Perimeter Office
340-535 Wellington Way, Lexington, KY 40503
For Sale
$350,000
Office condominium with reception space, multiple offices, an X-ray room, and plumbing throughout.
Property Size1,661 SF
Price / SF$210.72
Days on Market56
Property Features for 340-535 Wellington Way
General Information
Standard status
Size
Site & Location
Neighborhood
Listing Agency:
Block + Lot Homes
(859) 309-0099
Listed By:
Lewis P McLean
(859) 806-0161
Source:
Exprealty
Added: Sep 15
Changed: Oct 26
Last Checked: Nov 8 at 9:14AM
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 Homes
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This 1,661 SF office condominium is arranged for professional or medical office use. The perimeter layout brings in substantial natural light and includes a reception area, open work areas, five private offices, an X-ray room, and plumbing throughout.
The property is located at 340-535 Wellington Way in Lexington, KY, within the Wellington area. Its existing combination of private rooms, open workspace, reception space, and specialized improvements provides a flexible office configuration.
The property is located at 340-535 Wellington Way in Lexington, KY, within the Wellington area. Its existing combination of private rooms, open workspace, reception space, and specialized improvements provides a flexible office configuration.
Key Highlights
- 1,661 SF office condominium
- Perimeter layout with abundant natural light
- Reception area and open work areas
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$22,028
Cap Rate
6.29%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$440,560
$440.6K
Cap Rate 7%
$314,686
$314.7K
Cap Rate 9%
$244,756
$244.8K
Market Conditions
NOI Build-Up for 1,661 SF
Gross rent
$33.9K $20.40/SF
− Vacancy
−$4.5K −$2.72/SF
EGI
$29.4K $17.68/SF
− OpEx
−$7.3K −$4.42/SF
NOI
$22.0K $13.26/SF
Area
ZIP 40503
Vacancy
13.32%
Lease Rate
$20.40 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$440,560
Cap Rate 7%
$314,686
Cap Rate 9%
$244,756
Alternative Uses
Best Use
Office B
$314.7K
$275.4K – $367.1K
NOI $22,028 @ 7.0% cap · market cap 6.29%
Second Best
Healthcare Medical
$267.2K
$233.8K – $311.7K
NOI $18,704 @ 7.0% cap · market cap 5.34%
Theoretical Best
Office A
$346.1K
$302.8K – $403.8K
NOI $24,225 @ 7.0% cap · market cap 6.92%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,052
Businesses Nearby
Explore this area
Business Placement
Demographics for 40503, KY
28,073
Population
13,437
Households
2.1
Avg Household Size
39
Median Age
57%
College-Educated
96%
High-School Grad
8.8 sq mi
ZIP Area
3,190
Density / Sq Mi
$74,161
Median Household Income
$43,061
Median Earnings
$1,110
Median Rent
$280,000
Median Home Value
Market
Average Price Trend$/SF for Office Units in Lexington, KY
Properties on Market for Office Units in Lexington
Vacancy Rate% for Office in South region
Frequently Asked Questions
What type of property is this?
Office unit - Office condominium with reception space, multiple offices, an X-ray room, and plumbing throughout.
Where is this office unit located?
The property is located at 340-535 Wellington Way Lexington, KY.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: 1,661 SF office condominium; Perimeter layout with abundant natural light; Reception area and open work areas
