Office Condo with Established
For Sale
$220,000
80 Codell Drive Ste 250, Lexington, KY 40509
Office condo offered with an operating photography business, along with existing furniture and equipment.
Property Size955 SF
Price / SF$230.37
Days on Market9
Property Features for 80 Codell Drive Ste 250
General Information
Standard status
Active
Size
955 SF
Additional Details
Furnished
Yes
Business Included
Yes
Building Details
Year Built
2004
Listing Agency:
Herald Real Estate
Listed By:
Sophia A Herald
(859) 248-5626
Source:
Sellkentucky
Added: Sep 18
Last Checked: Sep 26 at 10:22AM
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 Herald Real Estate
Investment Insights
Based on property information with market context.
This 955-square-foot office condo at 80 Codell Drive, Suite 250, provides a commercial workspace associated with Lexington Fetal Photography. The offering includes the ongoing business, furniture, and equipment, supporting continuity for the existing operation.
Constructed in 2004, the property is located in Lexington, Kentucky, at the listed Codell Drive address. The business has operated for 20 years, providing an established use within the office condominium.
Constructed in 2004, the property is located in Lexington, Kentucky, at the listed Codell Drive address. The business has operated for 20 years, providing an established use within the office condominium.
Key Highlights
- 955‑square‑foot office condo
- Ongoing Lexington Fetal Photography business
- Business has operated for 20 years
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
5.42%
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%
$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 5.42%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$199.0K
$174.1K – $232.1K
NOI $13,928 @ 7.0% cap · market cap 6.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Turnkey business
Opportunity
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Office units - Office condo offered with an operating photography business, along with existing furniture and equipment.
Where is this office units located?
The property is located at 80 Codell Drive Ste 250 Lexington, KY.
What is the asking price?
The asking price for this property is $220,000.
What are key features of this property?
This property features: 955‑square‑foot office condo; Ongoing Lexington Fetal Photography business; Business has operated for 20 years
