Historic Storefront Retail
For Sale
$425,000
Pending
211 N Limestone, Lexington, KY 40507
Downtown commercial condo with flexible retail or creative office potential, period details, lower-level storage, and dedicated parking.
Property Size1,763 SF
Days on Market440
Property Features for 211 N Limestone
General Information
Standard status
Pending
Size
1,763 SF
Total Parking Spaces
1
Property subtype
Retail
Zoning
B-2A
Amenities
glass storefronts
original hardwood floors
tin tile ceilings
custom built-in bookshelves
abundant natural light
basement storage
1 Parking Spaces
Building Details
Year Built
1900
Listing Agency:
Block & Lot Real Estate
(859) 806-0161
Listed By:
Mac McLean · License #74753
(859) 806-0161
Source:
Kcrea.resimplifi
Added: Jun 17, 2025
Changed: Aug 29
Last Checked: Aug 29 at 6:20PM
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 Block & Lot Real Estate
Investment Insights
Based on property information with market context.
This 1,763 SF commercial condo combines a customer-facing storefront with original architectural details and practical support space. Tall glass windows bring in natural light, while hardwood flooring, tin tile ceilings, and built-in bookshelves contribute to the interior character. A full basement adds storage capacity and includes a cellar door suited to inventory handling or deliveries. One dedicated on-site parking space conveys with the unit, with metered street parking also available.
The property is positioned along the North Limestone corridor at the gateway to the NoLi District and across from Sayre School. Nearby businesses named in the source include Columbia Steakhouse, Le Deauville, Mulberry and Lime, Georgie’s Social House, Jack Browns, Bar Ona, and Lussi Brown Coffee Bar. The building dates to 1900 and carries B-2A zoning.
The property is positioned along the North Limestone corridor at the gateway to the NoLi District and across from Sayre School. Nearby businesses named in the source include Columbia Steakhouse, Le Deauville, Mulberry and Lime, Georgie’s Social House, Jack Browns, Bar Ona, and Lussi Brown Coffee Bar. The building dates to 1900 and carries B-2A zoning.
Key Highlights
- 1,763 SF commercial condo with retail or creative office use potential
- Tall glass storefronts provide abundant natural light
- Original hardwood floors, tin tile ceilings, and custom built‑in bookshelves
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
$19,707
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
4.64%
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%
$394,140
$394.1K
Cap Rate 7%
$281,529
$281.5K
Cap Rate 9%
$218,967
$219.0K
Market Conditions
NOI Build-Up for 1,763 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
$31.7K $18.00/SF
− Vacancy
−$5.5K −$3.10/SF
EGI
$26.3K $14.90/SF
− OpEx
−$6.6K −$3.73/SF
NOI
$19.7K $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%
$394,140
Cap Rate 7%
$281,529
Cap Rate 9%
$218,967
Alternative Uses
Best Use
Office B
$281.5K
$246.3K – $328.5K
NOI $19,707 @ 7.0% cap · market cap 4.64%
Second Best
Retail
$239.7K
$209.7K – $279.6K
NOI $16,776 @ 7.0% cap · market cap 3.95%
Theoretical Best
Office A
$367.3K
$321.4K – $428.5K
NOI $25,712 @ 7.0% cap · market cap 6.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
3,595
Businesses Nearby
Balanced
Demand for This Use
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.
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Frequently Asked Questions
What type of property is this?
Storefront property - Downtown commercial condo with flexible retail or creative office potential, period details, lower-level storage, and dedicated parking.
Where is this storefront property located?
The property is located at 211 N Limestone Lexington, KY.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: 1,763 SF commercial condo with retail or creative office use potential; Tall glass storefronts provide abundant natural light; Original hardwood floors, tin tile ceilings, and custom built‑in bookshelves
