Building Details

Year Built 1985

Listing Agency: NAI Isaac

Listed By: Jim Holbrook · License ##211630 Show Phone

Source: Kcrea.resimplifi

Added: Apr 11 Changed: Oct 1 Last Checked: Oct 16 at 5:48AM

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Investment Insights

Based on property information with market context.

This 13,004-square-foot, single-story medical office building is located at 177 Burt Rd in Lexington, Kentucky. The property is positioned alongside retail, restaurants, office space, and additional medical office uses, creating a surrounding mix of commercial and healthcare-related properties.

Baptist Health Hospital is approximately ½ mile away, while the University of Kentucky campus is 2 miles from the building. Downtown Lexington is 3 miles away, and Blue Grass Airport is 5 miles from the property. The location offers proximity to established institutional, business, medical, and retail destinations.

Key Highlights

• 13,004 SF single‑story medical office building
• Located at 177 Burt Rd in Lexington, KY 40503
• Approximately ½ mile from Baptist Health Hospital

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$172,460

Cap Rate

9.10%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$3,449,200 $3.4M

Cap Rate 7%

$2,463,714 $2.5M

Cap Rate 9%

$1,916,222 $1.9M

Is this asking price fair?

Market Conditions

NOI Build-Up for 13,004 SF

Gross rent

$265.3K $20.40/SF

− Vacancy

−$35.3K −$2.72/SF

EGI

$229.9K $17.68/SF

− OpEx

−$57.5K −$4.42/SF

NOI

$172.5K $13.26/SF

Area

ZIP 40503

Vacancy

13.32%

Lease Rate

$20.40 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$3,449,200

Cap Rate 7%

$2,463,714

Cap Rate 9%

$1,916,222

Alternative Uses

Best Use

Office B

$2.46M

$2.16M – $2.87M (±1% cap)

NOI $172,460 @ 7.0% cap · market cap 9.10%

Second Best

Healthcare Medical

$2.09M

$1.83M – $2.44M (±1% cap)

NOI $146,435 @ 7.0% cap · market cap 7.73%

Theoretical Best

Office A

$2.71M

$2.37M – $3.16M (±1% cap)

NOI $189,654 @ 7.0% cap · market cap 10.01%

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

Property Analytics

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Current Use

Lexington dermatology Corporate Office Dr. John G. ... Physician Rebecca R. Davies, ... Physician CALEB ROWE Physician Beebe III Morris ... Physician

Suggested Use

Top Pick Parking Lot & Garage Grocery & Convenience Store Locksmith Catering Service Electrical Service Nursing Home

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

1,930

Businesses Nearby

Balanced

Demand for This Use

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 Office in South region

14.4% 2019

16.4% 2020

17.3% 2021

18% 2022

18.6% 2023

20.3% 2024

20.2% 2025

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Frequently Asked Questions

What type of property is this?

Medical Office Space - Medical facility positioned beside retail, restaurants, office properties, and other medical office space.

Where is this medical office space located?

The property is located at 177 Burt Rd Lexington, KY.

What is the asking price?

The asking price for this property is $1,895,000.

What are key features of this property?

This property features: 13,004 SF single‑story medical office building; Located at 177 Burt Rd in Lexington, KY 40503; Approximately ½ mile from Baptist Health Hospital