Creative Office With
New
For Sale
$1,100,000
301 E High St, Lexington, KY 40507
A flexible downtown layout offers space for professional or creative operations.
Property Size3,800 SF
Price / SF$289.47
Days on Market3
Property Features for 301 E High St
General Information
Standard status
Active
Size
3,800 SF
Class
C
Property subtype
Office
Amenities
Dumbwaiter
High visibility signage opportunity
Building Details
Building Size
3,800 SF
Year Built
1920
Listed By:
Paul Ray Smith, Jr · License #KY #183529
(859) 420-2200
Source:
Naiglobal
Added: Sep 30
Last Checked: Oct 1 at 10:16AM
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 Paul Ray Smith, Jr
Investment Insights
Based on property information with market context.
This 1920-built creative office property contains approximately 3,800 square feet in downtown Lexington. A dumbwaiter connects the first and second floors, providing an internal way to move files, boxes, and other items between levels. The layout is described as flexible for professional and creative uses.
The property is at 301 E High St in Lexington, within the downtown business district and near restaurants, retail, entertainment, and cultural attractions. Signage is identified as an opportunity.
The property is at 301 E High St in Lexington, within the downtown business district and near restaurants, retail, entertainment, and cultural attractions. Signage is identified as an opportunity.
Key Highlights
- Approximately 3,800 SF of creative office space
- Dumbwaiter connects the first and second floors
- Built in 1920
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
$42,476
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
3.86%
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%
$849,520
$849.5K
Cap Rate 7%
$606,800
$606.8K
Cap Rate 9%
$471,956
$472.0K
Market Conditions
NOI Build-Up for 3,800 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
$68.4K $18.00/SF
− Vacancy
−$11.8K −$3.10/SF
EGI
$56.6K $14.90/SF
− OpEx
−$14.2K −$3.73/SF
NOI
$42.5K $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%
$849,520
Cap Rate 7%
$606,800
Cap Rate 9%
$471,956
Alternative Uses
Best Use
Office B
$606.8K
$531.0K – $707.9K
NOI $42,476 @ 7.0% cap · market cap 3.86%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$791.7K
$692.8K – $923.7K
NOI $55,420 @ 7.0% cap · market cap 5.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
3,804
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
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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?
Creative space - A flexible downtown layout offers space for professional or creative operations.
Where is this creative space located?
The property is located at 301 E High St Lexington, KY.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: Approximately 3,800 SF of creative office space; Dumbwaiter connects the first and second floors; Built in 1920
