Renovated Medical Office
For Sale
$1,650,000
160 Prosperous Place, Lexington, KY 40509
Commercial Sale, Lexington, KY
Property Size6,840 SF
Lot Size0.57 Acres
Price / SF$241.23
Days on Market94
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: Sep 12
Last Checked: Sep 26 at 12:06AM
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.
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 = 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
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Open Analytics
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
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- PetVet365 Pet Hospital Lexington/Richmond Rd — 2870 Richmond Rd Suite 160 and 170, Lexington, KY 40509
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
