Catylist ID:
#30867700
| Catylist Listing ID: | 30867700 |
| Property Subtypes: | Medical, Office Building |
| Building Size (RSF): | 42,768 SF |
| Gross Building Area: | See Agent |
| Gross Land Area: | 3.10 Acres |
| Sale Price: | $8,500,000 |
| Unit Price: | $198.75 PSF |
| Property Use Type: | Investment |
| Class of Space: | Class A |
| Sale Terms: | Undisclosed |
| Cap Rate: | 6.75% |
| Average Occupancy Rate: | 100 |
| Last Updated: | 4/19/2024 |
Overview / Comments
|
THE OFFERING This fully-leased property is located in an outstanding suburban location with easy access to Harrodsburg Road, outstanding visibility to New Circle Road and close proximity to Man O War Blvd. and the Bluegrass Airport. The major tenant in the building is UK HealthCare, a 10,000 employee teaching and research hospital and physician practice related to the University of Kentucky. Zoned P-1, the property is conveniently located off of Harrodsburg Road in Beaumont Centre. Tenants can easily walk to any number of fast food, quick service or casual dining establishments and can also walk to a Super Kroger store, a high quality YMCA, public library, banks, hotel or any other type of commercial services. The property is also in the middle of a fast growing residential area with upscale and executive housing in close proximity to the property. HIGHLIGHTS: MEDICAL OFFICE BUILDING This fully-leased property was built in 1995 for the thoroughbred magazine, The Bloodhorse. It is currently a multi-tenant building branded by University of Kentucky Health Care. The building is on 3.1 acres and backs up to New Circle Road which is the 'wheel' in the wheel and spoke design of Lexington's roadways. PARKING, ACCESS TO MAJOR ARTERIES, SCHOOLS, AND DESIRABLE RETAIL The property is in a mixed use area with retail, restaurants, hotels, banks, and residential all centered around a public area that includes a performance venue. The property has 276 parking spaces with an ample parking ratio of 6.35 spaces per 1,000 SF. LEXINGTON'S STRONG ECONOMY Strong demographics in the market with extremely low unemployment, above average salaries and a high level of college graduates in Lexington, KY. The neighborhood and the city support a strong economy and a need for medical facilities. |
Additional Details
| Nearest MSA: | Lexington-Fayette |
| County: | Fayette |
| Tax ID/APN: | 19323540 |
| Zoning: | P-1 - PROFESSIONAL OFFICE |
| Total Number of Buildings: | 1 |
| Number of Stories: | 3 |
| Typical SF / Floor: | 14,256 SF |
| Year Built: | 1995 |
| Construction/Siding: | Brick |
| Parking Ratio: | 6.5 (per 1000 SF) |
| Parking Type: | Surface |
| Total Parking Spaces: | 276 |
Demographic Statistics
| Proximity: | 1 mile | 3 miles | 5 miles |
|---|---|---|---|
| Total Population: | 10,932 | 100,095 | 223,853 |
| Median Age: | 42.74 | 35.64 | 35.69 |
| Households: | 4,973 | 41,569 | 93,238 |
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