Office Condo with
For Sale
$325,000
513 Darby Creek Road, Lexington, KY 40509
COMMERCIAL - Lexington, KY
Property Size2,101 SF
Price / SF$154.69
Days on Market178
Property Features for 513 Darby Creek Road
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning description
Commercial Office
Rooms
Basement
Parking
15
Basement
Walk-Out Access, Finished, Full, Concrete, Exterior Entry
Subdivision
Darby Creek
Directions
Take Man O War Blvd to Darby Creek Road. Turn Left into Office Building Properties. Unit 55 is on the right near the end at Man O War Blvd.
Standard status
Active
APN
19980150
Size
2,101 SF
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Electric (Heating), Forced Air
Cooling system
Central Air
Building Details
Year built
1996
Floors in Building
2
Building materials
Block, Brick
Roof type
Shingle
Listing Agency:
The Real Estate Co.
(859) 979-1508
Listed By:
Cecil R Combs
(859) 326-0756
Added: Feb 25
Changed: Aug 19
Last Checked: Aug 22 at 10:06AM
MLS# 26003466
Copyright © 2026 ImagineMLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Unit 55 is an office condominium containing 2101 square feet, with a basement for additional interior space. The building was constructed in 1996 using block and brick materials, and the property includes a shingle roof, central air, and electric forced-air heating. Cable is available, and the property is served by public sewer.
The office is positioned near I75 and I64 and can be seen from Man-of-War, providing a convenient Lexington setting for businesses and office users. The source information identifies the space as suitable for small businesses and medical or wellness professionals, with a layout intended to support private meetings and focused work.
The office is positioned near I75 and I64 and can be seen from Man-of-War, providing a convenient Lexington setting for businesses and office users. The source information identifies the space as suitable for small businesses and medical or wellness professionals, with a layout intended to support private meetings and focused work.
Key Highlights
- 2101‑square‑foot office condominium
- Basement included with Unit 55
- Built in 1996 with block and brick construction
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
$26,225
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
8.07%
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%
$524,500
$524.5K
Cap Rate 7%
$374,643
$374.6K
Cap Rate 9%
$291,389
$291.4K
Market Conditions
NOI Build-Up for 2,101 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
$40.3K $19.20/SF
− Vacancy
−$5.4K −$2.56/SF
EGI
$35.0K $16.64/SF
− OpEx
−$8.7K −$4.16/SF
NOI
$26.2K $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%
$524,500
Cap Rate 7%
$374,643
Cap Rate 9%
$291,389
Alternative Uses
Best Use
Office B
$374.6K
$327.8K – $437.1K
NOI $26,225 @ 7.0% cap · market cap 8.07%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$437.7K
$383.0K – $510.7K
NOI $30,642 @ 7.0% cap · market cap 9.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,598
Businesses Nearby
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office units - Office condominium near I75 and I64 with visibility from Man-of-War and access to public sewer.
Where is this office units located?
The property is located at 513 Darby Creek Road Lexington, KY.
What is the asking price?
The asking price for this property is $325,000.
What are key features of this property?
This property features: 2101‑square‑foot office condominium; Basement included with Unit 55; Built in 1996 with block and brick construction
