Renovated Brick Ranch
For Sale
$474,900
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$230.76
Days on Market73
Property Features for 2957 Candlelight Way
General Information
Standard status
Active
Size
2,058 SF
Property subtype
Townhouse
Site & Location
Neighborhood
Lansdowne-Merrick Nghd Assoc
Amenities
solar panels
deck
Building Details
Year Built
1983
Construction
brick ranch
Listing Agency:
Diamond Realty & Properties LLC
Listed By:
Amy Boone · License #212432
(859) 494-7954
Source:
Sweethomeky
Added: Aug 17
Changed: Oct 27
Last Checked: Oct 28 at 8:11AM
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 Diamond Realty & Properties LLC
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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 / Yr
$15,510
Cap Rate
3.27%
Suggested Prices Based on Cap Rates
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
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 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 3.27%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$428.8K
$375.2K – $500.3K
NOI $30,015 @ 7.0% cap · market cap 6.32%
Zoning and permitted uses should be independently verified with authorities.
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Location Intelligence
Trade Area within ½ mile
283
Businesses Nearby
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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
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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 $474,900.
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
