Creative Office
146 E Third St Lexington, KY 40508
146 E Third St, Lexington, KY, 40508
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For Sale
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Historically renovated two-story office building includes elevator, boardroom, kitchenette, and on-site parking.
Property Size7,258 SF
Price / SF$241.11
Days on Market92
Property Features for 146 E Third St
General Information
- Standard status
- Active
- Size
- 7,258 SF
- Property subtype
- Office, Retail
Building Details
- Year Built
- 1840
Listing agency
Block + Lot
(859) 309-0099
Listed by
Adam Boardman · License #KY 72655
Source
Crexi
Added: Apr 21 Updated: Jul 20 at 6:19PM Checked: Jul 20 at 6:19PM
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
Investment Insights
Based on property information with market context.
Built in 1840 and renovated in 2015, this two-story creative office building combines original architectural elements with modern updates. The first floor features original hardwood floors and exposed brick, along with a boardroom with folding privacy doors, granite counters, and a fireplace. A spacious library includes custom maple cabinetry and quartz countertops, and there is a tiled kitchenette with a dishwasher, plus two restrooms including a full bath with shower. The main level also provides direct access to a flexible garage space with a drive-in door.
A steel-wrapped open stairwell and an elevator support movement between levels, with expansive windows providing daylight. The second floor offers vaulted ceilings with exposed joists, generous open work areas with hardwood floors, and a private sundeck with custom railing. The property includes approximately 6,848 SF above grade and an additional 410 SF of finished lower-level space that may serve storage or supplemental workspace.
On-site parking includes six dedicated spaces, with additional surface parking described as available nearby. Renovation improvements noted include a new roof, HVAC systems, windows, the elevator, and a porous concrete parking surface.
A steel-wrapped open stairwell and an elevator support movement between levels, with expansive windows providing daylight. The second floor offers vaulted ceilings with exposed joists, generous open work areas with hardwood floors, and a private sundeck with custom railing. The property includes approximately 6,848 SF above grade and an additional 410 SF of finished lower-level space that may serve storage or supplemental workspace.
On-site parking includes six dedicated spaces, with additional surface parking described as available nearby. Renovation improvements noted include a new roof, HVAC systems, windows, the elevator, and a porous concrete parking surface.
Key Highlights
- Historically renovated two‑story creative office building built in 1840 at 146 E. Third Street
- Total space includes approx. 6,848 SF above grade plus approx. 410 SF finished lower‑level space
- 2015 renovation with new roof, HVAC systems, windows, elevator, and porous concrete parking surface
Local Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $130.6k | $18.00 |
| − Vacancy | −$22.5k | −$3.10 |
| EGI | $108.2k | $14.90 |
| − OpEx | −$27.0k | −$3.73 |
| NOI | $81.1k | $11.18 |
7,258 SF · lease $18.00/SF/yr · vacancy 17.20% · expense 25.00%
Alternative Uses
Best Use
Office B
$1.16M
$1.01M – $1.35M
NOI $81,130 @ 7.0% cap · market cap 4.64%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.51M
$1.32M – $1.76M
NOI $105,853 @ 7.0% cap · market cap 6.05%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
RESPEC
Engineer
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FAQs
What type of property is this?
Creative space - Historically renovated two-story office building includes elevator, boardroom, kitchenette, and on-site parking.
Where is this creative space located?
The property is located at 146 E Third St Lexington, KY.
What is the asking price?
The asking price for this property is $1,750,000.
What are key features of this property?
This property features: Historically renovated two‑story creative office building built in 1840 at 146 E. Third Street; Total space includes approx. 6,848 SF above grade plus approx. 410 SF finished lower‑level space; 2015 renovation with new roof, HVAC systems, windows, elevator, and porous concrete parking surface
