497 Main StLexington, KY 40507

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 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.

• 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

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

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