Renovated Downtown Mixed-Use
For Sale
$1,825,000
161 N Limestone, Lexington, KY 40507
COMMERCIAL - Lexington, KY
Property Size7,343 SF
Lot Size0.05 Acres
Price / SF$248.54
Days on Market156
Property Features for 161 N Limestone
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning description
B-2B
Rooms
Basement
Subdivision
Commercial
Directions
N. Limestone on the left on the corner of Church Street across from the Courthouses.
Standard status
Active
APN
10940300
Size
7,343 SF
Lot size
0.05 Acres
Amenities
elevator
mail room
kitchenettes
handicap accessible ramp
Building Details
Year built
1930
Floors in Building
3
Building materials
Brick
Listing Agency:
Block + Lot Homes
(859) 309-0099
Listed By:
Gregory Leveridge · License #215416
(859) 421-8959
Added: Mar 12
Changed: Aug 4
Last Checked: Aug 14 at 5:06AM
MLS# 26004750
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.
Built in 1930, this three-story brick mixed-use building contains 7,343 square feet on a 0.0517-acre site. Renovations completed in 2020 included a new roof, hardwood flooring, elevator, lobby with mail room, kitchenettes, restrooms, HVAC systems, interior and exterior paint, and a handicap-accessible ramp. The second and third floors feature exposed brick, open ceilings, and an office-oriented finish. The elevator is coded for private access.
The first floor is occupied by Georgie's Social House, with a leaseback preference and potential for a new five-year term at closing. Relix Bridal, Inc. occupies the second floor under a five-year lease through October 2030. The third floor is vacant and includes individual office suites, a common kitchenette, and restrooms; the space can also accommodate a single office user or new single-tenant lease.
The property stands at the corner of N Limestone and Church Street in downtown Lexington, across from the courthouse and near several established restaurants and coffee shops.
The first floor is occupied by Georgie's Social House, with a leaseback preference and potential for a new five-year term at closing. Relix Bridal, Inc. occupies the second floor under a five-year lease through October 2030. The third floor is vacant and includes individual office suites, a common kitchenette, and restrooms; the space can also accommodate a single office user or new single-tenant lease.
The property stands at the corner of N Limestone and Church Street in downtown Lexington, across from the courthouse and near several established restaurants and coffee shops.
Key Highlights
- 7,343‑square‑foot, three‑story brick building constructed in 1930
- 2020 renovations included roof, HVAC, elevator, flooring, paint, lobby, kitchenettes, restrooms, and accessibility improvements
- First‑floor Georgie's Social House occupancy with leaseback preference and potential for a new five‑year term
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
$82,080
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
4.50%
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%
$1,641,600
$1.6M
Cap Rate 7%
$1,172,571
$1.2M
Cap Rate 9%
$912,000
$912.0K
Market Conditions
NOI Build-Up for 7,343 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
$132.2K $18.00/SF
− Vacancy
−$22.7K −$3.10/SF
EGI
$109.4K $14.90/SF
− OpEx
−$27.4K −$3.73/SF
NOI
$82.1K $11.18/SF
Area
Lexington, KY
Vacancy
17.20%
Lease Rate
$18.00 /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%
$1,641,600
Cap Rate 7%
$1,172,571
Cap Rate 9%
$912,000
Alternative Uses
Best Use
Office B
$1.17M
$1.03M – $1.37M
NOI $82,080 @ 7.0% cap · market cap 4.50%
Second Best
Retail
$998.2K
$873.4K – $1.16M
NOI $69,872 @ 7.0% cap · market cap 3.83%
Theoretical Best
Office A
$1.53M
$1.34M – $1.78M
NOI $107,093 @ 7.0% cap · market cap 5.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
3,381
Businesses Nearby
Explore this area
Business Placement
Demographics for 40507, KY
2,043
Population
1,765
Households
1.2
Avg Household Size
44
Median Age
54%
College-Educated
93%
High-School Grad
0.4 sq mi
ZIP Area
5,108
Density / Sq Mi
$34,543
Median Household Income
$40,826
Median Earnings
$642
Median Rent
$391,000
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?
Mixed-use property - Brick property with an elevator, leased second floor, and flexible third-floor office configuration.
Where is this mixed-use property located?
The property is located at 161 N Limestone Lexington, KY.
What is the asking price?
The asking price for this property is $1,825,000.
What are key features of this property?
This property features: 7,343‑square‑foot, three‑story brick building constructed in 1930; 2020 renovations included roof, HVAC, elevator, flooring, paint, lobby, kitchenettes, restrooms, and accessibility improvements; First‑floor Georgie's Social House occupancy with leaseback preference and potential for a new five‑year term
