Renovated Two-Story Office
For Sale
$3,200,000
1390 Olivia Lane, Lexington, KY 40511
The corporate headquarters is leased under a new triple-net agreement with annual rent increases and renewal options.
Property Size20,787 SF
Price / SF$153.94
Days on Market9
Property Features for 1390 Olivia Lane
General Information
Standard status
Active
Size
20,787 SF
Property subtype
Office
Zoning
P-1
Occupancy
100%
Site & Location
Neighborhood
Griffin Gate Community Assoc
Highway Access
Yes
Additional Details
Tenant in Place
Yes
Property Use
Office
Building Details
Year Built
1974
Buildings
1
Stories
2
Building Size
20,787 SF
Construction
brick
Tenancy
Single
Listing Agency:
Block & Lot Real Estate
Listed By:
Amy Mellinger · License #210462
(859) 619-5369
Source:
Kcrea.resimplifi
Added: Oct 19
Changed: Oct 26
Last Checked: Oct 26 at 3:47PM
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 Block & Lot Real Estate
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Investment Insights
Based on property information with market context.
The 20,787-square-foot office property is a renovated, two-story brick building with perimeter offices featuring windows and open work areas. It is fully leased to Winterwood, Inc., which occupies the property as its corporate headquarters. The sale-leaseback includes a new 10-year NNN lease, 3% annual rent escalations, and two 5-year renewal options. The tenant is responsible for taxes, insurance, and operating expenses.
Located between I-75 and New Circle Road, the building is minutes from downtown Lexington and near area retail. The property has abundant parking and is zoned P-1.
Located between I-75 and New Circle Road, the building is minutes from downtown Lexington and near area retail. The property has abundant parking and is zoned P-1.
Key Highlights
- 20,787 SF renovated, two‑story brick office building
- 100% leased to Winterwood, Inc. as its corporate headquarters
- Sale‑leaseback with a new 10‑year NNN lease
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$258,025
Cap Rate
8.06%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$5,160,500
$5.2M
Cap Rate 7%
$3,686,071
$3.7M
Cap Rate 9%
$2,866,944
$2.9M
Market Conditions
NOI Build-Up for 20,787 SF
Gross rent
$399.1K $19.20/SF
− Vacancy
−$55.1K −$2.65/SF
EGI
$344.0K $16.55/SF
− OpEx
−$86.0K −$4.14/SF
NOI
$258.0K $12.41/SF
Area
ZIP 40511
Vacancy
13.80%
Lease Rate
$19.20 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$5,160,500
Cap Rate 7%
$3,686,071
Cap Rate 9%
$2,866,944
Alternative Uses
Best Use
Office B
$3.69M
$3.23M – $4.30M
NOI $258,025 @ 7.0% cap · market cap 8.06%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.31M
$3.77M – $5.03M
NOI $301,727 @ 7.0% cap · market cap 9.43%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Current Use
Lease Details
100%
Occupancy
Single-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
381
Businesses Nearby
Explore this area
Business Placement
Demographics for 40511, KY
36,146
Population
14,963
Households
2.4
Avg Household Size
35
Median Age
38%
College-Educated
89%
High-School Grad
86.0 sq mi
ZIP Area
420
Density / Sq Mi
$77,476
Median Household Income
$43,416
Median Earnings
$1,159
Median Rent
$233,400
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
Frequently Asked Questions
What type of property is this?
Office building - The corporate headquarters is leased under a new triple-net agreement with annual rent increases and renewal options.
Where is this office building located?
The property is located at 1390 Olivia Lane Lexington, KY.
What is the asking price?
The asking price for this property is $3,200,000.
What are key features of this property?
This property features: 20,787 SF renovated, two‑story brick office building; 100% leased to Winterwood, Inc. as its corporate headquarters; Sale‑leaseback with a new 10‑year NNN lease
