangements, complemented by storage throughout the building. Street parking is also available, adding to the property's practical accessibility at 122 N Locust St.
The second floor provides an open area that can support a range of office arrangements, complemented by storage throughout the building. Street parking is also available, adding to the property's practical accessibility at 122 N Locust St.
Key Highlights
- 2,364‑square‑foot office building constructed in 1955
- Three private first‑floor offices with connecting access and closets
- Open second‑floor area with storage throughout the building
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
$33,242
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
7.82%
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%
$664,840
$664.8K
Cap Rate 7%
$474,886
$474.9K
Cap Rate 9%
$369,356
$369.4K
Market Conditions
NOI Build-Up for 2,364 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
$51.1K $21.60/SF
− Vacancy
−$6.7K −$2.85/SF
EGI
$44.3K $18.75/SF
− OpEx
−$11.1K −$4.69/SF
NOI
$33.2K $14.06/SF
Area
Jessamine County, KY
Vacancy
13.20%
Lease Rate
$21.60 /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%
$664,840
Cap Rate 7%
$474,886
Cap Rate 9%
$369,356
Alternative Uses
Best Use
Office B
$474.9K
$415.5K – $554.0K
NOI $33,242 @ 7.0% cap · market cap 7.82%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$599.1K
$524.2K – $699.0K
NOI $41,939 @ 7.0% cap · market cap 9.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
689
Businesses Nearby
Explore this area
Business Placement
Demographics for 40383, KY
24,592
Population
10,431
Households
2.4
Avg Household Size
43
Median Age
42%
College-Educated
91%
High-School Grad
150.4 sq mi
ZIP Area
164
Density / Sq Mi
$80,444
Median Household Income
$42,365
Median Earnings
$998
Median Rent
$279,400
Median Home Value
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Office building - Two-story layout includes private offices, a kitchen, patio, and flexible upper-level workspace.
Where is this office building located?
The property is located at 122 N Locust St Versailles, KY.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: 2,364‑square‑foot office building constructed in 1955; Three private first‑floor offices with connecting access and closets; Open second‑floor area with storage throughout the building
