Multi-Tenant Office
For Sale
$1,899,000
620 Euclid Ave, Lexington, KY 40502
Fully occupied office property with a long-term tenant roster and convenient access to nearby restaurants, banks, grocery stores, and retail.
Property Size15,138 SF
Price / SF$125.45
Days on Market125
Property Features for 620 Euclid Ave
General Information
Standard status
Active
Size
15,138 SF
Property subtype
Investment
Zoning
P-1
Occupancy
100%
Building Details
Year Built
1966
Buildings
1
Tenancy
Multi
Listing Agency:
Schrader Commercial Properties, LLC
(859) 288-5008
Listed By:
James Schrader · License #41930
(859) 288-5008
Source:
Kcrea.resimplifi
Added: Apr 30
Changed: Aug 29
Last Checked: Aug 31 at 1:18PM
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 Schrader Commercial Properties, LLC
Investment Insights
Based on property information with market context.
This multi-tenant office building contains 15,138 square feet and was constructed in 1966. The property is fully occupied and fully leased, with a long-term tenant roster. P-1 zoning supports its established office use.
Located at 620 Euclid Ave in Lexington, the building is near the University of Kentucky and within walking distance of restaurants, banks, grocery stores, and retail in the surrounding Chevy Chase area. Its established office configuration and existing occupancy provide a straightforward platform for an office property owner.
Located at 620 Euclid Ave in Lexington, the building is near the University of Kentucky and within walking distance of restaurants, banks, grocery stores, and retail in the surrounding Chevy Chase area. Its established office configuration and existing occupancy provide a straightforward platform for an office property owner.
Key Highlights
- 15,138‑square‑foot multi‑tenant office building
- Fully occupied and fully leased
- Long‑term tenant roster in place
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
$169,213
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
8.91%
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%
$3,384,260
$3.4M
Cap Rate 7%
$2,417,329
$2.4M
Cap Rate 9%
$1,880,144
$1.9M
Market Conditions
NOI Build-Up for 15,138 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
$272.5K $18.00/SF
− Vacancy
−$46.9K −$3.10/SF
EGI
$225.6K $14.90/SF
− OpEx
−$56.4K −$3.73/SF
NOI
$169.2K $11.18/SF
Area
Lexington, KY
Vacancy
17.20%
Lease Rate
$18.00 /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%
$3,384,260
Cap Rate 7%
$2,417,329
Cap Rate 9%
$1,880,144
Alternative Uses
Best Use
Office B
$2.42M
$2.12M – $2.82M
NOI $169,213 @ 7.0% cap · market cap 8.91%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.15M
$2.76M – $3.68M
NOI $220,777 @ 7.0% cap · market cap 11.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,538
Businesses Nearby
Explore this area
Business Placement
Demographics for 40502, KY
26,080
Population
14,232
Households
1.8
Avg Household Size
40
Median Age
67%
College-Educated
96%
High-School Grad
7.1 sq mi
ZIP Area
3,673
Density / Sq Mi
$73,939
Median Household Income
$46,197
Median Earnings
$1,068
Median Rent
$483,600
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Fully occupied office property with a long-term tenant roster and convenient access to nearby restaurants, banks, grocery stores, and retail.
Where is this office building located?
The property is located at 620 Euclid Ave Lexington, KY.
What is the asking price?
The asking price for this property is $1,899,000.
What are key features of this property?
This property features: 15,138‑square‑foot multi‑tenant office building; Fully occupied and fully leased; Long‑term tenant roster in place
