Lexington Office Condo For
For Sale
$529,000
185 Pasadena Dr Ste 255, Lexington, KY 40503
Office condo for sale in South Lexington near Nicholasville Road.
Property Size3,242 SF
Price / SF$163.17
Days on Market207
Property Features for 185 Pasadena Dr Ste 255
General Information
Standard status
Active
Size
3,242 SF
Property subtype
Office
Listing Agency:
NAI Isaac
(859) 422-4408
Listed By:
Chad Voelkert · License #KY #205597
Source:
Naiglobal
Added: Jan 27
Changed: Aug 8
Last Checked: Aug 8 at 6:02AM
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 NAI Isaac
Investment Insights
Based on property information with market context.
Available for sale is a +/-3,242 SF office condo located on the second floor of Pasadena Plaza in Lexington. The property is strategically situated in South Lexington near Regency Road, just off Nicholasville Road, offering convenient access to major thoroughfares and side road alternatives. The location provides easy access to New Circle Road, Interstates 75/64, the Blue Grass Airport, and downtown Lexington. The second-floor office suites are serviced by an elevator, and ample parking is available. The property is zoned B-1, Neighborhood Business.
Key Highlights
- Strategically located in South Lexington off Nicholasville Road, near Regency Road.
- Easy access to New Circle Road, Interstates 75/64, Blue Grass Airport, and downtown Lexington.
- +/-3,242 SF office condo within Pasadena Plaza.
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
$42,996
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
8.13%
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%
$859,920
$859.9K
Cap Rate 7%
$614,229
$614.2K
Cap Rate 9%
$477,733
$477.7K
Market Conditions
NOI Build-Up for 3,242 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
$66.1K $20.40/SF
− Vacancy
−$8.8K −$2.72/SF
EGI
$57.3K $17.68/SF
− OpEx
−$14.3K −$4.42/SF
NOI
$43.0K $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 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%
$859,920
Cap Rate 7%
$614,229
Cap Rate 9%
$477,733
Alternative Uses
Best Use
Office B
$614.2K
$537.5K – $716.6K
NOI $42,996 @ 7.0% cap · market cap 8.13%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$675.5K
$591.0K – $788.0K
NOI $47,282 @ 7.0% cap · market cap 8.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,936
Businesses Nearby
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Office condo for sale in South Lexington near Nicholasville Road.
Where is this office units located?
The property is located at 185 Pasadena Dr Ste 255 Lexington, KY.
What is the asking price?
The asking price for this property is $529,000.
What are key features of this property?
This property features: Strategically located in South Lexington off Nicholasville Road, near Regency Road.; Easy access to New Circle Road, Interstates 75/64, Blue Grass Airport, and downtown Lexington.; +/-3,242 SF office condo within Pasadena Plaza.
