Renovated Medical Office
For Sale
$1,650,000
160 Prosperous Pl, Lexington, KY 40509
Two-story healthcare facility with exam rooms, procedure rooms, private offices, and basement storage.
Property Size6,840 SF
Price / SF$241.23
Days on Market115
Property Features for 160 Prosperous Pl
General Information
Standard status
Active
Size
6,840 SF
Property subtype
Commercial
Building Details
Year Built
1995
Listing Agency:
Keller Williams Commonwealth
Listed By:
Bryan Little · License #217370
(859) 619-4969
Source:
Centralkyhomefinder
Added: Jun 24
Changed: Oct 15
Last Checked: Oct 14 at 11:07PM
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 Keller Williams Commonwealth
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Investment Insights
Based on property information with market context.
Located at 160 Prosperous Place in Lexington, this two-story medical office building contains approximately 6,840 square feet plus additional basement area. The property was renovated in 2021 for medical office use and includes a reception and waiting area, private offices, a nurses’ station and lab, seven exam rooms, and two procedure/x-ray rooms on the first floor.
The second floor adds multiple private offices, a conference room, break room, and shell space for future buildout. A full basement provides partially finished office space and storage, with access through an overhead door. Additional improvements include a backup generator and sinks in four exam rooms. The building was originally constructed in 1995.
The second floor adds multiple private offices, a conference room, break room, and shell space for future buildout. A full basement provides partially finished office space and storage, with access through an overhead door. Additional improvements include a backup generator and sinks in four exam rooms. The building was originally constructed in 1995.
Key Highlights
- Approximately 6,840 square feet plus additional basement area
- Renovated in 2021 for medical office use
- First floor includes seven exam rooms and two procedure/x‑ray rooms
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$85,376
Cap Rate
5.17%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,707,520
$1.7M
Cap Rate 7%
$1,219,657
$1.2M
Cap Rate 9%
$948,622
$948.6K
Market Conditions
NOI Build-Up for 6,840 SF
Gross rent
$131.3K $19.20/SF
− Vacancy
−$17.5K −$2.56/SF
EGI
$113.8K $16.64/SF
− OpEx
−$28.5K −$4.16/SF
NOI
$85.4K $12.48/SF
Area
ZIP 40509
Vacancy
13.32%
Lease Rate
$19.20 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,707,520
Cap Rate 7%
$1,219,657
Cap Rate 9%
$948,622
Alternative Uses
Best Use
Office B
$1.22M
$1.07M – $1.42M
NOI $85,376 @ 7.0% cap · market cap 5.17%
Second Best
Healthcare Medical
$1.02M
$896.3K – $1.20M
NOI $71,705 @ 7.0% cap · market cap 4.35%
Theoretical Best
Office A
$1.43M
$1.25M – $1.66M
NOI $99,757 @ 7.0% cap · market cap 6.05%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
2,219
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 40509, KY
44,572
Population
19,802
Households
2.3
Avg Household Size
36
Median Age
57%
College-Educated
95%
High-School Grad
47.8 sq mi
ZIP Area
932
Density / Sq Mi
$89,429
Median Household Income
$52,489
Median Earnings
$1,317
Median Rent
$338,200
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?
Medical Office Space - Two-story healthcare facility with exam rooms, procedure rooms, private offices, and basement storage.
Where is this medical office space located?
The property is located at 160 Prosperous Pl Lexington, KY.
What is the asking price?
The asking price for this property is $1,650,000.
What are key features of this property?
This property features: Approximately 6,840 square feet plus additional basement area; Renovated in 2021 for medical office use; First floor includes seven exam rooms and two procedure/x‑ray rooms
