Historic Building in NoLi
For Sale
Contact for pricing
732 N Limestone, Lexington, KY 40508
Charming 1,181 SF building in Lexington's vibrant NoLi district.
Property Size1,181 SF
Price / SF$278.15
Days on Market174
Property Features for 732 N Limestone
General Information
Standard status
Active
Size
1,181 SF
Property subtype
Office, Retail
Zoning
B-1
Building Details
Year Built
1905
Buildings
1
Stories
1
Listing Agency:
SVN | Stone Commercial Real Estate
(859) 264-0888
Listed By:
Rachel Ridd · License #KN 287622
Source:
Crexi
Added: Feb 19
Changed: Aug 8
Last Checked: Aug 12 at 12:03PM
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 SVN | Stone Commercial Real Estate
Investment Insights
Based on property information with market context.
This 1,181 SF building, constructed in 1905, features original period details. The property is located along the NoLi (North Limestone) corridor, in a walkable, community-oriented neighborhood with independent shops, cafes, breweries, art studios, and cultural hotspots. Nearby amenities include Greyline Station and Julietta Market. Zoned B-1, the property is 100% occupied. This retail space is suitable for small business ventures or neighborhood retail concepts, offering participation in Lexington’s local market. Showings are by appointment only.
Key Highlights
- Prime location in the vibrant NoLi corridor, a walkable neighborhood.
- Reliable income stream with 100% occupancy.
- Unique architectural character and historic charm with original period details.
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
$11,238
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
3.42%
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%
$224,760
$224.8K
Cap Rate 7%
$160,543
$160.5K
Cap Rate 9%
$124,867
$124.9K
Market Conditions
NOI Build-Up for 1,181 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
$17.0K $14.40/SF
− Vacancy
−$952 −$0.81/SF
EGI
$16.1K $13.59/SF
− OpEx
−$4.8K −$4.08/SF
NOI
$11.2K $9.52/SF
Area
Lexington, KY
Vacancy
5.60%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
30.00%
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%
$224,760
Cap Rate 7%
$160,543
Cap Rate 9%
$124,867
Alternative Uses
Best Use
Retail
$160.5K
$140.5K – $187.3K
NOI $11,238 @ 7.0% cap · market cap 3.42%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$246.1K
$215.3K – $287.1K
NOI $17,224 @ 7.0% cap · market cap 5.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
910
Businesses Nearby
42k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 99%
Electronics 1%
Thorntons
Shops & Services
17,631 visits/mo
0.2 miles
Dollar Tree
Shops & Services
10,911 visits/mo
0.3 miles
Speedway
Shops & Services
10,446 visits/mo
0.2 miles
Valvoline Instant Oil Change
Shops & Services
2,862 visits/mo
0.2 miles
Metro by T-Mobile
Electronics
606 visits/mo
0.2 miles
Demographics for 40508, KY
25,586
Population
11,458
Households
2.2
Avg Household Size
26
Median Age
36%
College-Educated
86%
High-School Grad
4.2 sq mi
ZIP Area
6,092
Density / Sq Mi
$28,040
Median Household Income
$13,316
Median Earnings
$900
Median Rent
$174,900
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- White Cat Weddings & Events — 732 N Limestone, Lexington, KY 40508
- A New Leaf Inc — Lexington, KY 40507
Frequently Asked Questions
What type of property is this?
Storefront property - Charming 1,181 SF building in Lexington's vibrant NoLi district.
Where is this storefront property located?
The property is located at 732 N Limestone Lexington, KY.
What is the asking price?
The asking price for this property is $328,500.
What are key features of this property?
This property features: Prime location in the vibrant NoLi corridor, a walkable neighborhood.; Reliable income stream with 100% occupancy.; Unique architectural character and historic charm with original period details.
