Downtown Office
For Sale
$3,790,000
277 E High St, Lexington, KY 40507
A 24-office layout includes dedicated training, reception, file, server, and break areas.
Property Size12,684 SF
Price / SF$298.80
Days on Market9
Property Features for 277 E High St
General Information
Standard status
Active
Size
12,684 SF
Property subtype
Commercial
Site & Location
Neighborhood
Aylesford Place Neighborhood Association
Additional Details
Property Use
Office
Building Details
Year Built
1975
Buildings
1
Listing Agency:
Bluegrass Sotheby's International Realty
Listed By:
Christopher Mitchell · License #197495
(859) 321-2898
Source:
Centralkentuckyhouses
Added: Oct 20
Changed: Oct 26
Last Checked: Oct 28 at 8:25AM
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 Bluegrass Sotheby's International Realty
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Investment Insights
Based on property information with market context.
This 12,684-square-foot office building, constructed in 1975, contains 24 offices and eight half baths. Shared facilities include two break areas, a training room, a server room, a file room, two copy rooms, and a reception area. A private on-site parking lot serves the property.
At 277 E High St in downtown Lexington, the building is near the District Courts, City Hall, restaurants, coffee shops, and banks.
At 277 E High St in downtown Lexington, the building is near the District Courts, City Hall, restaurants, coffee shops, and banks.
Key Highlights
- 12,684 square feet of office space
- 24 offices and 8 half baths
- Two break areas, training room, server room, file room, 2 copy rooms, and reception area
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$141,782
Cap Rate
3.74%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,835,640
$2.8M
Cap Rate 7%
$2,025,457
$2.0M
Cap Rate 9%
$1,575,356
$1.6M
Market Conditions
NOI Build-Up for 12,684 SF
Gross rent
$228.3K $18.00/SF
− Vacancy
−$39.3K −$3.10/SF
EGI
$189.0K $14.90/SF
− OpEx
−$47.3K −$3.73/SF
NOI
$141.8K $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 Rate 5%
$2,835,640
Cap Rate 7%
$2,025,457
Cap Rate 9%
$1,575,356
Alternative Uses
Best Use
Office B
$2.03M
$1.77M – $2.36M
NOI $141,782 @ 7.0% cap · market cap 3.74%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.64M
$2.31M – $3.08M
NOI $184,988 @ 7.0% cap · market cap 4.88%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
3,951
Businesses Nearby
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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
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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 - A 24-office layout includes dedicated training, reception, file, server, and break areas.
Where is this office building located?
The property is located at 277 E High St Lexington, KY.
What is the asking price?
The asking price for this property is $3,790,000.
What are key features of this property?
This property features: 12,684 square feet of office space; 24 offices and 8 half baths; Two break areas, training room, server room, file room, 2 copy rooms, and reception area
