West Zandale Plaza Retail/Office
For Sale
Contact for pricing
151 West Zandale Drive, Lexington, KY 40503
Retail/office center on 1.29 acres near hospitals and universities.
Property Size12,000 SF
Lot Size1.29 Acres
Price / SF$0.00
Days on Market273
Property Features for 151 West Zandale Drive
General Information
Standard status
Active
Size
12,000 SF
Lot size
1.29 Acres
Property subtype
Retail
Lease Term
NNN
Site & Location
Neighborhood
Zandale Nghd Assoc.
Building Details
Building Size
12,000 SF
Properties For Sale
at 151 West Zandale Drive
Suite 140/150
Size
2,303 SF
Type
Street Retail
Term
12 months
Listing Agency:
NAI Isaac
Listed By:
Al Isaac · License #KY #223721
(859) 221-4000
Source:
Naiglobal
Added: Jan 27
Changed: Oct 25
Last Checked: Oct 26 at 2:37PM
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 NAI Isaac
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Investment Insights
Based on property information with market context.
West Zandale Plaza is a retail and office center offering approximately 12,000 square feet of space on 1.29 acres. The property is anchored by Ramsey's Restaurant and F45 Training. Located on Nicholasville Road, the site benefits from high traffic volume, with approximately 32,638 average daily traffic. The property has 65 parking spaces. Its location offers convenient access to nearby hospitals, universities, and downtown Lexington. Specifically, it is situated approximately one-half mile from Central Baptist Hospital, 2 miles from the University of Kentucky campus, 3 miles from downtown, and 5 miles from Bluegrass Airport. The surrounding area includes numerous restaurants, financial institutions, and shopping centers. The property is zoned B-1, Neighborhood Business. The owner is a licensed real estate broker in the Commonwealth of Kentucky.
Key Highlights
- High‑traffic location with direct access from Nicholasville Road at a signalized intersection (+/-38,076 ADT).
- Ideal location near hospitals, universities, and downtown.
- Anchored by Ramsey's Restaurant, a strong local business.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$142,733
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,854,660
$2.9M
Cap Rate 7%
$2,039,043
$2.0M
Cap Rate 9%
$1,585,922
$1.6M
Market Conditions
NOI Build-Up for 12,000 SF
Gross rent
$216.0K $18.00/SF
− Vacancy
−$12.1K −$1.01/SF
EGI
$203.9K $16.99/SF
− OpEx
−$61.2K −$5.10/SF
NOI
$142.7K $11.89/SF
Area
ZIP 40503
Vacancy
5.60%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,854,660
Cap Rate 7%
$2,039,043
Cap Rate 9%
$1,585,922
Alternative Uses
Best Use
Office B
$2.27M
$1.99M – $2.65M
NOI $159,144 @ 7.0% cap · market cap 612,092.31%
Second Best
Retail
$2.04M
$1.78M – $2.38M
NOI $142,733 @ 7.0% cap · market cap 548,973.08%
Theoretical Best
Office A
$2.50M
$2.19M – $2.92M
NOI $175,012 @ 7.0% cap · market cap 673,123.08%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,542
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 40503, KY
28,073
Population
13,437
Households
2.1
Avg Household Size
39
Median Age
57%
College-Educated
96%
High-School Grad
8.8 sq mi
ZIP Area
3,190
Density / Sq Mi
$74,161
Median Household Income
$43,061
Median Earnings
$1,110
Median Rent
$280,000
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
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Frequently Asked Questions
What type of property is this?
Shopping center - Retail/office center on 1.29 acres near hospitals and universities.
Where is this shopping center located?
The property is located at 151 West Zandale Drive Lexington, KY.
What are key features of this property?
This property features: High‑traffic location with direct access from Nicholasville Road at a signalized intersection (+/-38,076 ADT).; Ideal location near hospitals, universities, and downtown.; Anchored by Ramsey's Restaurant, a strong local business.
