Multi-Unit Office
For Sale
$1,290,000
2357 Huguenard Dr, Lexington, KY 40503
1998-built, 6,840 SF office building with four units and 100% tenant occupancy, zoned P-1.
Property Size6,840 SF
Price / SF$188.60
Days on Market51
Property Features for 2357 Huguenard Dr
General Information
Standard status
Active
Size
6,840 SF
Class
B
Property subtype
Office - General Office
Zoning
P-1
Occupancy
100%
Additional Details
Office Units
4
Building Details
Building Size
6,840 SF
Year Built
1998
Units
4
Tenancy
Multi
Listing Agency:
KW Commercial Northern Kentucky
Listed By:
Derrick Plunkett · License #219608
(859) 620-5830
Source:
Commercialcafe
Added: Jul 23
Changed: Sep 8
Last Checked: Sep 10 at 5:52AM
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 KW Commercial Northern Kentucky
Investment Insights
Based on property information with market context.
This 6,840 SF office building was built in 1998 and is configured as four separate units. The property is currently 100% tenant occupied. A basement level is available, offering potential to generate additional rental income.
The building is located in the Lexington area at 2357 Huguenard Dr and is zoned P-1.
With a multi-unit office layout and consistent occupancy, the building is positioned for investors or owner-users seeking a turn-key office asset with an additional basement income opportunity.
The building is located in the Lexington area at 2357 Huguenard Dr and is zoned P-1.
With a multi-unit office layout and consistent occupancy, the building is positioned for investors or owner-users seeking a turn-key office asset with an additional basement income opportunity.
Key Highlights
- 6,840 SF office building built in 1998 with 4 units
- Currently 100% tenant occupied
- Zoned P‑1
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
$90,712
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
7.03%
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%
$1,814,240
$1.8M
Cap Rate 7%
$1,295,886
$1.3M
Cap Rate 9%
$1,007,911
$1.0M
Market Conditions
NOI Build-Up for 6,840 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
$139.5K $20.40/SF
− Vacancy
−$18.6K −$2.72/SF
EGI
$120.9K $17.68/SF
− OpEx
−$30.2K −$4.42/SF
NOI
$90.7K $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%
$1,814,240
Cap Rate 7%
$1,295,886
Cap Rate 9%
$1,007,911
Alternative Uses
Best Use
Office B
$1.30M
$1.13M – $1.51M
NOI $90,712 @ 7.0% cap · market cap 7.03%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.43M
$1.25M – $1.66M
NOI $99,757 @ 7.0% cap · market cap 7.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Office units
100%
Occupancy
Multi-tenant
Tenancy
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Office building - 1998-built, 6,840 SF office building with four units and 100% tenant occupancy, zoned P-1.
Where is this office building located?
The property is located at 2357 Huguenard Dr Lexington, KY.
What is the asking price?
The asking price for this property is $1,290,000.
What are key features of this property?
This property features: 6,840 SF office building built in 1998 with 4 units; Currently 100% tenant occupied; Zoned P‑1
