535 Wellington Way Unit 340, Lexington, KY 40503

Building Details

Year Built 2008 More

Listing Agency: Block + Lot Homes

Listed By: Lewis P McLean Show Phone

Source: Centralkyhomesforsale

Added: Aug 28 Changed: Nov 1 Last Checked: Nov 8 at 6:39AM

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Investment Insights

Based on property information with market context.

This 1,661-square-foot office condominium at 535 Wellington Way, Unit 340, provides a functional layout for medical, dental, or professional office operations. The perimeter position brings natural light into the suite, which includes reception space, open work areas, five private offices, an X-ray room, and plumbing throughout.

Built in 2008, the unit is located in the Wellington area of Lexington. Its existing room configuration and plumbing infrastructure support a range of office requirements while retaining dedicated areas for reception, individual offices, and collaborative work.

Key Highlights

• 1,661 SF office condominium at 535 Wellington Way Unit 340
• Built in 2008
• Perimeter office layout 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

Is this asking price fair?

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 (±1% cap)

NOI $22,028 @ 7.0% cap · market cap 6.29%

Second Best

Healthcare Medical

$267.2K

$233.8K – $311.7K (±1% cap)

NOI $18,704 @ 7.0% cap · market cap 5.34%

Theoretical Best

Office A

$346.1K

$302.8K – $403.8K (±1% cap)

NOI $24,225 @ 7.0% cap · market cap 6.92%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Justice Dental Dental Office White, Greer & Maggard ... Dental Office Johnson Legal Network, ... Law Firm Wild Health Physician Jeffrey Graham Pediatrician

Suggested Use

Top Pick Big Box & Wholesale Store Building Supply Auto Parts Store Restaurant Parking Lot & Garage Electrical Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

980

Businesses Nearby

Explore this area 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

Market

Average Price Trend$/SF for Office Units in Lexington, KY

$184 Jul

$189 Aug

$199 Sep

$204 Oct

Properties on Market for Office Units in Lexington

Jul

Aug

Sep

Oct

Vacancy Rate% for Office in South region

14.4% 2019

16.4% 2020

17.3% 2021

18% 2022

18.6% 2023

20.3% 2024

20.2% 2025

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Frequently Asked Questions

What type of property is this?

Office unit - Perimeter layout combines reception space, five offices, an X-ray room, and plumbing for medical or professional office use.

Where is this office unit located?

The property is located at 535 Wellington Way Unit 340 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 office condominium at 535 Wellington Way Unit 340; Built in 2008; Perimeter office layout with abundant natural light