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    405 W Third St Lexington, KY 40508

    Pending
    For Sale
    $580,000

    MULTI_FAMILY - Lexington, KY

    Property size:
    3,922 SF
    Lot size:
    0.14 Acres
    Days on Market:
    12
    Last Refresh:
    Dec 7 at 1:06 pm

    Property Features for 405 W Third St

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Pending
    Rooms
    Bathroom 3, Bedroom 5, Bedroom 1, Bedroom 7, Bedroom 4, Bathroom 1, Bedroom 8, Bedroom 3, Bathroom 4, Bathroom 2, Bedroom 6, Bedroom 2
    Bedrooms
    8
    Bathrooms
    4
    APN
    16578300 & 16577600
    Size
    3,922 SF
    Lot size
    0.14 Acres

    Utilities

    Heating system
    Natural Gas
    Cooling system
    Central Air

    Building Details

    Year built
    1950
    Floors in Building
    2
    Number of units
    4

    United Real Estate Lexington KY (859) 396-6706 [email protected]

    Listing agent Gokce Tekeli (859) 800-7355

    Listing date Nov 26, 2025

    MLS# 25506041 Listing URL

    Copyright © 2025 ImagineMLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Lexington Fourplex with Development Potential

    This property presents an investment opportunity in a downtown location. The property is a fully rented fourplex, offering income potential. It is situated next to Transylvania University and near Gatton Park, Rupp Arena, and breweries. The property is being sold with the adjacent lot at 407 W Third St. The lot is zoned R-4, suitable for future development or expansion in a Designated Opportunity Zone. The property size is 3922 square feet, and the lot size is 0.1399 acres.
    Property Profile Location Intelligence

    Current Use by Public Records

    Quadplexes

    Suggested Use

    Realty agency Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Daycare Center Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Lexington
    County
    Fayette
    State
    Kentucky
    Longitude
    -84.4956
    Latitude
    38.052522

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    FAQs

    What type of property is this?
    Quadplex - Fully rented fourplex with adjacent lot in downtown Lexington.
    Where is this quadplex located?
    The property is located at 405 W Third St Lexington, KY.
    What is the asking price?
    The asking price for this property is $580,000.
    What are key features of this property?
    This property features: - Prime downtown location next to Transylvania University and near Gatton Park, Rupp Arena, and breweries.; - Fully rented 4-plex providing solid income.; - Includes adjacent lot at 407 W Third St for future development.
    (859) 800-7355
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    405 W Third St Lexington, KY 40508
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