Office Building Development
For Sale
$3,500,000
366-368 Waller Ave, Lexington, KY 40504
Office property offering substantial land area, P-1 zoning, and access from Nicholasville and Harrodsburg roads.
Property Size26,260 SF
Lot Size2.37 Acres
Price / SF$133.28
Days on Market404
Property Features for 366-368 Waller Ave
General Information
Standard status
Active
Size
26,260 SF
Lot size
2.37 Acres
Property subtype
Office
Zoning
P-1
Additional Details
Asking Price
$3,500,000
Road Access
Yes
Listing Agency:
Schrader Commercial Properties, LLC
Listed By:
James Schrader · License #41930
(859) 288-5008
Source:
Kcrea.resimplifi
Added: Sep 9, 2025
Changed: Oct 13
Last Checked: Oct 16 at 5:54AM
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 Schrader Commercial Properties, LLC
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This office property includes approximately 2.37 acres under P-1 zoning, creating a substantial site for continued office use or redevelopment. The property is located on Waller Ave in Lexington, Kentucky, with access from Nicholasville and Harrodsburg roads.
The site is positioned near UK and CHI hospital, placing it within an established institutional and healthcare-oriented area. Its land area, existing office classification, and road access provide the primary physical and locational characteristics for evaluating the property.
The site is positioned near UK and CHI hospital, placing it within an established institutional and healthcare-oriented area. Its land area, existing office classification, and road access provide the primary physical and locational characteristics for evaluating the property.
Key Highlights
- Approximately 2.37‑acre office property
- P‑1 zoning
- Access from Nicholasville and Harrodsburg roads
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$293,534
Cap Rate
8.39%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$5,870,680
$5.9M
Cap Rate 7%
$4,193,343
$4.2M
Cap Rate 9%
$3,261,489
$3.3M
Market Conditions
NOI Build-Up for 26,260 SF
Gross rent
$472.7K $18.00/SF
− Vacancy
−$81.3K −$3.10/SF
EGI
$391.4K $14.90/SF
− OpEx
−$97.8K −$3.73/SF
NOI
$293.5K $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 Rate 5%
$5,870,680
Cap Rate 7%
$4,193,343
Cap Rate 9%
$3,261,489
Alternative Uses
Best Use
Office B
$4.19M
$3.67M – $4.89M
NOI $293,534 @ 7.0% cap · market cap 8.39%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.47M
$4.79M – $6.38M
NOI $382,984 @ 7.0% cap · market cap 10.94%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,477
Businesses Nearby
Explore this area
Business Placement
Demographics for 40504, KY
26,042
Population
13,175
Households
2
Avg Household Size
34
Median Age
32%
College-Educated
84%
High-School Grad
6.2 sq mi
ZIP Area
4,200
Density / Sq Mi
$43,015
Median Household Income
$29,195
Median Earnings
$888
Median Rent
$209,400
Median Home Value
Market
Vacancy Rate% for Office in South region
Frequently Asked Questions
What type of property is this?
Office building - Office property offering substantial land area, P-1 zoning, and access from Nicholasville and Harrodsburg roads.
Where is this office building located?
The property is located at 366-368 Waller Ave Lexington, KY.
What is the asking price?
The asking price for this property is $3,500,000.
What are key features of this property?
This property features: Approximately 2.37‑acre office property; P‑1 zoning; Access from Nicholasville and Harrodsburg roads
