Four-Story Mixed-Use
For Sale
$6,500,000
144 N Broadway, Lexington, KY 40507
COMMERCIAL - Lexington, KY
Property Size18,032 SF
Lot Size0.18 Acres
Price / SF$360.47
Days on Market116
Property Features for 144 N Broadway
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
B-2B
Rooms
Basement
Basement
Partially Finished, Full
Subdivision
Downtown
Directions
Broadway, cross over Short Street building is on your right.
Standard status
Active
APN
14145700
Size
18,032 SF
Lot size
0.18 Acres
Utilities
Sewer type
Public Sewer
Heating system
Heat Pump (Heating)
Cooling system
Electric, Multi Units, Central Air
Building Details
Year built
1915
Floors in Building
4
Building materials
Brick, Concrete, Glass
Roof type
Flat, Membrane
Listing Agency:
Bluegrass Sotheby's International Realty
(859) 268-0099
Listed By:
Christopher Mitchell · License #197495
(859) 321-2898
Added: May 19
Changed: Aug 4
Last Checked: Sep 11 at 3:06AM
MLS# 26011350
Copyright © 2026 ImagineMLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This four-story mixed-use property provides 18,032 square feet within a building constructed in 1915. The ground level contains a private club with an intimate setting and upgraded finishes. The second floor receives substantial natural light and offers adaptable layouts for office or creative studio use. Floors three and four contain five short-term rental units. A basement adds supporting space, while the building’s brick, concrete, and glass construction contributes to its distinct architectural character.
The property occupies 0.18 acres at 144 N Broadway in Lexington, placing it in the heart of downtown and within seconds of dining, bourbon bars, and cultural landmarks. Building systems include heat-pump heating, central air, electric cooling, a flat membrane roof, and public sewer service.
The property occupies 0.18 acres at 144 N Broadway in Lexington, placing it in the heart of downtown and within seconds of dining, bourbon bars, and cultural landmarks. Building systems include heat-pump heating, central air, electric cooling, a flat membrane roof, and public sewer service.
Key Highlights
- 18,032‑square‑foot mixed‑use building on 0.18 acres
- Four‑story property constructed in 1915
- Five short‑term rental units across floors 3‑4
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
$201,562
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
3.10%
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%
$4,031,240
$4.0M
Cap Rate 7%
$2,879,457
$2.9M
Cap Rate 9%
$2,239,578
$2.2M
Market Conditions
NOI Build-Up for 18,032 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
$324.6K $18.00/SF
− Vacancy
−$55.8K −$3.10/SF
EGI
$268.7K $14.90/SF
− OpEx
−$67.2K −$3.73/SF
NOI
$201.6K $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%
$4,031,240
Cap Rate 7%
$2,879,457
Cap Rate 9%
$2,239,578
Alternative Uses
Best Use
Office B
$2.88M
$2.52M – $3.36M
NOI $201,562 @ 7.0% cap · market cap 3.10%
Second Best
Mixed Use
$2.43M
$2.13M – $2.84M
NOI $170,402 @ 7.0% cap · market cap 2.62%
Theoretical Best
Office A
$3.76M
$3.29M – $4.38M
NOI $262,984 @ 7.0% cap · market cap 4.05%
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
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
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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?
Mixed-use property - Historic brick, concrete, and glass property combines a private club, flexible commercial space, and five short-term rental units.
Where is this mixed-use property located?
The property is located at 144 N Broadway Lexington, KY.
What is the asking price?
The asking price for this property is $6,500,000.
What are key features of this property?
This property features: 18,032‑square‑foot mixed‑use building on 0.18 acres; Four‑story property constructed in 1915; Five short‑term rental units across floors 3‑4
