Renovated Medical Office
160 Prosperous Place, Lexington, KY 40509
For Sale
$1,650,000
Commercial Sale, Lexington, KY
Property Size6,840 SF
Lot Size0.57 Acres
Price / SF$241.23
Days on Market139
Property Features for 160 Prosperous Place
General Information
Property type
Property subtype
Zoning description
Rooms
Basement
Subdivision
Directions
Standard status
APN
Size
Lot size
Utilities
Cooling system
Building Details
Year built
Floors in Building
Listing Agency:
Keller Williams Commonwealth · Keller Williams Realty
(859) 721-2121
Listed By:
Bryan Little · License KY #217370
(859) 619-4969
Added: Jun 25
Changed: Oct 13
Last Checked: Nov 10 at 1:06PM
MLS# 26014906
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 medical office building includes approximately 6,840 square feet plus additional basement area. Renovated in 2021 for medical office use, the first floor contains reception and waiting areas, two private offices, a nurses’ station/lab, seven exam rooms, and two procedure/x-ray rooms. The second floor provides multiple private offices, a conference room, a break room, and additional shell space for future buildout. A full basement adds partially finished office space and storage, with access through an overhead door. The property also includes a backup generator and sinks in four exam rooms.
Key Highlights
- Approximately 6,840 square feet plus additional basement area
- Two‑story medical office building renovated in 2021
- First floor includes 7 exam rooms and 2 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
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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
$338,200
Median Home Value
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Market
Average Price Trend$/SF for Medical Office Space in Lexington, KY
Properties on Market for Medical Office Space in Lexington
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 space, private offices, basement storage, and expansion area.
Where is this medical office space located?
The property is located at 160 Prosperous Place 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; Two‑story medical office building renovated in 2021; First floor includes 7 exam rooms and 2 procedure/x‑ray rooms
