Sprinklered Nightclub-Bar
For Sale
$925,000
Pending
208 S Limestone, Lexington, KY 40508
Fully sprinklered and well maintained with a large two-story patio, ample electric, and multiple restroom facilities.
Property Size4,624 SF
Days on Market156
Property Features for 208 S Limestone
General Information
Standard status
Pending
Size
4,624 SF
Property subtype
Commercial
Zoning
B-2-B
Additional Details
Sprinkler System
Yes
Amenities
tankless gas water heater
large 2 story patio
4 public restrooms
1 private staff restroom
2 fully plumbed bars
private parking lot
Building Details
Year Built
1940
Listing Agency:
Ky Custom Homes Real Estate
Listed By:
David L Jones · License #282642
(859) 312-7333
Source:
Centralkentuckyhouses
Added: Apr 4
Changed: Sep 4
Last Checked: Sep 1 at 11:26PM
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 Ky Custom Homes Real Estate
Investment Insights
Based on property information with market context.
This sprinklered, well-maintained building has ample electric service and a tankless gas water heater, and it is designed for entertainment use with a large two-story patio. The layout supports bar service with two fully plumbed setups that were previously configured as one bar per floor. Restroom facilities include four total public restrooms and one private staff restroom.
According to appraisal and PVA records, the building size is reported as 4,692 square feet (appraisal) and 4,624 square feet (PVA). The property has an indicated occupancy of 392. It is zoned B-2-B, which allows a wide range of uses, including residential options such as apartments or condos.
The building is served by a privately owned parking lot around the property, offering monthly, daily, and hourly pay parking. The property is offered for sale “as is.”
According to appraisal and PVA records, the building size is reported as 4,692 square feet (appraisal) and 4,624 square feet (PVA). The property has an indicated occupancy of 392. It is zoned B-2-B, which allows a wide range of uses, including residential options such as apartments or condos.
The building is served by a privately owned parking lot around the property, offering monthly, daily, and hourly pay parking. The property is offered for sale “as is.”
Key Highlights
- Fully sprinklered and well maintained building formerly operated as a nightclub/bar for 13+ years
- Large two‑story patio plus ample electric for the existing business setup
- Total occupancy listed as 392
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
$51,396
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
5.56%
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%
$1,027,920
$1.0M
Cap Rate 7%
$734,229
$734.2K
Cap Rate 9%
$571,067
$571.1K
Market Conditions
NOI Build-Up for 4,624 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
$72.1K $15.60/SF
− Vacancy
−$3.6K −$0.78/SF
EGI
$68.5K $14.82/SF
− OpEx
−$17.1K −$3.70/SF
NOI
$51.4K $11.11/SF
Area
Lexington, KY
Vacancy
5.00%
Lease Rate
$15.60 /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%
$1,027,920
Cap Rate 7%
$734,229
Cap Rate 9%
$571,067
Alternative Uses
Best Use
Specialty Retail
$734.2K
$642.5K – $856.6K
NOI $51,396 @ 7.0% cap · market cap 5.56%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$963.4K
$843.0K – $1.12M
NOI $67,438 @ 7.0% cap · market cap 7.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
3,595
Businesses Nearby
11k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 94%
Dining 6%
Chase Bank
Shops & Services
6,799 visits/mo
0.3 miles
Marathon Petroleum
Shops & Services
2,407 visits/mo
0.2 miles
City National Bank
Shops & Services
1,326 visits/mo
0.4 miles
China Star
Dining
725 visits/mo
0.2 miles
Demographics for 40508, KY
25,586
Population
11,458
Households
2.2
Avg Household Size
26
Median Age
36%
College-Educated
86%
High-School Grad
4.2 sq mi
ZIP Area
6,092
Density / Sq Mi
$28,040
Median Household Income
$13,316
Median Earnings
$900
Median Rent
$174,900
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Cats Den — 160 Ave of Champions, Lexington, KY 40508
- Coliseum Liquors — 379 Rose St, Lexington, KY 40508
- Old Vine Bistro — 400 Old Vine St Ste. 106, Lexington, KY 40507
- Two Keys Tavern — 385 S Limestone, Lexington, KY 40508
- Clubhouse — 385 S Limestone, Lexington, KY 40508
Frequently Asked Questions
What type of property is this?
Bar & Pub - Fully sprinklered and well maintained with a large two-story patio, ample electric, and multiple restroom facilities.
Where is this bar & pub located?
The property is located at 208 S Limestone Lexington, KY.
What is the asking price?
The asking price for this property is $925,000.
What are key features of this property?
This property features: Fully sprinklered and well maintained building formerly operated as a nightclub/bar for 13+ years; Large two‑story patio plus ample electric for the existing business setup; Total occupancy listed as 392
