Medical Office
For Sale
$350,000
535 Wellington Way Unit 340, Lexington, KY 40503
Perimeter layout combines reception space, five offices, an X-ray room, and plumbing for medical or professional office use.
Property Size1,661 SF
Price / SF$210.72
Days on Market14
Property Features for 535 Wellington Way Unit 340
General Information
Standard status
Active
Size
1,661 SF
Property subtype
Commercial
Building Details
Year Built
2008
Listing Agency:
Block + Lot Homes
Listed By:
Lewis P McLean
(859) 806-0161
Source:
Centralkyhomesforsale
Added: Sep 10
Changed: Sep 23
Last Checked: Sep 22 at 2:24PM
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 Block + Lot Homes
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.
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 = 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
$22,028
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
6.29%
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%
$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
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
$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 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%
$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.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - Perimeter layout combines reception space, five offices, an X-ray room, and plumbing for medical or professional office use.
Where is this office units 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
