Second-Floor Office
For Sale
$159,900
80 Codell Drive, Lexington, KY 40509
COMMERCIAL - Lexington, KY
Property Size955 SF
Price / SF$167.43
Days on Market124
Property Features for 80 Codell Drive
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning description
Commerical
Subdivision
Richmond Woods
Directions
Richmond Rd. Old Todds, right on Codell.
Standard status
Active
APN
38132100
Size
955 SF
Building Details
Year built
2004
Listing Agency:
Keller Williams Commonwealth · Keller Williams Realty
(859) 721-2121
Listed By:
Destiny Darby · License #209568
(859) 913-0122
Added: Apr 21
Changed: Aug 4
Last Checked: Aug 22 at 12:06PM
MLS# 26009309
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.
Investment Insights
Based on property information with market context.
This second-floor office condo offers a compact, owner-occupied alternative to renting, with the space currently operating as Lexington Fetal Photography. The offering is for the office condo only; a separate listing is available to purchase the full business.
The property is located at 80 Codell Drive in Lexington, KY 40509 within Fayette County. As an office condominium, it provides a distinct unit within a commercial setting, suitable for an owner looking to occupy or for a buyer seeking an office unit investment.
The property is located at 80 Codell Drive in Lexington, KY 40509 within Fayette County. As an office condominium, it provides a distinct unit within a commercial setting, suitable for an owner looking to occupy or for a buyer seeking an office unit investment.
Key Highlights
- Second‑floor office condo
- Currently leased/used as Lexington Fetal Photography
- Built in 2004
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
$11,920
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
7.45%
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%
$238,400
$238.4K
Cap Rate 7%
$170,286
$170.3K
Cap Rate 9%
$132,444
$132.4K
Market Conditions
NOI Build-Up for 955 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
$18.3K $19.20/SF
− Vacancy
−$2.4K −$2.56/SF
EGI
$15.9K $16.64/SF
− OpEx
−$4.0K −$4.16/SF
NOI
$11.9K $12.48/SF
Area
ZIP 40509
Vacancy
13.32%
Lease Rate
$19.20 /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%
$238,400
Cap Rate 7%
$170,286
Cap Rate 9%
$132,444
Alternative Uses
Best Use
Office B
$170.3K
$149.0K – $198.7K
NOI $11,920 @ 7.0% cap · market cap 7.45%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$199.0K
$174.1K – $232.1K
NOI $13,928 @ 7.0% cap · market cap 8.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,129
Businesses Nearby
Explore this area
Business Placement
Demographics for 40509, KY
44,572
Population
19,802
Households
2.3
Avg Household Size
36
Median Age
57%
College-Educated
95%
High-School Grad
47.8 sq mi
ZIP Area
932
Density / Sq Mi
$89,429
Median Household Income
$52,489
Median Earnings
$1,317
Median Rent
$338,200
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 units - Second-floor office condo at 80 Codell Drive, currently occupied as Lexington Fetal Photography.
Where is this office units located?
The property is located at 80 Codell Drive Lexington, KY.
What is the asking price?
The asking price for this property is $159,900.
What are key features of this property?
This property features: Second‑floor office condo; Currently leased/used as Lexington Fetal Photography; Built in 2004
