Multi-Tenant Shopping
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3644 Boston Road, Lexington, KY 40514
Fully leased retail center with direct boulevard access and a varied tenant lineup.
Property Size35,264 SF
Price / SF$147.33
Days on Market16
Property Features for 3644 Boston Road
General Information
Standard status
Active
Size
35,264 SF
Class
A
Property subtype
Retail
Zoning
B-6P
Lease Type
NNN
Building Details
Year Built
1990
Buildings
1
Units
2
Tenancy
Multi
Listing Agency:
Equity Management Group Inc
Listed By:
Jason Taylor · License #KY 72700
(859) 266-1414
Source:
Crexi
Added: Aug 18
Changed: Sep 1
Last Checked: Sep 1 at 8:47PM
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 Equity Management Group Inc
Investment Insights
Based on property information with market context.
Millpond Shopping Center is a 35,264-square-foot retail property on a 3.29-acre outparcel. Built in 1990, the center is zoned B-6P and is fully leased to Sky Zone Trampoline Park, Paul Mitchell The School, and Clean Sweep Car Wash. The tenant mix combines entertainment, beauty education, and service retail within one commercial property.
The center fronts Man O'War Boulevard and includes right-in/right-out access. It is part of the Kroger-anchored Millpond Center, where the grocery anchor has been recently renovated. Fayette Mall and The Summit at Fritz Farm are approximately one mile away, with surrounding South Lexington neighborhoods providing additional context for the retail setting.
The center fronts Man O'War Boulevard and includes right-in/right-out access. It is part of the Kroger-anchored Millpond Center, where the grocery anchor has been recently renovated. Fayette Mall and The Summit at Fritz Farm are approximately one mile away, with surrounding South Lexington neighborhoods providing additional context for the retail setting.
Key Highlights
- 35,264‑square‑foot shopping center on a 3.29‑acre outparcel
- Fully leased to Sky Zone Trampoline Park, Paul Mitchell The School, and Clean Sweep Car Wash
- Directly on Man O'War Boulevard with right‑in/right‑out access
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
$391,959
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
7.54%
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%
$7,839,180
$7.8M
Cap Rate 7%
$5,599,414
$5.6M
Cap Rate 9%
$4,355,100
$4.4M
Market Conditions
NOI Build-Up for 35,264 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
$550.1K $15.60/SF
− Vacancy
−$27.5K −$0.78/SF
EGI
$522.6K $14.82/SF
− OpEx
−$130.7K −$3.70/SF
NOI
$392.0K $11.11/SF
Area
Lexington, KY
Vacancy
5.00%
Lease Rate
$15.60 /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%
$7,839,180
Cap Rate 7%
$5,599,414
Cap Rate 9%
$4,355,100
Alternative Uses
Best Use
Specialty Retail
$5.60M
$4.90M – $6.53M
NOI $391,959 @ 7.0% cap · market cap 7.54%
Second Best
Retail
$4.79M
$4.19M – $5.59M
NOI $335,555 @ 7.0% cap · market cap 6.46%
Theoretical Best
Office A
$7.35M
$6.43M – $8.57M
NOI $514,301 @ 7.0% cap · market cap 9.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
251
Businesses Nearby
85k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 40%
Dining 31%
Shops & Services 22%
Apparel 8%
Kroger
Groceries
33,843 visits/mo
0.1 miles
Speedway
Shops & Services
13,407 visits/mo
0.1 miles
Starbucks
Dining
12,715 visits/mo
0.2 miles
Goodwill
Apparel
6,483 visits/mo
0.1 miles
Little Caesars Pizza
Dining
5,349 visits/mo
0.2 miles
Demographics for 40514, KY
16,427
Population
6,566
Households
2.5
Avg Household Size
38
Median Age
54%
College-Educated
97%
High-School Grad
3.0 sq mi
ZIP Area
5,476
Density / Sq Mi
$96,337
Median Household Income
$51,275
Median Earnings
$1,549
Median Rent
$289,900
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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- Millpond Center — 3650 Boston Rd, Lexington, KY 40514
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Frequently Asked Questions
What type of property is this?
Shopping center - Fully leased retail center with direct boulevard access and a varied tenant lineup.
Where is this shopping center located?
The property is located at 3644 Boston Road Lexington, KY.
What is the asking price?
The asking price for this property is $5,195,548.
What are key features of this property?
This property features: 35,264‑square‑foot shopping center on a 3.29‑acre outparcel; Fully leased to Sky Zone Trampoline Park, Paul Mitchell The School, and Clean Sweep Car Wash; Directly on Man O'War Boulevard with right‑in/right‑out access
