Third-Floor Office Condo
For Sale
$215,000
201 West Short Street Suite 3A, Lexington, KY 40507
Office condo Suite 3A on the third floor offers private offices, conference rooms, and support space in a multi-tenant building.
Property Size1,487 SF
Days on Market14
Property Features for 201 West Short Street Suite 3A
General Information
Standard status
Active
Size
1,487 SF
Property subtype
Office
Building Details
Building Size
1,487 SF
Year Built
1948
Listing Agency:
(859) 285-2202
Listed By:
Wade Haga, CCIM · License #KY 223094
(859) 285-2202
Source:
Svn
Added: Jul 24
Changed: Jul 25
Last Checked: Aug 6 at 4:23AM
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 Wade Haga, CCIM
Investment Insights
Based on property information with market context.
Suite 3A is located on the third floor of the historic Lexington Building at 201 West Short Street. The office condo features private offices, conference rooms, waiting areas, and support space, with elevator service throughout the multi-tenant building. The suite is offered individually or as part of a combined full-floor opportunity.
The building sits at the corner of Short and Upper Streets, with nearby parking available. B-2B zoning is noted, and the location is described as walkable to courts, dining, financial institutions, and professional services.
For space planning, the building’s office condos are indicated as divisible, including Unit 3 and Unit 3A, allowing for flexible configuration within the same elevator-served setting.
The building sits at the corner of Short and Upper Streets, with nearby parking available. B-2B zoning is noted, and the location is described as walkable to courts, dining, financial institutions, and professional services.
For space planning, the building’s office condos are indicated as divisible, including Unit 3 and Unit 3A, allowing for flexible configuration within the same elevator-served setting.
Key Highlights
- Office condo Suite 3A on the third floor in the historic Lexington Building.
- Direct views of the Old Courthouse; located at the corner of Short and Upper Streets.
- Suite 3A +/- 1,487 SF for $215,000; Unit 3 is +/- 4,870 SF for $605,000.
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
$16,622
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
7.73%
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%
$332,440
$332.4K
Cap Rate 7%
$237,457
$237.5K
Cap Rate 9%
$184,689
$184.7K
Market Conditions
NOI Build-Up for 1,487 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
$26.8K $18.00/SF
− Vacancy
−$4.6K −$3.10/SF
EGI
$22.2K $14.90/SF
− OpEx
−$5.5K −$3.73/SF
NOI
$16.6K $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%
$332,440
Cap Rate 7%
$237,457
Cap Rate 9%
$184,689
Alternative Uses
Best Use
Office B
$237.5K
$207.8K – $277.0K
NOI $16,622 @ 7.0% cap · market cap 7.73%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$309.8K
$271.1K – $361.5K
NOI $21,687 @ 7.0% cap · market cap 10.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
3,626
Businesses Nearby
Explore this area
Business Placement
Demographics for 40507, KY
2,043
Population
1,765
Households
1.2
Avg Household Size
44
Median Age
54%
College-Educated
93%
High-School Grad
0.4 sq mi
ZIP Area
5,108
Density / Sq Mi
$34,543
Median Household Income
$40,826
Median Earnings
$642
Median Rent
$391,000
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office units - Office condo Suite 3A on the third floor offers private offices, conference rooms, and support space in a multi-tenant building.
Where is this office units located?
The property is located at 201 West Short Street Suite 3A Lexington, KY.
What is the asking price?
The asking price for this property is $215,000.
What are key features of this property?
This property features: Office condo Suite 3A on the third floor in the historic Lexington Building.; Direct views of the Old Courthouse; located at the corner of Short and Upper Streets.; Suite 3A +/- 1,487 SF for $215,000; Unit 3 is +/- 4,870 SF for $605,000.
