497 Main StLexington, KY 40507

  • Retail properties
  • 7,766 SF
For Sale
$1,295,000 View listing

Property Details for 497 Main St

Year built
1949
Lot size
0.24 AC
Property size (Sq ft)
7,766 SF
Zone code
B-2A
Property type
Retail properties
Property subtype
Retail space
APN
16213475
APU
16213475

Description

This exceptional three-story, 7,272 square foot office building, situated on a 0.24-acre lot in Lexington, KY's Central Business District, presents a compelling investment opportunity. Originally constructed in the 1890s and extensively renovated in 1997, the property boasts a prime location on E. Main Street, enjoying high visibility and significant daily traffic counts (31,393 cars/day). The B-2A zoning allows for flexible uses, including professional office space, retail, or even residential conversion. Features include approximately eight parking spaces with additional options nearby, a basement (square footage not included in the 7,272 SF), monument signage, a freight elevator, and numerous built-in features. Recent improvements include a new roof and fresh paint (2023). The building offers a multitude of spaces, including office areas, conference rooms, showroom space, a break room/kitchenette, and ample storage. Its proximity to desirable neighborhoods (Kenwick, Ashland, Chevy Chase) and nearby amenities (dining, shopping, financial institutions) further enhance its appeal. The asking price is $1,295,000, translating to $178.08 per square foot. This well-maintained property represents a rare chance to acquire a versatile and strategically located asset in a thriving Kentucky market.

Valuation
by Paperhouses methods

Valuation date:
Dec 11, 2024
  • CAP approach

    CAP return
    Valuation
    6%
    $1,743,084
    6.5%
    $1,609,001
    7%
    $1,494,072
  • Comparable approach

    Method
    Valuation
    Relative Method
    $1,612,891
    Geo Method
    $1,684,613
  • Alternative Use

    Use
    Valuation
    Residential
    $1,357,252
    Hospitality
    $1,243,236
    Educational
    $1,034,358
    Medical
    $1,069,931
    Retail
    $1,609,001
497 Main St, Lexington, Kentucky

Location Insight

City
Lexington
County
Fayette
State
Kentucky
Latitude
38.0397
Longitude
-84.4889
CBSA code
30460
CBSA name
LEXINGTON-FAYETTE, KY METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

Tax date
Tax Amount
Assessed Land Value
Assessed Improvement Value
Total Assessed Value
Applied Tax Rate
Land Market Value
Improvement Market Value
Total Market Value
2023
$12,366
-
-
$1,000,000
-
-
-
$1,000,000

FAQs

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