Renovated Medical Office
For Sale
$1,650,000
160 Prosperous Place, Lexington, KY 40509
COMMERCIAL - Lexington, KY
Property Size6,840 SF
Lot Size0.57 Acres
Price / SF$241.23
Days on Market48
Property Features for 160 Prosperous Place
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning description
P-1 - PROFESSIONAL OFFICE
Rooms
Basement
Basement
Partially Finished, Walk-Out Access, Walk-Up Access
Subdivision
Commercial
Directions
Traveling on Richmond Road toward downtown Lexington, turn right on Prosperous Place and property will be on your right.
Standard status
Active
APN
19319000
Size
6,840 SF
Lot size
0.57 Acres
Utilities
Cooling system
Electric
Building Details
Year built
1995
Floors in Building
2
Listing Agency:
Keller Williams Commonwealth · Keller Williams Realty
(859) 721-2121
Listed By:
Bryan Little · License #217370
(859) 619-4969
Added: Jun 25
Changed: Aug 4
Last Checked: Aug 11 at 3:06AM
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.
Investment Insights
Based on property information with market context.
160 Prosperous Place is a two-story medical office building with a full basement and approximately 6,840 square feet above grade, plus additional basement area. The property was completely renovated in 2021 and converted to medical office use. The first floor includes a reception and waiting area, 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, and a break room, along with additional shell space that could support future expansion or a future buildout. The full basement is partially finished for office use and includes additional storage. It is accessible via an overhead door, which can support storage of records or equipment and ancillary services.
Additional on-site features include a backup generator and sinks in four of the exam rooms. With a layout built around patient flow and clinical space, this property is well suited for an owner-user seeking a modern, operational healthcare facility, or for an investor looking for a healthcare-oriented building with room to adapt through future tenant improvements.
The second floor provides multiple private offices, a conference room, and a break room, along with additional shell space that could support future expansion or a future buildout. The full basement is partially finished for office use and includes additional storage. It is accessible via an overhead door, which can support storage of records or equipment and ancillary services.
Additional on-site features include a backup generator and sinks in four of the exam rooms. With a layout built around patient flow and clinical space, this property is well suited for an owner-user seeking a modern, operational healthcare facility, or for an investor looking for a healthcare-oriented building with room to adapt through future tenant improvements.
Key Highlights
- Two‑story medical office building with approx. 6,840 SF plus additional basement area
- Completely renovated in 2021 and converted to current medical office use
- First floor includes reception/waiting, nurses’ station/lab, 7 exam rooms, and 2 procedure/x‑ray rooms
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$85,376
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.17%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
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
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
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 rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
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.
Property Analytics
Property Profile
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
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Turnkey two-story medical office with renovated interiors, exam rooms, and flexible lower-level space.
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: Two‑story medical office building with approx. 6,840 SF plus additional basement area; Completely renovated in 2021 and converted to current medical office use; First floor includes reception/waiting, nurses’ station/lab, 7 exam rooms, and 2 procedure/x‑ray rooms
