656 Main StLexington, KY 40508

Property Details for 656 Main St

Year built

1950

Lot size

0.21 AC

Property size (Sq ft)

4,993 SF

Zone code

B-1

Property type

Retail properties

Property subtype

Retail space

APN

15556550

APU

15556550

Description

This exceptional 4,993-square-foot storefront property at 656 E Main St, Lexington, KY 40508, presents a unique investment opportunity. Located in a highly desirable Lexington neighborhood, this mixed-use building boasts a prime location with substantial foot traffic, benefiting from its proximity to several established and esteemed residential areas including South Ashland, Kenwick, Chevy Chase, and Fairway. The property is ideally suited for a variety of uses, including boutique retail, a small office space, a compact fitness studio, or a creative business. The asking price is $1,375,000, translating to $275.39 per square foot. A dedicated parking lot provides seven spaces, supplemented by ample street parking on Clay Avenue. This historic and distinguished building offers a blend of commercial and residential potential in one of Lexington's most popular corridors, making it an attractive investment for discerning buyers. The property's versatility and location make it an excellent choice for entrepreneurs and investors seeking a high-traffic, well-situated commercial space in a thriving Lexington neighborhood.

• CAP approach

  CAP return

  Valuation

  6%

  $1,120,682

  6.5%

  $1,034,476

  7%

  $960,585

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,036,977

  Geo Method

  $1,083,090

• Alternative Use

  Use

  Valuation

  Residential

  $872,619

  Hospitality

  $799,314

  Educational

  $665,020

  Medical

  $687,891

  Retail

  $1,034,476

Location Insight

City

Lexington

County

Fayette

State

Kentucky

Latitude

38.0362

Longitude

-84.4861

CBSA code

30460

CBSA name

LEXINGTON-FAYETTE, KY METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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