Medical Office with Finished
1618 Harrodsburg Rd, Lexington, KY 40504
For Sale
$500,000
Character-rich professional property with reception, private offices, conference space, and adaptable work areas.
Property Size2,240 SF
Price / SF$223.21
Days on Market49
Property Features for 1618 Harrodsburg Rd
General Information
Standard status
Size
Property subtype
Site & Location
Neighborhood
Building Details
Year Built
Buildings
Listing Agency:
Keller Williams Commonwealth
Listed By:
Lake Cumberland Real Estate Professional
(606) 677-0059
Source:
Lakecumberlandky
Added: Sep 20
Changed: Nov 6
Last Checked: Nov 6 at 8:21AM
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.
This medical office property at 1618 Harrodsburg Rd includes 2,240 square feet in a character-filled building originally constructed in 1948. The main level provides a reception area, separate waiting room, multiple private offices, a formal conference room, and flexible work areas. Hardwood floors retain the building’s original residential character while supporting a professional setting.
The finished basement adds dedicated lab or work areas along with substantial storage. The property is near St. Joseph Hospital and Harrodsburg Road Office Park, with access from a visible commercial corridor. Its existing configuration is suited to medical practices, counseling clinics, corporate offices, and other professional service operations.
The finished basement adds dedicated lab or work areas along with substantial storage. The property is near St. Joseph Hospital and Harrodsburg Road Office Park, with access from a visible commercial corridor. Its existing configuration is suited to medical practices, counseling clinics, corporate offices, and other professional service operations.
Key Highlights
- 2,240‑square‑foot medical office property
- 1948 building with original hardwood floors
- Reception area and dedicated waiting room
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$25,039
Cap Rate
5.01%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$500,780
$500.8K
Cap Rate 7%
$357,700
$357.7K
Cap Rate 9%
$278,211
$278.2K
Market Conditions
NOI Build-Up for 2,240 SF
Gross rent
$40.3K $18.00/SF
− Vacancy
−$6.9K −$3.10/SF
EGI
$33.4K $14.90/SF
− OpEx
−$8.3K −$3.73/SF
NOI
$25.0K $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 Rate 5%
$500,780
Cap Rate 7%
$357,700
Cap Rate 9%
$278,211
Alternative Uses
Best Use
Office B
$357.7K
$313.0K – $417.3K
NOI $25,039 @ 7.0% cap · market cap 5.01%
Second Best
Healthcare Medical
$339.1K
$296.8K – $395.7K
NOI $23,740 @ 7.0% cap · market cap 4.75%
Theoretical Best
Office A
$466.7K
$408.4K – $544.5K
NOI $32,669 @ 7.0% cap · market cap 6.53%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
1,618
Businesses Nearby
Balanced
Demand for This Use
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Business Placement
Demographics for 40504, KY
26,042
Population
13,175
Households
2
Avg Household Size
34
Median Age
32%
College-Educated
84%
High-School Grad
6.2 sq mi
ZIP Area
4,200
Density / Sq Mi
$43,015
Median Household Income
$29,195
Median Earnings
$888
Median Rent
$209,400
Median Home Value
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Market
Average Price Trend$/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 - Character-rich professional property with reception, private offices, conference space, and adaptable work areas.
Where is this medical office space located?
The property is located at 1618 Harrodsburg Rd Lexington, KY.
What is the asking price?
The asking price for this property is $500,000.
What are key features of this property?
This property features: 2,240‑square‑foot medical office property; 1948 building with original hardwood floors; Reception area and dedicated waiting room
