Renovated Medical Office with Exam
For Sale
$799,000
308 W Lexington Avenue, Winchester, KY 40391
Commercial Sale, Winchester, KY
Property Size3,570 SF
Lot Size0.57 Acres
Price / SF$223.81
Days on Market98
Property Features for 308 W Lexington Avenue
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning description
P-1
Rooms
Basement
Subdivision
Commercial
Directions
From Lexington: Lexington Road E to Winchester, the property will be on your right.
Standard status
Active
APN
054-1032-005-00
Size
3,570 SF
Lot size
0.57 Acres
Building Details
Year built
1967
Floors in Building
1
Listing Agency:
Block + Lot Homes
(859) 309-0099
Listed By:
Gregory Leveridge · License #215416
(859) 421-8959
Added: Jun 30
Changed: Oct 2
Last Checked: Oct 5 at 9:06AM
MLS# 26015570
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.
Investment Insights
Based on property information with market context.
This 3,570-square-foot medical office property has been renovated for clinical use and includes a welcoming reception area, large private office, file room, five exam rooms, and a kitchen. Two suites at the rear can function independently or be connected to the primary office arrangement. The unfinished basement offers additional space that could be adapted for office use.
The 0.57-acre property includes a sizable parking area with access to a rear alley. It is positioned near Winchester’s downtown district, the Bypass, and I-64, with the address at 308 W Lexington Avenue. Originally built in 1967, the building provides a flexible configuration for an owner-user or an arrangement incorporating separately leased suites.
The 0.57-acre property includes a sizable parking area with access to a rear alley. It is positioned near Winchester’s downtown district, the Bypass, and I-64, with the address at 308 W Lexington Avenue. Originally built in 1967, the building provides a flexible configuration for an owner-user or an arrangement incorporating separately leased suites.
Key Highlights
- 3,570‑square‑foot medical office building renovated for clinical use
- Five exam rooms plus reception, private office, file room, and kitchen
- Two rear suites can operate separately or connect to the main office
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
$50,200
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
6.28%
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%
$1,004,000
$1.0M
Cap Rate 7%
$717,143
$717.1K
Cap Rate 9%
$557,778
$557.8K
Market Conditions
NOI Build-Up for 3,570 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
$77.1K $21.60/SF
− Vacancy
−$10.2K −$2.85/SF
EGI
$66.9K $18.75/SF
− OpEx
−$16.7K −$4.69/SF
NOI
$50.2K $14.06/SF
Area
Clark County, KY
Vacancy
13.20%
Lease Rate
$21.60 /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%
$1,004,000
Cap Rate 7%
$717,143
Cap Rate 9%
$557,778
Alternative Uses
Best Use
Office B
$717.1K
$627.5K – $836.7K
NOI $50,200 @ 7.0% cap · market cap 6.28%
Second Best
Healthcare Medical
$540.5K
$473.0K – $630.6K
NOI $37,836 @ 7.0% cap · market cap 4.74%
Theoretical Best
Office A
$904.8K
$791.7K – $1.06M
NOI $63,335 @ 7.0% cap · market cap 7.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
716
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 40391, KY
36,461
Population
16,125
Households
2.3
Avg Household Size
41
Median Age
22%
College-Educated
90%
High-School Grad
237.3 sq mi
ZIP Area
154
Density / Sq Mi
$67,910
Median Household Income
$40,323
Median Earnings
$884
Median Rent
$197,200
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Configured with a reception area, exam rooms, support spaces, and two additional suites.
Where is this medical office space located?
The property is located at 308 W Lexington Avenue Winchester, KY.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: 3,570‑square‑foot medical office building renovated for clinical use; Five exam rooms plus reception, private office, file room, and kitchen; Two rear suites can operate separately or connect to the main office
