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    Class A Office Building Title is generated by Realmo AI

    1648 McGrathiana Pkwy, Lexington, KY 40511

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    For Sale
    $25,000,000

    100% occupied Class A office building in Lexington, KY.

    Type:Office
    Property size:
    172,215 SF
    Price / SF:
    $145/SF
    Added:
    Mar 6, 2026
    Days on Market:
    73
    Last Refresh:
    Apr 6 at 12:55 am

    Property Features for 1648 McGrathiana Pkwy

    General Information

    Standard status
    Active
    Size
    172,215 SF
    Property subtype
    Office

    Building Details

    Year Built
    2009

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    Listing Contact
    Michael Bull, CCIM
    Michael Bull, CCIM

    Listing agent Michael Bull, CCIM

    Listing office Bull Realty, Inc. - Atlanta

    Listing date Mar 6, 2026

    Source Tcnworldwide

    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 Bull Realty, Inc. - Atlanta

    HighLights

    • 100% Occupied Class "A" Office Building
    • Anchored by Long‑Term Tenants: University of Kentucky & American Board of Family Medicine
    • Impressive Tenant Roster: A&W, FBI, Secret Service, Lockheed Martin, KOMATSU
    • Redundant Power: Two Substations & Two Generators
    • Excellent Engineer/Management in Place
    • Average Rent PSF $20.71

    Overview

    This is an opportunity to acquire a 100% occupied Class A office building in Lexington, KY. Constructed in 2007, this 5-story building encompasses approximately 172,215 square feet. It is anchored by long-term tenants including the University of Kentucky and the American Board of Family Medicine. The tenant roster also includes A&W, FBI, Secret Service, Lockheed Martin, and KOMATSU. The weighted average lease term (WALT) is 3.00. The building contains 8 tenants in 16 suites. The average rent per square foot is $20.71. The building features redundant power from two different substations and two separate generators. It operates under an 80-year land lease and has excellent engineer/management in place. The year built is listed as 2009.

    Financial Insights

    Value Estimation Calculated for Office B

    Conservative
    $23.75M
    NOI $2,137,670 @ 9.00% cap · cautious / downside scenario
    Moderate
    $30.54M
    NOI $2,137,670 @ 7.00% cap · market / base-case scenario
    Aggressive
    $42.75M
    NOI $2,137,670 @ 5.00% cap · optimistic / upside scenario

    NOI & Cap Rate Calculator

    NOI Build-Up
    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.
    Calculated for Office B

    Component $ $/SF
    Gross rent $3.31M $19.20
    − Vacancy −$456.3k −$2.65
    EGI $2.85M $16.55
    − OpEx −$712.6k −$4.14
    NOI $2.14M $12.41
    172,215 SF · lease $19.20/SF/yr · vacancy 13.80% · expense 25.00%

    Alternative Use Scenarios

    Best Use
    Office B
    $30.54M
    $26.72M – $35.63M (±1% cap)
    NOI $2,137,670 @ 7.0% cap · market cap 8.55%
    Second Best
    no second resolved use
    Theoretical Best
    Office A
    $35.71M
    $31.25M – $41.66M (±1% cap)
    NOI $2,499,735 @ 7.0% cap · market cap 10.00%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Corrisoft (Bike/Boat/Book/etc) Store American Board of Family ... Physician A&W Restaurants, Inc. Restaurant Operation Dry Water Boat Ramp University of Kentucky Internal ... Academic Department

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Hair Salon Pharmacy Hotel & Motel

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Lexington
    County
    Fayette
    State
    Kentucky
    Longitude
    -84.4908
    Latitude
    38.0972

    FAQs

    What type of property is this?
    Office building - 100% occupied Class A office building in Lexington, KY.
    Where is this office building located?
    The property is located at 1648 McGrathiana Pkwy Lexington, KY.
    What is the asking price?
    The asking price for this property is $25,000,000.
    What are key features of this property?
    This property features: 100% Occupied Class "A" Office Building; Anchored by Long‑Term Tenants: **University of Kentucky & American Board of Family Medicine**; Impressive Tenant Roster: A&W, FBI, Secret Service, Lockheed Martin, KOMATSU
    More about this property
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