Medical Office with
For Sale
$700,000
1830 Versailles Rd, Lexington, KY 40504
Former medical office offering multiple offices, exam rooms, reception areas, and basement space for added utility.
Property Size4,890 SF
Price / SF$143.15
Days on Market76
Property Features for 1830 Versailles Rd
General Information
Standard status
Active
Size
4,890 SF
Building Details
Year Built
1978
Listing Agency:
RE/MAX Elite Realty
Listed By:
Brittany Taylor
(859) 893-9010
Source:
Meliarealty
Added: Jun 26
Changed: Sep 5
Last Checked: Sep 8 at 12:14PM
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 RE/MAX Elite Realty
Investment Insights
Based on property information with market context.
This versatile commercial property includes 4,425 square feet of above-grade space plus an additional 1,736 square feet in the basement. Previously utilized as a medical office, the layout is designed for professional use and features multiple offices, treatment/exam rooms, reception and waiting areas, and ample storage.
The property is located at 1830 Versailles Road and is described as being in a highly visible and easily accessible area.
For an owner-user or investor, the existing rooming plan supports a range of professional, medical, administrative, retail, or service-based businesses, with the basement providing additional finished space for flexibility and operational needs.
The property is located at 1830 Versailles Road and is described as being in a highly visible and easily accessible area.
For an owner-user or investor, the existing rooming plan supports a range of professional, medical, administrative, retail, or service-based businesses, with the basement providing additional finished space for flexibility and operational needs.
Key Highlights
- Former medical office with 4,425 SF above‑grade space plus 1,736 SF in the basement
- Layout includes multiple offices, treatment/exam rooms, and reception/waiting areas
- Includes ample storage and flexible space suited to professional, medical, administrative, retail, or service use
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$54,660
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.81%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,093,200
$1.1M
Cap Rate 7%
$780,857
$780.9K
Cap Rate 9%
$607,333
$607.3K
Market Conditions
NOI Build-Up for 4,890 SF
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.
Gross rent
$88.0K $18.00/SF
− Vacancy
−$15.1K −$3.10/SF
EGI
$72.9K $14.90/SF
− OpEx
−$18.2K −$3.73/SF
NOI
$54.7K $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 rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,093,200
Cap Rate 7%
$780,857
Cap Rate 9%
$607,333
Alternative Uses
Best Use
Office B
$780.9K
$683.3K – $911.0K
NOI $54,660 @ 7.0% cap · market cap 7.81%
Second Best
Healthcare Medical
$740.4K
$647.8K – $863.8K
NOI $51,826 @ 7.0% cap · market cap 7.40%
Theoretical Best
Office A
$1.02M
$891.5K – $1.19M
NOI $71,317 @ 7.0% cap · market cap 10.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
304
Businesses Nearby
Under-served
Demand for This Use
Explore this area
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
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Similar Off Market Nearby
- Alice Sears — 1801 Alexandria Dr STE 180, Lexington, KY 405043154
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Former medical office offering multiple offices, exam rooms, reception areas, and basement space for added utility.
Where is this medical office space located?
The property is located at 1830 Versailles Rd Lexington, KY.
What is the asking price?
The asking price for this property is $700,000.
What are key features of this property?
This property features: Former medical office with 4,425 SF above‑grade space plus 1,736 SF in the basement; Layout includes multiple offices, treatment/exam rooms, and reception/waiting areas; Includes ample storage and flexible space suited to professional, medical, administrative, retail, or service use
