Building Details

Year Built 1985

Listing Agency: Keller Williams Commonwealth

Listed By: Jon Bentley Show Phone

Source: Centralkentuckyhouses

Added: Apr 8 Changed: Oct 15 Last Checked: Oct 16 at 9:28AM

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Investment Insights

Based on property information with market context.

This multifamily property comprises four residential units on the third floor of a professional office building. Each unit offers two bedrooms, two full bathrooms, a spacious living room, and a kitchen with substantial cabinet storage. Updated interiors and a shared laundry area with coin-operated machines serve the residences, while elevator and stair access provide entry to the floor. The offering includes the four top-floor condos only, not the entire office building.

The property is located next to Central Baptist Hospital and just over a mile from the University of Kentucky in Lexington. An onsite paved parking lot provides parking for occupants, complementing the building’s elevator and stair access. Constructed in 1985, the asset combines residential units with a professional office setting and shared building amenities.

Key Highlights

• Four residential units, each with 2 bedrooms and 2 full baths
• All units are located on the third floor of a professional office building
• Updated interiors with spacious living rooms and kitchens with cabinet storage

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$44,248

Cap Rate

5.71%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$884,960 $885.0K

Cap Rate 7%

$632,114 $632.1K

Cap Rate 9%

$491,644 $491.6K

Is this asking price fair?

Market Conditions

NOI Build-Up for 4,097 SF

Gross rent

$78.7K $19.20/SF

− Vacancy

−$7.9K −$1.92/SF

EGI

$70.8K $17.28/SF

− OpEx

−$26.5K −$6.48/SF

NOI

$44.2K $10.80/SF

Area

ZIP 40503

Vacancy

10.00%

Lease Rate

$19.20 /SF/Yr

Expense Ratio

37.50%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$884,960

Cap Rate 7%

$632,114

Cap Rate 9%

$491,644

Alternative Uses

Best Use

Mixed Use

$632.1K

$553.1K – $737.5K (±1% cap)

NOI $44,248 @ 7.0% cap · market cap 5.71%

Second Best

Apartment 5plus

$391.4K

$342.5K – $456.7K (±1% cap)

NOI $27,401 @ 7.0% cap · market cap 3.54%

Theoretical Best

Office A

$853.6K

$746.9K – $995.9K (±1% cap)

NOI $59,752 @ 7.0% cap · market cap 7.71%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Current Use

Wildcat Dental Lab Dental Office Trinler & Rolph PSC Dental Office Chandler James a DDS Dental Office Dr. William J. ... Dental Office Adkins Dental Office

Suggested Use

Top Pick Law Firm Real Estate Agency Building Supply Big Box & Wholesale Store Electrical Service Auto Repair Shop

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

1,088

Businesses Nearby

Explore this area Business Placement

Demographics for 40503, KY

28,073

Population

13,437

Households

2.1

Avg Household Size

39

Median Age

57%

College-Educated

96%

High-School Grad

8.8 sq mi

ZIP Area

3,190

Density / Sq Mi

$74,161

Median Household Income

$43,061

Median Earnings

$1,110

Median Rent

$280,000

Median Home Value

Market

Vacancy Rate% for Multifamily in South region

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

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Frequently Asked Questions

What type of property is this?

Multifamily property - Four residential units occupy the top floor of a professional office building with shared laundry and paved onsite parking.

Where is this multifamily property located?

The property is located at 1640 Nicholasville Rd Lexington, KY.

What is the asking price?

The asking price for this property is $775,000.

What are key features of this property?

This property features: Four residential units, each with 2 bedrooms and 2 full baths; All units are located on the third floor of a professional office building; Updated interiors with spacious living rooms and kitchens with cabinet storage