Medical Office Building with
For Sale
$700,000
1830 Versailles Road, Lexington, KY 40504
COMMERCIAL - Lexington, KY
Property Size4,890 SF
Lot Size0.25 Acres
Price / SF$143.15
Days on Market92
Property Features for 1830 Versailles Road
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
P1
Rooms
Basement
Parking
10
Parking features
Offsite
Basement
Finished
Subdivision
Terrace View
Directions
Versailles Rd (US-60) outbound from downtown Lexington. Property located on the right at 1830 Versailles Rd, adjacent to Cardinal Hill Rehabilitation Hospital and minutes from New Circle Rd.
Standard status
Active
APN
24835400
Size
4,890 SF
Lot size
0.25 Acres
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating)
Cooling system
Central Air
Building Details
Year built
1978
Floors in Building
2
Building materials
Stone, Wood Siding
Roof type
Composition
Listing Agency:
RE/MAX Elite Realty
(859) 408-7922
Listed By:
Brittany Taylor
(859) 893-9010
Added: Jun 11
Changed: Aug 4
Last Checked: Sep 10 at 9:06PM
MLS# 26013466
Copyright © 2026 ImagineMLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
1830 Versailles Road in Lexington, KY 40504 presents a medical office building with 4,425 square feet of above-grade space and an additional 1,736 square feet in the basement, set on a 0.25-acre lot. The layout is configured with multiple offices, treatment/exam rooms, reception and waiting areas, and ample storage, supporting a range of professional, medical, administrative, retail, or service-based uses.
The building is cooled with central air and heated with electric (heating). Constructed with stone and wood siding, it has a composition roof, public sewer service, and offsite parking. Built in 1978, the property is positioned for owner-user or multi-purpose occupancy depending on how the space is tailored.
The building is cooled with central air and heated with electric (heating). Constructed with stone and wood siding, it has a composition roof, public sewer service, and offsite parking. Built in 1978, the property is positioned for owner-user or multi-purpose occupancy depending on how the space is tailored.
Key Highlights
- 4,425 SF above‑grade medical office space plus 1,736 SF basement
- Flexible layout with multiple offices, treatment/exam rooms, reception and waiting
- Set on a 0.25‑acre lot with offsite parking
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
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Open Analytics
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Medical office property with a flexible above-grade layout plus additional basement space and central air conditioning.
Where is this medical office space located?
The property is located at 1830 Versailles Road 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: 4,425 SF above‑grade medical office space plus 1,736 SF basement; Flexible layout with multiple offices, treatment/exam rooms, reception and waiting; Set on a 0.25‑acre lot with offsite parking
