Three-Story Office
New
For Sale
$7,100,000
997 Governors Lane, Lexington, KY 40513
Commercial Sale, Lexington, KY
Property Size31,208 SF
Lot Size1.93 Acres
Price / SF$227.51
Days on Market1
Property Features for 997 Governors Lane
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning description
P-1
Parking
50
Subdivision
Commercial
Directions
New Circle Road to Harrodsburg Road, left on Beaumont Centre Circle, right onto Governors Lane.
Standard status
Active
APN
38142260
Size
31,208 SF
Lot size
1.93 Acres
Building Details
Year built
2008
Floors in Building
3
Building materials
Brick, Glass
Roof type
Membrane, Rubber
Listing Agency:
Deborah Ball Realty
(859) 225-4604
Listed By:
Lauren Ball · License #218172
(859) 213-4125
Added: Oct 7
Last Checked: Oct 7 at 8:06PM
MLS# 26027792
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 three-story office property contains 31,208 square feet, including 30,085 leasable square feet, and is fully leased. Elevator service supports access between floors, and the second-floor suite has a completed fit-up for an incoming tenant. The building was constructed in 2008 and has brick and glass exterior materials. A new roof was completed in 2026, and an August 2026 appraisal assigned the property an effective age of 10 years.
The 1.93-acre property is in Beaumont Centre, with access to Harrodsburg Road, Man O' War Boulevard, and New Circle Road. Blue Grass Airport, businesses, professional offices, restaurants, shopping, and residential communities are also identified in the surrounding area. P-1 zoning and approximately 50 parking spaces are additional property features.
The 1.93-acre property is in Beaumont Centre, with access to Harrodsburg Road, Man O' War Boulevard, and New Circle Road. Blue Grass Airport, businesses, professional offices, restaurants, shopping, and residential communities are also identified in the surrounding area. P-1 zoning and approximately 50 parking spaces are additional property features.
Key Highlights
- Fully leased, three‑story office building
- 31,208 square feet total; 30,085 leasable square feet
- Elevator service and approximately 50 parking spaces
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$348,843
Cap Rate
4.91%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$6,976,860
$7.0M
Cap Rate 7%
$4,983,471
$5.0M
Cap Rate 9%
$3,876,033
$3.9M
Market Conditions
NOI Build-Up for 31,208 SF
Gross rent
$561.7K $18.00/SF
− Vacancy
−$96.6K −$3.10/SF
EGI
$465.1K $14.90/SF
− OpEx
−$116.3K −$3.73/SF
NOI
$348.8K $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 Rate 5%
$6,976,860
Cap Rate 7%
$4,983,471
Cap Rate 9%
$3,876,033
Alternative Uses
Best Use
Office B
$4.98M
$4.36M – $5.81M
NOI $348,843 @ 7.0% cap · market cap 4.91%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.50M
$5.69M – $7.59M
NOI $455,147 @ 7.0% cap · market cap 6.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,537
Businesses Nearby
Explore this area
Business Placement
Demographics for 40513, KY
11,244
Population
4,734
Households
2.4
Avg Household Size
45
Median Age
71%
College-Educated
98%
High-School Grad
14.7 sq mi
ZIP Area
765
Density / Sq Mi
$126,642
Median Household Income
$76,503
Median Earnings
$1,413
Median Rent
$448,100
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 building - Fully occupied professional offices with elevator service and a recently fitted second-floor suite.
Where is this office building located?
The property is located at 997 Governors Lane Lexington, KY.
What is the asking price?
The asking price for this property is $7,100,000.
What are key features of this property?
This property features: Fully leased, three‑story office building; 31,208 square feet total; 30,085 leasable square feet; Elevator service and approximately 50 parking spaces
