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    1500 Leestown Rd, Unit 304 Lexington, KY 40511
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    1500 Leestown Rd, Unit 304 Lexington, KY 40511

    View on Map
    • Office buildings
    • 50,304 SF
    • 2.50 lot acres
    For Lease
    $650/Mo
    View Listing →
    Private Office Spaces For Lease For Lease
    $650/Mo
    50,000 SF

    Private Office Spaces For Lease

    Private office spaces in professional building near downtown Lexington.

    1500 Leestown Road unit: 304, Lexington, KY 40511
    View Listing
    Property ID
    US34-0592486
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Lexington Vet Center / Community Center / Social Service Agency
    • Lexington Contracting LLC / Construction Company / General Contractor
    • Stromatt & Associates / Law Firm
    • tcm educational consultants / Training Center
    • First Kentucky Securities / Financial Advisor

    Property Details for 1500 Leestown Rd

    Year built
    1968
    Lot size
    2.50 lot acres
    Property size
    50,304 SF
    Zone code
    P-1
    Property type
    Office buildings
    APN
    17159100
    APU
    17159100

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $6,221,000
      Market price range: $6.22M - $13.9M
      AI Estimate
      $6,221,000
      Market price range: $6.22M - $13.9M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $9,335,000
      Current use
      MEDICAL BUILDING
      $10,345,000
      Change: +11% Conversion: Easy
      RETAIL STORES
      $9,775,000
      Change: +5% Conversion: Moderate
      WAREHOUSE, STORAGE
      $8,780,000
      Change: -6% Conversion: Difficult

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Lexington
    County
    Fayette
    State
    Kentucky
    Longitude
    -84.5245
    Latitude
    38.0657
    CBSA code
    30460
    CBSA name
    LEXINGTON-FAYETTE, KY METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $43,281
    $0.00
    $0.00
    $3,500,000
    -
    $0.00
    $0.00
    $3,500,000

    Comparable in this City

    • Value Estimation
      $2,475,000
      8,968 SF

      4041 Iron Works Pkwy

      OFFICE BUILDING • 8,968 SF
      4041 Iron Works Pkwy, Lexington, KY 40511-1299
      View Details
    • Value Estimation
      $15,045,000
      54,525 SF

      1490 Bull Lea Rd

      OFFICE BUILDING • 54,525 SF
      1490 Bull Lea Rd, Lexington, KY 40511-1264
      View Details
    • Value Estimation
      $2,475,000
      20,000 SF

      1501 Bull Lea Rd

      OFFICE BUILDING • 20,000 SF
      1501 Bull Lea Rd, Lexington, KY 40511-1285
      View Details
    • Value Estimation
      $6,820,000
      47,602 SF

      2582 Research Park Dr

      OFFICE BUILDING • 47,602 SF
      2582 Research Park Dr, Lexington, KY 40511-8479
      View Details
    • Value Estimation
      $1,435,000
      9,972 SF

      2401 Merchant St

      OFFICE BUILDING • 9,972 SF
      2401 Merchant St, Lexington, KY 40511-2601
      View Details
    • Value Estimation
      $1,820,000
      6,600 SF

      4099 Iron Works Pkwy

      OFFICE BUILDING • 6,600 SF
      4099 Iron Works Pkwy, Lexington, KY 40511-8483
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Three-Story Office Building in Lexington

      123,432 SF office building near New Circle Road.
      455 Park Pl, Lexington, KY 40511
      View Details
    • $25,000,000

      Class A Office Building

      100% occupied Lexington office building anchored by long-term tenants.
      1648 Mcgrathiana Pkwy, Lexington, KY 40511
      View Details
    • $25,000,000

      Class A Office Building

      100% occupied Class A office building in Lexington, KY.
      1648 Mcgrathiana Pkwy, Lexington, KY 40511
      View Details
    • Contact for pricing
      Pending

      Flex Space with Mezzanine

      1602 SF flex space with office and mezzanine.
      470 Conway Ct, Lexington, KY 40511
      View Details
    • $1,596,000

      10.92 Acres Commercial Land

      10.92± acres of commercial land ideal for retail, office.
      501 Park Pl, Lexington, KY 40511
      View Details
    • $1,650,000
      Pending

      Lexington Commercial Building For Sale

      10,175 SF I-1 Zoned building on 1.46 acres.
      112 Westhampton Dr, Lexington, KY 40511
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Lexington Industrial Space For Lease

      6,732 SF industrial space with seven drive-in doors.
      2408 Over Dr, Lexington, KY 40511
      View Details
    • $14 SF/Yr
      3,750 SF

      Adaptable Office/Lab Space Available

      Versatile office/lab space for lease in Lexington, Kentucky.
      1509 Bull Lea Rd, Lexington, KY 40511
      View Details
    • Contact for pricing

      Mixed-Use Development Near New Circle

      Mixed-use development with office, retail, flex, and warehouse space.
      1051 Newtown Pike, Lexington, KY 40511
      View Details
    • Contact for pricing

      Office/Retail Building on Leestown Road

      Office/retail building with high visibility and easy access.
      1437-1441 Leestown Rd, Lexington, KY 40511
      View Details
    • $22 SF/Yr
      7,700 SF

      Lexington Office Space Available

      First floor office space with convenient access and ample parking.
      1716 Sharkey Way, Lexington, KY 40511
      View Details
    • $7,500 /Mo
      4,800 SF

      Lexington Distribution Facility with Dock

      Distribution facility with dock doors, office, and trailer parking.
      1003 Whipple Ct, Lexington, KY 40511
      View Details

    Property Visit Statistics

    • Visits by month
      6.1k
    • Visitors by month
      3.5k
    • Avg Time on site
      14 min
    View Listing
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    Lexington, KY 40511
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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
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