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Property profile & analytics
FOR LEASE
Office buildings
1510 Newtown Pike Lexington, KY 40511
Entity Owned
Absentee Owner
Free & Clear
Property ID
US34-0476182
For Lease
1 / 14
$5,690,000
1510 Newtown Pike, Lexington, KY 40511
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Property summary
AI-generated overview
Griffin Gate Plaza offers 3,773 square feet of immediately available Class A office space in Lexington, Kentucky. Located at 1510 Newtown Pike, this single, two-story building boasts 44,574 total square feet, with suites ranging from 1,710 to 2,063 contiguous square feet. The property features ample free parking, providing convenient access for tenants and clients. Its B-1 zoning allows for a variety of business uses. Situated near the Marriott Griffin Gate Resort, this location offers excellent visibility and exposure on Newtown Pike, benefiting from proximity to Interstates 75/64 and a large daytime business population. First-floor suites include private exterior entrances, flexible floor plans, and 24-hour access. Full-length canopies enhance the building's exterior and provide ideal space for tenant signage. Enjoy scenic views of the resort and golf course from these first-class suites.
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
1990
Total area
46,000 SF
Lot
4.89 ac (213,008 SF)
Zoning code
B-1
APN
10026820
UPID
US34-0476182
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Agriculture Workforce Management Business Management Consultant
-
Supreme Court-Bar Admissions Government Office
-
DeBarLay Spa Spa & Massage Center Alternative Medicine Practice
-
Leukemia & Lymphoma Society Charitable Organization Social Service Agency
-
Clint Conrad - State Farm Insurance Agent Insurance Agency
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$5.69M
Blend (final)
Blend
$5.69M
Owner & transaction history
GRIFFIN GATE BUSINESS CENTER LLC
GRIFFIN GATE BUSINESS CENTER LLC
Zoning & alternative use
B-1 · Lexington, KY
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Medical building
$9.5M
+10.8%
Retail stores
$8.9M
+4.7%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Lexington submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Lexington submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
OFFICE BUILDING
$8,540,000
Current use
MEDICAL BUILDING
$9,460,000
Change: +11% · Conversion: Easy
RETAIL STORES
$8,940,000
Change: +5% · Conversion: Moderate
WAREHOUSE, STORAGE
$8,030,000
Change: -6% · Conversion: Difficult
Blend value · Realmo final
$5.69M
Range $5.12M – $6.26M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$124 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$40,931
Tax year 2023
Assessed value
$3,310,000
Assessed 2023
Previous assessed
$3,310,000
+0.0% YoY
Effective rate
1.24%
On assessed value
Total market value
$3,310,000
Applied tax rate
1.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Office buildings
Use group
OFFICE BUILDING
Status
For Lease
Year built
1990
Heating
YES
Cooling
WINDOW A/C
Stories
2
Total area
46,000 SF
Lot
4.89 ac (213,008 SF)
Zoning code
B-1
APN
10026820
UPID
US34-0476182
Jurisdiction
FAYETTE
Zoning & alternative use
B-1 · Lexington, KY
Zoning B-1 · permitted uses
B-1 · Lexington, KY
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Lexington. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
OFFICE BUILDING Current
Est. value
$8.5M
MEDICAL BUILDING
Est. value
$9.5M
RETAIL STORES
Est. value
$8.9M
WAREHOUSE, STORAGE
Est. value
$8.0M
OFFICE BUILDING Current
MEDICAL BUILDING
RETAIL STORES
WAREHOUSE, STORAGE
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1990
Heating
YES
Cooling
Yes
Stories
2
Lot
4.89 ac
Current owner
From public records · entity-resolved
GRIFFIN GATE BUSINESS CENTER LLC
Entity
Free & Clear · 0 yrs held
Mailing address
300 W VINE ST STE #2100, LEXINGTON, KY 40507-1801
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
—
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
No recorded transactions
No recorded transactions found for this property.
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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