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Millpond Center 3644 Boston Rd 35,581 SF 100% Leased Retail Building Lexington, KY 40514 $5,195,548 ($146.02/SF) 6.75% Cap Rate
Investment Highlights
- 2nd largest city in Kentucky; MSA population ~520,000 and growing
- Strategic I-64 / I-75 interchange - within a day's drive of 65% of U.S. population.
- Major employers: UK, Toyota Mfg KY (Georgetown), Amazon, Lexmark, Valvoline
Executive Summary
3644 Boston Road presents the opportunity to acquire a multi-tenant retail outparcel positioned within the Millpond Center retail corridor in Lexington, Kentucky. The property is improved with a three-tenant mix that includes Sky Zone, Paul Mitchell School, and a ground lease occupied by Clean Sweep Car Wash, creating income diversification across entertainment, education, and service-oriented uses. Long-term tenancy contributes to operational stability, with Paul Mitchell occupying the property since 2009 and Sky Zone since 2016.
The asset benefits from its location as an outparcel to Millpond Center, a Kroger-anchored neighborhood shopping center totaling approximately 124,966 square feet. The center has undergone recent improvements and is supported by a complementary mix of national and regional retailers, helping generate consistent consumer traffic throughout the corridor. Direct access from Man O'War Boulevard enhances visibility and connectivity to surrounding residential neighborhoods and retail destinations.
The asset benefits from its location as an outparcel to Millpond Center, a Kroger-anchored neighborhood shopping center totaling approximately 124,966 square feet. The center has undergone recent improvements and is supported by a complementary mix of national and regional retailers, helping generate consistent consumer traffic throughout the corridor. Direct access from Man O'War Boulevard enhances visibility and connectivity to surrounding residential neighborhoods and retail destinations.
Data Room Click Here to Access
- Offering Memorandum
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Building Size
35,581 SF
Building Class
C
Year Built
1990
Price
$5,195,548
Price Per SF
$146.02
Cap Rate
6.75%
NOI
$350,699
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.25
Lot Size
3.29 AC
Zoning
B-6P
Parking
257 Spaces (7.22 Spaces per 1,000 SF Leased)
Fairly walkable
50/100
Exceptionally drivable
100/100
Fairly bikeable
50/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 10045590 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $3,250,100 |
Property Taxes
Parcel Number
10045590
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$3,250,100
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