Partially Leased Professional Office Building

Office for Sale
Catylist Listing ID: 30839466
Property Subtypes: Executive Suites, Medical, Office Building
Building Size (RSF): 11,904 SF
Sale Price: $1,950,000
Unit Price: $163.81 PSF
Property Use Type: Investment, Vacant/Owner-User
Class of Space: Class B
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 5/23/2023

Overview / Comments

We are pleased to bring to market this +/- 11,904 SF single story professional office building located at 166 Pasadena Drive in Lexington, KY. The property was constructed in 1987 and was built to accommodate multiple users. The improvement is conveniently located on the south side of town, sitting between Clays Mill Road and Nicholasville Road. Of the 11,904 sf, 40% of the property is leased to Allergy Partners, who recently signed a fresh 5-year extension to remain on the premises. Part of the lease renewal included a renovation of the suite to modern furnishes. The remaining 60% of the property is available to any prospective tenant or owner occupant.

Single story office on the south side of Lexington
40% occupied with fresh 5-year term
Ideal scenario for an owner-occupant
Quick access to Nicholasville Road and New Circle Road
Ample parking

Additional Details

Nearest MSA: Lexington-Fayette
County: Fayette
Tax ID/APN: 20027220
Zoning: P-1
Property Visibility: Excellent
Area Description: This property at 166 Pasadena Drive is located just off Nicholasville Road between Pasadena and Dennis Drive in Lexington, KY. This medical office space is very accessible to the general public, being only 0.2 miles from Nicholasville Road and 0.5 miles from New Circle Road, two of the busier thoroughfares in Lexington. Lexington’s healthcare supply is consistently ranked among the best in North America and the world, while the industry’s constant expansion is evident in hospital and clinic construction and renovation projects throughout the city. The healthcare sector has been one of the driving forces of growth and stability in the Bluegrass economy, with nearly 18-percent of the area’s workforce employed in healthcare and social assistance fields.
Total Number of Buildings: 1
Number of Stories: 1
Year Built: 1987

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 15,450 148,579 242,687
Median Age: 37.5 35.09 35.61
Households: 7,241 64,253 103,269
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