Renovated Mixed-Use
For Sale
$1,895,000
250 E Short Street, Lexington, KY 40507
Downtown asset with hardwood floors, tall ceilings, large windows, and reserved tenant parking.
Property Size8,102 SF
Price / SF$233.89
Days on Market60
Property Features for 250 E Short Street
General Information
Standard status
Active
Size
8,102 SF
Total Parking Spaces
9
Property subtype
Investment
Zoning
B-2A
Occupancy
100%
Additional Details
Cap Rate
6.7%
Amenities
9 Parking Spaces
Building Details
Year Built
1948
Year Renovated
2018
Buildings
1
Tenancy
Multi
Listing Agency:
Block & Lot Real Estate
(859) 533-9222
Listed By:
Robert Lewis lll · License #275598
(859) 533-9222
Source:
Kcrea.resimplifi
Added: Jul 1
Changed: Aug 29
Last Checked: Aug 26 at 12:18PM
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 8,102-square-foot mixed-use building combines a renovated interior with a multi-tenant configuration. The property was renovated in 2018 and includes a split-level entrance, glass and wood beam details, hardwood flooring, tall ceilings, and large windows that bring natural light into the space. Portions of the building were also customized during the past year for its existing occupants.
Three tenants currently occupy the building, and the property is fully occupied. A dedicated parking lot on the west side provides nine reserved spaces for tenants and their clients. The property is located in downtown Lexington and is zoned B-2A. The reported capitalization rate is 6.7%.
Three tenants currently occupy the building, and the property is fully occupied. A dedicated parking lot on the west side provides nine reserved spaces for tenants and their clients. The property is located in downtown Lexington and is zoned B-2A. The reported capitalization rate is 6.7%.
Key Highlights
- 8,102‑square‑foot mixed‑use building renovated in 2018
- Fully occupied by 3 tenants
- 9 reserved parking spaces in a dedicated west‑side lot
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
$90,564
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
4.78%
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%
$1,811,280
$1.8M
Cap Rate 7%
$1,293,771
$1.3M
Cap Rate 9%
$1,006,267
$1.0M
Market Conditions
NOI Build-Up for 8,102 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
$145.8K $18.00/SF
− Vacancy
−$25.1K −$3.10/SF
EGI
$120.8K $14.90/SF
− OpEx
−$30.2K −$3.73/SF
NOI
$90.6K $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%
$1,811,280
Cap Rate 7%
$1,293,771
Cap Rate 9%
$1,006,267
Alternative Uses
Best Use
Office B
$1.29M
$1.13M – $1.51M
NOI $90,564 @ 7.0% cap · market cap 4.78%
Second Best
Mixed Use
$1.09M
$957.1K – $1.28M
NOI $76,564 @ 7.0% cap · market cap 4.04%
Theoretical Best
Office A
$1.69M
$1.48M – $1.97M
NOI $118,162 @ 7.0% cap · market cap 6.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
3,893
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?
Mixed-use property - Downtown asset with hardwood floors, tall ceilings, large windows, and reserved tenant parking.
Where is this mixed-use property located?
The property is located at 250 E Short Street Lexington, KY.
What is the asking price?
The asking price for this property is $1,895,000.
What are key features of this property?
This property features: 8,102‑square‑foot mixed‑use building renovated in 2018; Fully occupied by 3 tenants; 9 reserved parking spaces in a dedicated west‑side lot
