Creative Office with Rooftop
For Sale
$1,750,000
146 E Third Street, Lexington, KY 40508
A two-story workplace pairs historic details with updated building systems and a flexible ground-floor garage area.
Property Size7,258 SF
Price / SF$241.11
Days on Market190
Property Features for 146 E Third Street
General Information
Standard status
Active
Size
7,258 SF
Total Parking Spaces
6
Elevators
Yes
Property subtype
Office
Site & Location
Neighborhood
Martin Luther King Neighborhood Association
Additional Details
Condition
Move-in Ready
Drive-In Doors
1
Property Use
Creative Office
Amenities
boardroom
library
kitchenette
private sundeck
rooftop deck
Building Details
Building Size
7,258 SF
Year Built
1840
Year Renovated
2015
Buildings
1
Stories
2
Listing Agency:
Block + Lot Homes
Listed By:
Adam Boardman · License #72655
(859) 338-8243
Source:
Horseandhomeestates
Added: Apr 21
Changed: Oct 26
Last Checked: Oct 26 at 3:59PM
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 Homes
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Investment Insights
Based on property information with market context.
This 7,258-square-foot creative office occupies a two-story building constructed in 1840 and renovated in 2015. The first floor combines reception and meeting areas with a library, kitchenette, two restrooms, and a flexible garage space with a drive-in door. Original hardwood floors and exposed brick complement the updated finishes. An elevator and open stair connect to the upper level, where vaulted ceilings, exposed joists, and open work areas receive natural light. A private rooftop deck extends the usable space outdoors.
The 2015 renovation included a new roof, HVAC systems, windows, and elevator. Six dedicated on-site parking spaces are provided, with additional surface parking nearby. The property is in downtown Lexington, near retail and restaurants.
The 2015 renovation included a new roof, HVAC systems, windows, and elevator. Six dedicated on-site parking spaces are provided, with additional surface parking nearby. The property is in downtown Lexington, near retail and restaurants.
Key Highlights
- 7,258 SF across two floors, plus a finished lower level
- Built in 1840; renovated in 2015
- Six dedicated on‑site parking spaces, with additional surface parking nearby
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$81,130
Cap Rate
4.64%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,622,600
$1.6M
Cap Rate 7%
$1,159,000
$1.2M
Cap Rate 9%
$901,444
$901.4K
Market Conditions
NOI Build-Up for 7,258 SF
Gross rent
$130.6K $18.00/SF
− Vacancy
−$22.5K −$3.10/SF
EGI
$108.2K $14.90/SF
− OpEx
−$27.0K −$3.73/SF
NOI
$81.1K $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 Rate 5%
$1,622,600
Cap Rate 7%
$1,159,000
Cap Rate 9%
$901,444
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 authorities.
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Property Analytics
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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
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Market
Vacancy Rate% for Office in South region
Frequently Asked Questions
What type of property is this?
Creative space - A two-story workplace pairs historic details with updated building systems and a flexible ground-floor garage area.
Where is this creative space 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: 7,258 SF across two floors, plus a finished lower level; Built in 1840; renovated in 2015; Six dedicated on‑site parking spaces, with additional surface parking nearby
