Renovated Brick Ranch
For Sale
$489,000
2957 Candlelight Way, Lexington, KY 40502
Updated townhome with a finished basement, second kitchen, deck, atrium door, and solar panels.
Property Size2,058 SF
Price / SF$237.61
Days on Market18
Property Features for 2957 Candlelight Way
General Information
Standard status
Active
Size
2,058 SF
Property subtype
Townhouse
Amenities
solar panels
deck
Building Details
Year Built
1983
Construction
brick ranch
Listing Agency:
Lifstyl Real Estate
Listed By:
Fred Kamdar
(859) 321-0340
Source:
Reliance1realty
Added: Aug 17
Changed: Aug 31
Last Checked: Sep 2 at 4:54PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Lifstyl Real Estate
Investment Insights
Based on property information with market context.
This brick ranch townhome was built in 1983 and offers 2,058 square feet of finished residential space. The interior has undergone extensive renovation, including kitchen cabinetry and countertops, flooring, railings, and lighting. A large atrium door connects the living area to an outdoor deck, while solar panels add a notable property feature.
The fully finished basement includes a second kitchen, creating a distinct lower-level living area within the home. The property is located at 2957 Candlelight Way in Lexington, Kentucky, and is identified as a residential income property.
The fully finished basement includes a second kitchen, creating a distinct lower-level living area within the home. The property is located at 2957 Candlelight Way in Lexington, Kentucky, and is identified as a residential income property.
Key Highlights
- 2,058 SF brick ranch townhome built in 1983
- Fully finished basement with its own kitchen
- Renovated kitchens with new cabinets and countertops
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$15,510
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.17%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$310,200
$310.2K
Cap Rate 7%
$221,571
$221.6K
Cap Rate 9%
$172,333
$172.3K
Market Conditions
NOI Build-Up for 2,058 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$30.1K $14.64/SF
− Vacancy
−$1.9K −$0.94/SF
EGI
$28.2K $13.70/SF
− OpEx
−$12.7K −$6.17/SF
NOI
$15.5K $7.54/SF
Area
Lexington, KY
Vacancy
6.40%
Lease Rate
$14.64 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$310,200
Cap Rate 7%
$221,571
Cap Rate 9%
$172,333
Alternative Uses
Best Use
Apartment 5plus
$221.6K
$193.9K – $258.5K
NOI $15,510 @ 7.0% cap · market cap 3.17%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$428.8K
$375.2K – $500.3K
NOI $30,015 @ 7.0% cap · market cap 6.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
283
Businesses Nearby
Explore this area
Business Placement
Demographics for 40502, KY
26,080
Population
14,232
Households
1.8
Avg Household Size
40
Median Age
67%
College-Educated
96%
High-School Grad
7.1 sq mi
ZIP Area
3,673
Density / Sq Mi
$73,939
Median Household Income
$46,197
Median Earnings
$1,068
Median Rent
$483,600
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Updated townhome with a finished basement, second kitchen, deck, atrium door, and solar panels.
Where is this residential income property located?
The property is located at 2957 Candlelight Way Lexington, KY.
What is the asking price?
The asking price for this property is $489,000.
What are key features of this property?
This property features: 2,058 SF brick ranch townhome built in 1983; Fully finished basement with its own kitchen; Renovated kitchens with new cabinets and countertops
