497 Main StLexington, KY 40507
- Retail properties
- 7,766 SF
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
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
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
FAQs
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