Medical Office
For Sale
$350,000
535 Wellington Way, Lexington, KY 40503
Commercial Sale, Lexington, KY
Property Size1,661 SF
Lot Size1.54 Acres
Price / SF$210.72
Days on Market49
Property Features for 535 Wellington Way
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning description
P-1 Professional Office
Directions
Nicholasville Road outbound to a right on W. Reynolds Road, to a right on Wellington Way
Subdivision
004 - Fayette County SW
Standard status
Active
APN
38215700
Size
1,661 SF
Lot size
1.54 Acres
Additional Details
Property Use
Medical Office
Building Details
Year built
2008
Listing Agency:
Block + Lot Homes
(859) 309-0099
Listed By:
Lewis P Mclean
(859) 806-0161
Added: Sep 15
Changed: Nov 2
Last Checked: Nov 2 at 8:06PM
MLS# 26025457
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.
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Investment Insights
Based on property information with market context.
This 1,661-square-foot medical office condominium was built in 2008 and offers a practical layout for healthcare or professional office operations. The perimeter unit includes a reception area, open work areas, five offices, an X-ray room, and plumbing distributed throughout the space. Abundant natural light enters from the exterior-facing position, and the property was formerly used by an orthodontic practice.
The condominium is located at 535 Wellington Way in Lexington, Kentucky, within ZIP Code 40503 and Fayette County. The associated property record identifies a 1.54-acre lot size for the site. Its existing room arrangement and plumbing infrastructure provide a ready framework for continued medical use or conversion to another office configuration.
The condominium is located at 535 Wellington Way in Lexington, Kentucky, within ZIP Code 40503 and Fayette County. The associated property record identifies a 1.54-acre lot size for the site. Its existing room arrangement and plumbing infrastructure provide a ready framework for continued medical use or conversion to another office configuration.
Key Highlights
- 1,661 SF medical office condominium
- Built in 2008
- Perimeter unit with abundant natural light
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.
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Current Use
Location Intelligence
Trade Area within ½ mile
980
Businesses Nearby
Under-served
Demand for This Use
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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
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Market
Vacancy Rate% for Office in South region
Similar Off Market Nearby
- Blair Melanie B DVM — 625 Delzan Pl, Lexington, KY 40503
Frequently Asked Questions
What type of property is this?
Medical Office Space - Medical office condominium with bright perimeter positioning, multiple private rooms, reception space, and plumbing throughout.
Where is this medical office space located?
The property is located at 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 medical office condominium; Built in 2008; Perimeter unit with abundant natural light
