Third-Floor Office Condominium
For Sale
$825,000
201 W Short St Units 3 & 3A, Lexington, KY 40507
Professional suites offer private offices, conference rooms, waiting areas, and support space in an elevator-served building.
Property Size6,357 SF
Price / SF$129.78
Days on Market106
Property Features for 201 W Short St Units 3 & 3A
General Information
Standard status
Active
Size
6,357 SF
Class
B
Elevators
Yes
Property subtype
Office
Zoning
B-2B
Additional Details
Floor
3
Asking Price
$825,000
Building Details
Building Size
6,357 SF
Tenancy
Multi
Listing Agency:
SVN Stone Commercial Real Estate
(859) 285-2202
Listed By:
Wade Haga, CCIM · License #223094
(859) 285-2202
Source:
Svn
Added: May 17
Changed: Aug 29
Last Checked: Aug 29 at 1:39PM
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 SVN Stone Commercial Real Estate
Investment Insights
Based on property information with market context.
Office Condos 3 and 3A occupy the third floor of the historic Lexington Building at 201 West Short Street. The suites can be acquired separately or combined into a full-floor office condominium, with private offices, conference rooms, waiting areas, and support areas arranged throughout. Elevator service supports access within this multi-tenant professional building.
The property sits at the corner of Short and Upper Streets in Downtown Lexington, with direct views of the Old Courthouse. Nearby parking is available, and the location is walkable to courts, dining, financial institutions, and professional services. The property carries B-2B zoning and offers a professional setting for an owner-user seeking office condominium space in Lexington’s central business district.
The property sits at the corner of Short and Upper Streets in Downtown Lexington, with direct views of the Old Courthouse. Nearby parking is available, and the location is walkable to courts, dining, financial institutions, and professional services. The property carries B-2B zoning and offers a professional setting for an owner-user seeking office condominium space in Lexington’s central business district.
Key Highlights
- Combined full‑floor offering of +/- 6,357 SF
- Condos divisible to +/- 4,870 SF and +/- 1,487 SF
- Third‑floor office condos in the historic Lexington 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
$71,059
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
8.61%
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%
$1,421,180
$1.4M
Cap Rate 7%
$1,015,129
$1.0M
Cap Rate 9%
$789,544
$789.5K
Market Conditions
NOI Build-Up for 6,357 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
$114.4K $18.00/SF
− Vacancy
−$19.7K −$3.10/SF
EGI
$94.7K $14.90/SF
− OpEx
−$23.7K −$3.73/SF
NOI
$71.1K $11.18/SF
Area
Lexington, KY
Vacancy
17.20%
Lease Rate
$18.00 /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%
$1,421,180
Cap Rate 7%
$1,015,129
Cap Rate 9%
$789,544
Alternative Uses
Best Use
Office B
$1.02M
$888.2K – $1.18M
NOI $71,059 @ 7.0% cap · market cap 8.61%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.32M
$1.16M – $1.55M
NOI $92,713 @ 7.0% cap · market cap 11.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
3,626
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 Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Professional suites offer private offices, conference rooms, waiting areas, and support space in an elevator-served building.
Where is this office units located?
The property is located at 201 W Short St Units 3 & 3A Lexington, KY.
What is the asking price?
The asking price for this property is $825,000.
What are key features of this property?
This property features: Combined full‑floor offering of +/- 6,357 SF; Condos divisible to +/- 4,870 SF and +/- 1,487 SF; Third‑floor office condos in the historic Lexington Building
