Medical/Office Building in Lexington,
For Sale
Contact for pricing
3288 Eagle View Ln, Lexington, KY 40509
21,271 SF medical/office building in established healthcare corridor.
Property Size21,271 SF
Price / SF$211.22
Days on Market175
Property Features for 3288 Eagle View Ln
General Information
Standard status
Active
Size
21,271 SF
Class
A
Property subtype
Office
Zoning
P-1
Building Details
Year Built
2004
Listing Agency:
NAI Isaac
(859) 333-8029
Listed By:
Jordan Smith · License #293708
Source:
Crexi
Added: Feb 17
Changed: Aug 8
Last Checked: Jul 19 at 3:55AM
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 NAI Isaac
Investment Insights
Based on property information with market context.
This is a 21,271 SF, three-story medical/office building located in Lexington, KY. The property is strategically positioned in Southeast Lexington along Man O’ War Boulevard within the Richmond Road corridor. It is situated directly adjacent to CHI Saint Joseph Health – Saint Joseph East and directly across from Lexington Clinic East. The location offers visibility from Richmond Road and proximity to healthcare providers. This property presents an opportunity to acquire a medical/office asset in a desirable submarket anchored by healthcare institutions.
Key Highlights
- Premier medical location adjacent to CHI Saint Joseph Health – Saint Joseph East and across from Lexington Clinic East.
- Located in a highly desirable and supply‑constrained submarket.
- Exceptional visibility from Richmond Road.
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
$265,503
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
5.91%
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%
$5,310,060
$5.3M
Cap Rate 7%
$3,792,900
$3.8M
Cap Rate 9%
$2,950,033
$3.0M
Market Conditions
NOI Build-Up for 21,271 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
$408.4K $19.20/SF
− Vacancy
−$54.4K −$2.56/SF
EGI
$354.0K $16.64/SF
− OpEx
−$88.5K −$4.16/SF
NOI
$265.5K $12.48/SF
Area
ZIP 40509
Vacancy
13.32%
Lease Rate
$19.20 /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%
$5,310,060
Cap Rate 7%
$3,792,900
Cap Rate 9%
$2,950,033
Alternative Uses
Best Use
Office B
$3.79M
$3.32M – $4.43M
NOI $265,503 @ 7.0% cap · market cap 5.91%
Second Best
Healthcare Medical
$3.19M
$2.79M – $3.72M
NOI $222,988 @ 7.0% cap · market cap 4.96%
Theoretical Best
Office A
$4.43M
$3.88M – $5.17M
NOI $310,223 @ 7.0% cap · market cap 6.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,128
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 40509, KY
44,572
Population
19,802
Households
2.3
Avg Household Size
36
Median Age
57%
College-Educated
95%
High-School Grad
47.8 sq mi
ZIP Area
932
Density / Sq Mi
$89,429
Median Household Income
$52,489
Median Earnings
$1,317
Median Rent
$338,200
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Similar Off Market Nearby
- Richmond Road Veterinary Clinic — 3270 Richmond Rd, Lexington, KY 40509
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- Kevin Smith — 3270 Richmond Rd, Lexington, KY 405091811
- PetVet365 Pet Hospital Lexington/Richmond Rd — 2870 Richmond Rd Suite 160 and 170, Lexington, KY 40509
Frequently Asked Questions
What type of property is this?
Medical Office Space - 21,271 SF medical/office building in established healthcare corridor.
Where is this medical office space located?
The property is located at 3288 Eagle View Ln Lexington, KY.
What is the asking price?
The asking price for this property is $4,492,888.
What are key features of this property?
This property features: Premier medical location adjacent to CHI Saint Joseph Health – Saint Joseph East and across from Lexington Clinic East.; Located in a highly desirable and supply‑constrained submarket.; Exceptional visibility from Richmond Road.
