Renovated Historic Office
146 E Third Street, Lexington, KY 40508
For Sale
$1,750,000
Commercial Sale, Lexington, KY
Property Size7,258 SF
Lot Size0.21 Acres
Price / SF$255.55
Days on Market204
Property Features for 146 E Third Street
General Information
Property type
Property subtype
Zoning description
Rooms
Basement
Subdivision
Directions
Standard status
APN
Size
Lot size
Amenities
boardroom
library
fireplace
granite counters
custom maple cabinetry
quartz countertops
kitchenette
full bath with shower
garage space with drive-in door
private sundeck
rooftop deck
Building Details
Year built
Floors in Building
Listing Agency:
Block + Lot Homes
(859) 309-0099
Listed By:
Adam Boardman · License KY #72655
(859) 338-8243
Added: Apr 21
Changed: Oct 12
Last Checked: Nov 10 at 1:06PM
MLS# 26008596
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.
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Investment Insights
Based on property information with market context.
This two-story office building at 146 E. Third Street contains approximately 6,848 square feet above grade, plus 410 square feet of finished lower-level space. Originally constructed in 1840 and renovated in 2015, the property combines original hardwood floors and exposed brick with updated mechanical systems, windows, a roof, and an elevator. The first floor includes reception and conference areas, a library with custom cabinetry, kitchenette, two restrooms, and flexible garage space with a drive-in door. The second floor provides open work areas, vaulted ceilings with exposed joists, a breezeway, and access to a private sundeck.
The property is located in Downtown Lexington near retail and restaurants. Six dedicated parking spaces are provided onsite, with additional surface parking nearby. A porous concrete parking surface, natural light, and flexible interior layout support a range of professional office configurations.
The property is located in Downtown Lexington near retail and restaurants. Six dedicated parking spaces are provided onsite, with additional surface parking nearby. A porous concrete parking surface, natural light, and flexible interior layout support a range of professional office configurations.
Key Highlights
- Approximately 6,848 SF above grade plus 410 SF of finished lower‑level space
- Two‑story office building originally constructed in 1840
- Complete renovation completed in 2015
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$76,547
Cap Rate
4.37%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,530,940
$1.5M
Cap Rate 7%
$1,093,529
$1.1M
Cap Rate 9%
$850,522
$850.5K
Market Conditions
NOI Build-Up for 6,848 SF
Gross rent
$123.3K $18.00/SF
− Vacancy
−$21.2K −$3.10/SF
EGI
$102.1K $14.90/SF
− OpEx
−$25.5K −$3.73/SF
NOI
$76.5K $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 Rate 5%
$1,530,940
Cap Rate 7%
$1,093,529
Cap Rate 9%
$850,522
Alternative Uses
Best Use
Office B
$1.09M
$956.8K – $1.28M
NOI $76,547 @ 7.0% cap · market cap 4.37%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.43M
$1.25M – $1.66M
NOI $99,873 @ 7.0% cap · market cap 5.71%
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
1
Drive-in doors
Location Intelligence
Trade Area within ½ mile
3,381
Businesses Nearby
Explore this area
Business Placement
Demographics for 40508, KY
25,586
Population
11,458
Households
2.2
Avg Household Size
26
Median Age
36%
College-Educated
86%
High-School Grad
4.2 sq mi
ZIP Area
6,092
Density / Sq Mi
$28,040
Median Household Income
$13,316
Median Earnings
$900
Median Rent
$174,900
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Average Price Trend$/SF for Office buildings in Lexington, KY
Properties on Market for Office buildings in Lexington
Vacancy Rate% for Office in South region
Frequently Asked Questions
What type of property is this?
Office building - Two-story professional workspace with original architectural details, updated systems, elevator access, and flexible interior areas.
Where is this office building located?
The property is located at 146 E Third Street 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: Approximately 6,848 SF above grade plus 410 SF of finished lower‑level space; Two‑story office building originally constructed in 1840; Complete renovation completed in 2015
