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    698 Perimeter Dr Lexington, KY 40517

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    For Lease
    Contact for pricing

    Prime Lexington Office, Flexible Suites Available

    Lot size:
    17,000 SF

    Property Features for 698 Perimeter Dr

    General Information

    Property type
    Office Properties & Spaces
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    17,000 SF
    Class
    B
    Total Rate
    21250

    Building Details

    Year Built
    1985
    Buildings
    1
    Stories
    2

    Spaces For Lease

    at 698 Perimeter Dr, Lexington, KY 40517 Contact us
    Unit 201

    $15 /Mo

    Size
    4,900 SF
    Contact us

    We can help!

    Listing Contact
    Colleen Barr
    Colleen Barr

    Listing Agent: Colleen Barr

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    This two-story, 17,000 square foot Class B office building at 698 Perimeter Dr., Lexington, KY 40517, offers multiple suites for lease. The property, built in 1985 and situated on a 0.89-acre lot, features a total of 52 parking spaces. Suites range from 1,200 to 4,900 contiguous square feet, making it ideal for a variety of businesses. The P-1 (Professional Office) zoning allows for diverse professional uses. The building boasts excellent visibility on Perimeter Drive and is conveniently located near the Alumni Drive and New Circle Road interchange, providing easy access. The interior features a sunlit lobby and a layout suitable for professional offices, including open areas and some glassed-walled private offices. Ample surface parking is included. The building currently houses several established businesses, including dental and medical practices, and financial services firms. This is a fantastic opportunity for businesses seeking a well-maintained, conveniently located office space in a thriving Lexington community.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Gina Johnson-Higgins, DMD, ... Dental Office Dr. Michael P. ... Dental Office Cindy Derer PLLC Dental Office Pratt Michael C ... Dental Office Whipple Justin Insurance Agency

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Lexington
    County
    Fayette
    State
    Kentucky
    Longitude
    -84.4622633
    Latitude
    37.9949605

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    FAQs

    What type of property is this?
    Office Property / Space - Prime Lexington Office, Flexible Suites Available
    Where is this office property / space located?
    The property is located at 698 Perimeter Dr Lexington, KY.
    What is the lease rate?
    The lease rate is $15 SF/Yr.
    What are key features of this property?
    This property features: 17,000 SF Class B office building on 0.89-acre lot in Lexington, KY.; Multiple suites available, ranging from 1,200 to 4,900 contiguous SF.; Excellent visibility on Perimeter Dr., near Alumni Dr. and New Circle Rd. interchange.
    (859) 309-0099 Call to check price and availability
    Request Owner's contact information
    698 Perimeter Dr Lexington, KY 40517
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    698 Perimeter Dr Lexington, KY 40517
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    Contact for Pricing
    Please call us for current price
    and status of this listing Colleen Barr
    Colleen Barr
    Real Estate License ID: 52773
    (859) 309-0099 (859) 489-6133
    Learn more
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