Mid-Century Office
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 Market48
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:
Keller Williams Commonwealth - Somerset
Listed By:
Lake Cumberland Real Estate Professional
(606) 677-0059
Source:
Lakecumberlandky
Added: Sep 13
Changed: Oct 28
Last Checked: Oct 28 at 7:37AM
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 Keller Williams Commonwealth - Somerset
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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 / Yr
$33,242
Cap Rate
7.82%
Suggested Prices Based on Cap Rates
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
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
Woodford 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 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.
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Current Use
Location Intelligence
Trade Area within ½ mile
689
Businesses Nearby
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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
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
