Call for Offers 8/21/26 - 417 S Mill Street

Investment Overview

**Call for Offers 8/21/26 White Oak Commercial Real Estate is pleased to present this rare value-add opportunity in Lexington's urban core — a 0.23-acre, rectangular R-2 zoned parcel with alley access in an established mixed-use neighborhood. The property is improved with a +-4,300 square foot, single-story garage structure currently configured for automotive repair, positioned at the front of the lot with the rear alley providing secondary access. The building consists of brick and concrete block construction with garage doors on Mill and Plunkett Streets. There are two small offices, a shop and an office restroom, a paint booth, and a mezzanine for light storage. The shop is temperature controlled by two large, suspended gas heaters and stays cool in the summer months with a cross breeze generated by both bay doors opening. The offices have electric radiant baseboard heaters and a gas stove, along with window cooling units. The building's open bay layout, high arched ceilings, and concrete construction lend themselves to a range of adaptive reuse concepts — from live-work studios and maker space to retail or small-scale commercial uses pending variance approval. While current R-2 zoning limits by-right uses to residential, the structure's size, configuration, and existing non-conforming status create a flexible canvas for a buyer with a creative vision and the willingness to engage the Board of Adjustment. The property has a clean Phase I Environmental Assessment that was completed May 13, 2026.

Investment Highlights

• Active use variance in place
• Alley-served rectangular lot
• Established variance precedent on the block — adjacent parking lot and converted office building have both received Board of Adjustment approval, signaling receptivity to creative entitlement strategies in this immediate area
• 4,300 SF flexible structure with open bay layout and durable construction is well-suited for adaptive reuse
• Clean Phase I from May 13, 2026