Permit-Ready Corner Retail
503 East Third Street, Lexington, KY 40508
Gutted, permit-ready corner shell on a signalized intersection with a submitted plan for three-front retail.
Type:Retail, Office
Property size:
8,260 SFPrice / SF:
$133/SF- Added:
- Jun 16, 2026
- Days on Market:
- 12
- Last Refresh:
- Jun 24 at 5:40 am
Property Features for 503 East Third Street
General Information
- Standard status
- Active
- Size
- 8,260 SF
- Property subtype
- Retail, Office
Building Details
- Year Built
- 1938
Listing office Guide Realty
Listing date Jun 16, 2026
Source Crexi
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 Guide Realty
HighLights
- Fully gutted commercial shell (1938) with a submitted building permit for 8,260 SF of three‑front retail
- B‑1 Neighborhood Business zoning; by‑right uses include retail, restaurant, medical, office, and personal service
- Corner location at E Third St & Midland Ave on a signalized intersection, with three proposed suites of 1,730 SF, 3,628 SF, and 2,895 SF
- Suites can be leased individually, combined for a single user, or reconfigured for different layouts
- Offered as‑is, permit‑ready for buyer‑controlled buildout and tenant lease planning
Overview
This property is a fully gutted, permit-ready commercial shell designed for flexibility. A building permit has been submitted for 8,260 SF of three-front retail configuration, and the property is offered as-is, allowing the next owner to control buildout decisions from scratch. The existing shell condition positions the space for a tailored tenant improvement strategy rather than working around prior finishes.
The building sits at a signalized corner at East Third and Midland Avenue, which functions as an Eastern Gateway to Downtown Lexington and the Historic East End. Public remarks note that multiple developments and destinations are within walking distance, including The Met Lex, DV8 Kitchen, the Lyric Theatre, the Isaac Murphy Memorial Art Garden, and the Artist Village.
For buyers seeking an owner-user or value-add approach, the submitted three-front retail plan can support different leasing outcomes. The proposed layout is described as three suites sized for individual tenancy (1,730 SF, 3,628 SF, and 2,895 SF), with the ability to combine suites for a single user or reconfigure the space. B-1 Neighborhood Business zoning is stated to permit retail, restaurant, medical, office, and personal service uses by right, supporting a range of commercial concepts.
The building sits at a signalized corner at East Third and Midland Avenue, which functions as an Eastern Gateway to Downtown Lexington and the Historic East End. Public remarks note that multiple developments and destinations are within walking distance, including The Met Lex, DV8 Kitchen, the Lyric Theatre, the Isaac Murphy Memorial Art Garden, and the Artist Village.
For buyers seeking an owner-user or value-add approach, the submitted three-front retail plan can support different leasing outcomes. The proposed layout is described as three suites sized for individual tenancy (1,730 SF, 3,628 SF, and 2,895 SF), with the ability to combine suites for a single user or reconfigure the space. B-1 Neighborhood Business zoning is stated to permit retail, restaurant, medical, office, and personal service uses by right, supporting a range of commercial concepts.
Local Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $148.7k | $18.00 |
| − Vacancy | −$25.6k | −$3.10 |
| EGI | $123.1k | $14.90 |
| − OpEx | −$30.8k | −$3.73 |
| NOI | $92.3k | $11.18 |
8,260 SF · lease $18.00/SF/yr · vacancy 17.20% · expense 25.00%
Alternative Uses
Best Use
Office B
$1.32M
$1.15M – $1.54M
NOI $92,330 @ 7.0% cap · market cap 8.39%
Second Best
Retail
$1.12M
$982.5K – $1.31M
NOI $78,598 @ 7.0% cap · market cap 7.15%
Theoretical Best
Office A
$1.72M
$1.51M – $2.01M
NOI $120,466 @ 7.0% cap · market cap 10.95%
Zoning and permitted uses should be independently verified with local authorities.
Location Intelligence
Current Use by Public Records
Pak & Save Supermarkets
Shopping Center & Mall
Similar Places Nearby
- Carol Lynn Originals & Events — 645 E Main St, Lexington, KY 40508
- Etchison Co and Lady Bug — 328 N Ashland Ave, Lexington, KY 40502
- A New Leaf Inc — Lexington, KY 40507
Location Insight
- Map
- Local Demand
- City
- Lexington
- County
- Fayette
- State
- Kentucky
- Longitude
- -84.4986
- Latitude
- 38.05533
Nearby Similar for Sale
FAQs
What type of property is this?
Storefront property - Gutted, permit-ready corner shell on a signalized intersection with a submitted plan for three-front retail.
Where is this storefront property located?
The property is located at 503 East Third Street Lexington, KY.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: Fully gutted commercial shell (1938) with a submitted building permit for 8,260 SF of three‑front retail; B‑1 Neighborhood Business zoning; by‑right uses include retail, restaurant, medical, office, and personal service; Corner location at E Third St & Midland Ave on a signalized intersection, with three proposed suites of 1,730 SF, 3,628 SF, and 2,895 SF
