Corner Commercial Building with Drive-In
165 Midland Avenue Lexington, KY 40508
For Sale
Contact for pricing
Updated 1949 building with expansive open areas, private offices, 26 parking spaces, and three drive-in doors.
Property Size14,719 SF
Price / SF$176.64
Days on Market88
Property Features for 165 Midland Avenue
General Information
- Standard status
- Active
- Size
- 14,719 SF
- Property subtype
- Industrial, Mixed Use
Building Details
- Year Built
- 1949
Listing Agency:
Block + Lot
(859) 309-0099
Listed By:
Colleen Barr · License #KY 52773
Source:
Crexi
Added: Apr 28
Changed: Jul 23
Last Checked: Jul 23 at 1:37PM
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 Block + Lot
Investment Insights
Based on property information with market context.
Located just outside the Central Business District, this updated 1949 commercial building offers visibility along Midland Avenue and direct exposure to The Legacy Trail. The building is currently configured as a fitness facility and includes expansive open areas, private offices upstairs, and three drive-in doors that support flexible operations. A total of approximately 26 parking spaces serves customers and staff.
The property sits on the corner of Midland Avenue and Corral Street, adjacent to Thoroughbred Park, and directly across from the Fayette County Public Schools Career and Technical Education Building. This corner setting also places the site near Lexington’s Central Business District, the UK Medical Center, and local arts and Downtown park features.
Zoned B-4, the building is well-suited for office, showroom, storage, or a combination of uses, depending on the tenant’s requirements.
The property sits on the corner of Midland Avenue and Corral Street, adjacent to Thoroughbred Park, and directly across from the Fayette County Public Schools Career and Technical Education Building. This corner setting also places the site near Lexington’s Central Business District, the UK Medical Center, and local arts and Downtown park features.
Zoned B-4, the building is well-suited for office, showroom, storage, or a combination of uses, depending on the tenant’s requirements.
Key Highlights
- 14,000± SF commercial building built in 1949 with expansive open areas and private offices upstairs
- Three drive‑in doors for operational flexibility
- 26± on‑site parking spaces for customers and staff
Financial Insights For Office B
Simulate Cap Rate and NOI
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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $264.9k | $18.00 |
| − Vacancy | −$45.6k | −$3.10 |
| EGI | $219.4k | $14.90 |
| − OpEx | −$54.8k | −$3.73 |
| NOI | $164.5k | $11.18 |
14,719 SF · lease $18.00/SF/yr · vacancy 17.20% · expense 25.00%
Alternative Uses
Best Use
Office B
$2.35M
$2.06M – $2.74M
NOI $164,529 @ 7.0% cap · market cap 6.33%
Second Best
Retail
$2.00M
$1.75M – $2.33M
NOI $140,059 @ 7.0% cap · market cap 5.39%
Theoretical Best
Office A
$3.07M
$2.68M – $3.58M
NOI $214,667 @ 7.0% cap · market cap 8.26%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
V Pilates
Gym & Fitness Center
CycleYOU Fitness & Sauna
Cycling Facility
Similar Off Market Nearby
- Classical Pilates — 283 lincoln ave suite 102, lexington, ky 40502
- Mind Over Body Studio — 490 E High St, Lexington, KY 40507
- E.J Nutter Training Facility — 720 Sports Center Dr, Lexington, KY 40508
- Shine Pilates Lex — 606 Euclid Ave #3, Lexington, KY 40502
- Dynamic Wellness — 620 Euclid Ave Ste 102 A, Lexington, KY 40502
FAQs
What type of property is this?
Fitness center & gym - Updated 1949 building with expansive open areas, private offices, 26 parking spaces, and three drive-in doors.
Where is this fitness center & gym located?
The property is located at 165 Midland Avenue Lexington, KY.
What is the asking price?
The asking price for this property is $2,600,000.
What are key features of this property?
This property features: 14,000± SF commercial building built in 1949 with expansive open areas and private offices upstairs; Three drive‑in doors for operational flexibility; 26± on‑site parking spaces for customers and staff
