Office Building with On-Site
For Sale
$3,195,000
2134 Nicholasville Road, Lexington, KY 40503
Commercial Sale, Lexington, KY
Property Size19,145 SF
Lot Size2.22 Acres
Price / SF$166.88
Days on Market172
Property Features for 2134 Nicholasville Road
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning description
P-1 Professional Office
Parking
90
Parking features
Open
Subdivision
Southland
Directions
From New Circle Rd take the exit for Nicholasville Rd towards downtown Lexington ( North). Continue on Nicholasville Rd. for approximately 1 mile. 2134 Nicholasville Rd. will be on your right.
Standard status
Active
APN
13722300
Size
19,145 SF
Lot size
2.22 Acres
Building Details
Year built
1962
Floors in Building
2
Listing Agency:
Kentucky Real Estate Group
Listed By:
Judy Rola
(859) 421-5839
Added: May 1
Changed: Oct 2
Last Checked: Oct 19 at 2:06AM
MLS# 26009768
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.
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Investment Insights
Based on property information with market context.
This 19,145-square-foot office building occupies a 2.22-acre site and was built in 1962. Open on-site parking serves employees and visitors, while the property’s scale supports medical, professional, and administrative applications. The asset is classified as an office building and is offered for sale.
The property fronts Nicholasville Road in Lexington, near Southland Drive. The corridor records traffic of approximately 40,000 vehicles per day, and the site is minutes from UK Healthcare and Baptist Hospital. Its location also places it within an established commercial setting suited to office users requiring convenient access and on-site parking.
The property fronts Nicholasville Road in Lexington, near Southland Drive. The corridor records traffic of approximately 40,000 vehicles per day, and the site is minutes from UK Healthcare and Baptist Hospital. Its location also places it within an established commercial setting suited to office users requiring convenient access and on-site parking.
Key Highlights
- 19,145‑square‑foot office building on 2.22 acres
- Built in 1962
- Open on‑site parking for employees and visitors
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$253,902
Cap Rate
7.95%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$5,078,040
$5.1M
Cap Rate 7%
$3,627,171
$3.6M
Cap Rate 9%
$2,821,133
$2.8M
Market Conditions
NOI Build-Up for 19,145 SF
Gross rent
$390.6K $20.40/SF
− Vacancy
−$52.0K −$2.72/SF
EGI
$338.5K $17.68/SF
− OpEx
−$84.6K −$4.42/SF
NOI
$253.9K $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 Rate 5%
$5,078,040
Cap Rate 7%
$3,627,171
Cap Rate 9%
$2,821,133
Alternative Uses
Best Use
Office B
$3.63M
$3.17M – $4.23M
NOI $253,902 @ 7.0% cap · market cap 7.95%
Second Best
Healthcare Medical
$3.08M
$2.69M – $3.59M
NOI $215,588 @ 7.0% cap · market cap 6.75%
Theoretical Best
Office A
$3.99M
$3.49M – $4.65M
NOI $279,217 @ 7.0% cap · market cap 8.74%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
2,197
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
Frequently Asked Questions
What type of property is this?
Office building - Freestanding office property with substantial land area, open parking, and suitability for medical, professional, or administrative operations.
Where is this office building located?
The property is located at 2134 Nicholasville Road Lexington, KY.
What is the asking price?
The asking price for this property is $3,195,000.
What are key features of this property?
This property features: 19,145‑square‑foot office building on 2.22 acres; Built in 1962; Open on‑site parking for employees and visitors
