Fully Leased Office
For Sale
$7,100,000
997 Governors Ln, Lexington, KY 40513
Elevator service, P-1 zoning, and three levels define this professional property.
Property Size31,208 SF
Price / SF$227.51
Days on Market11
Property Features for 997 Governors Ln
General Information
Standard status
Active
Size
31,208 SF
Net Rentable
30,085 SF
Total Parking Spaces
50
Elevators
Yes
Property subtype
Commercial
Zoning
P-1
Occupancy
100%
Additional Details
Road Access
Yes
Building Details
Year Built
2008
Buildings
1
Stories
3
Listing Agency:
Deborah Ball Realty
Listed By:
Lauren Ball · License #218172
(859) 213-4125
Source:
Centralkentuckyhouses
Added: Oct 3
Changed: Oct 13
Last Checked: Oct 13 at 2:25AM
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 Deborah Ball Realty
Investment Insights
Based on property information with market context.
Built in 2008, this three-story office property contains 31,208 square feet, including 30,085 leasable square feet. The building is fully leased and has elevator service and approximately 50 parking spaces. P-1 zoning applies to the site. A roof replacement was completed in 2026, and a second-floor suite received a new fit-up for an incoming tenant.
The property is at 997 Governors Lane in Lexington’s Beaumont Centre. Harrodsburg Road, Man O' War Boulevard, New Circle Road, and Blue Grass Airport are identified as accessible from the site. Nearby context includes businesses, professional offices, restaurants, shopping, and residential communities.
The property is at 997 Governors Lane in Lexington’s Beaumont Centre. Harrodsburg Road, Man O' War Boulevard, New Circle Road, and Blue Grass Airport are identified as accessible from the site. Nearby context includes businesses, professional offices, restaurants, shopping, and residential communities.
Key Highlights
- Fully leased office property with 31,208 square feet, including 30,085 leasable square feet
- Three‑story building with elevator service
- 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.
How Realmo checks its estimates
Property Analytics
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Open Analytics
Current Use
Lease Details
100%
Occupancy
Yes
Paved road access
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
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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 - Elevator service, P-1 zoning, and three levels define this professional property.
Where is this office building located?
The property is located at 997 Governors Ln 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 office property with 31,208 square feet, including 30,085 leasable square feet; Three‑story building with elevator service; Approximately 50 parking spaces
