Single-Story Automotive Repair
For Sale
$849,000
417 South Mill Street, Lexington, KY 40508
Brick garage with open bays, offices, and paint booth features, positioned on an R-2 site with alley access.
Property Size4,332 SF
Lot Size0.23 Acres
Price / SF$197.44
Days on Market143
Property Features for 417 South Mill Street
General Information
Standard status
Active
Size
4,332 SF
Lot size
0.23 Acres
Property subtype
Industrial
Zoning
R-2
Site & Location
Neighborhood
Historic South Hill Neighborhood
Building Details
Building Size
4,332 SF
Stories
1
Listing Agency:
White Oak Commercial Real Estate, LLC
Listed By:
Connor Hobbs · License #269283
(502) 724-5924
Source:
Whiteoakcre
Added: Jun 17
Changed: Oct 25
Last Checked: Nov 4 at 11:35AM
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 White Oak Commercial Real Estate, LLC
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Investment Insights
Based on property information with market context.
A single-story brick and concrete block garage structure totaling approximately 4,300 square feet sits on a rectangular 0.23-acre parcel, currently configured for automotive repair. The building includes an open bay shop area with high arched ceilings and concrete construction, plus two small offices, a shop and an office restroom, a paint booth, and a mezzanine for light storage. Shop comfort is supported by two large suspended gas heaters and cross-breeze ventilation created by opening both bay doors. The offices are heated with electric radiant baseboard heaters and include a gas stove and window cooling units. A cross-breeze and heater setup are already in place, and the property also has a clean Phase I Environmental Assessment completed May 13, 2026.
The property is zoned R-2 and has alley access, with the garage positioned toward the front of the lot and the rear alley providing secondary access. Garage doors are located on Mill and Plunkett Streets. The site is in an established mixed-use area and is adjacent to a variance-encumbered parking lot and a converted office building.
For an operator, the location benefits from an active use variance that permits automotive operations on an R-2 parcel, supporting near-term automotive use. For buyers and developers, the existing open-bay layout, size, and configuration may support adaptive reuse concepts, but additional variance approval would be needed for uses beyond by-right residential limits under R-2, including coordination with the Board of Adjustment.
The property is zoned R-2 and has alley access, with the garage positioned toward the front of the lot and the rear alley providing secondary access. Garage doors are located on Mill and Plunkett Streets. The site is in an established mixed-use area and is adjacent to a variance-encumbered parking lot and a converted office building.
For an operator, the location benefits from an active use variance that permits automotive operations on an R-2 parcel, supporting near-term automotive use. For buyers and developers, the existing open-bay layout, size, and configuration may support adaptive reuse concepts, but additional variance approval would be needed for uses beyond by-right residential limits under R-2, including coordination with the Board of Adjustment.
Key Highlights
- 0.23‑acre rectangular R‑2 zoned parcel with alley access in Lexington’s mixed‑use urban core
- +-4,300 SF single‑story brick/concrete block garage building with open bays and garage doors on Mill and Plunkett Streets
- Configured for automotive repair with two small offices, shop, shop restroom, and paint booth
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$40,917
Cap Rate
4.82%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$818,340
$818.3K
Cap Rate 7%
$584,529
$584.5K
Cap Rate 9%
$454,633
$454.6K
Market Conditions
NOI Build-Up for 4,300 SF
Gross rent
$61.9K $14.40/SF
− Vacancy
−$3.5K −$0.81/SF
EGI
$58.5K $13.59/SF
− OpEx
−$17.5K −$4.08/SF
NOI
$40.9K $9.52/SF
Area
Lexington, KY
Vacancy
5.60%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$818,340
Cap Rate 7%
$584,529
Cap Rate 9%
$454,633
Alternative Uses
Best Use
Retail
$584.5K
$511.5K – $682.0K
NOI $40,917 @ 7.0% cap · market cap 4.82%
Second Best
Industrial
$388.0K
$339.5K – $452.7K
NOI $27,162 @ 7.0% cap · market cap 3.20%
Theoretical Best
Office A
$895.9K
$783.9K – $1.05M
NOI $62,713 @ 7.0% cap · market cap 7.39%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
3,711
Businesses Nearby
103k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 93%
Shops & Services 7%
Raising Cane's Chicken Fingers
Dining
34,546 visits/mo
0.1 miles
McDonald's
Dining
34,086 visits/mo
0.1 miles
Tropical Smoothie Cafe
Dining
7,333 visits/mo
0.5 miles
Chase Bank
Shops & Services
6,799 visits/mo
0.5 miles
Qdoba Mexican Grill
Dining
6,091 visits/mo
0.4 miles
Demographics for 40508, KY
25,586
Population
11,458
Households
2.2
Avg Household Size
26
Median Age
36%
College-Educated
86%
High-School Grad
4.2 sq mi
ZIP Area
6,092
Density / Sq Mi
$28,040
Median Household Income
$13,316
Median Earnings
$900
Median Rent
$174,900
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in South region
Similar Off Market Nearby
- Zeus The Detailer — 721 Press Ave, Lexington, KY 40506
- 1 Auto Solution — 367 Old Virginia Ave, Lexington, KY 40504
- LEX Tow — 400 Old Vine St, 40507 Suite 202, Lexington, KY 40507
- Kool Breeze AC & Auto Repair — 439 Curry Ave, Lexington, KY 40508
- Kentucky Collision Center - South Broadway — 422 Angliana Ave, Lexington, KY 40508
Frequently Asked Questions
What type of property is this?
Auto shop - Brick garage with open bays, offices, and paint booth features, positioned on an R-2 site with alley access.
Where is this auto shop located?
The property is located at 417 South Mill Street Lexington, KY.
What is the asking price?
The asking price for this property is $849,000.
What are key features of this property?
This property features: 0.23‑acre rectangular R‑2 zoned parcel with alley access in Lexington’s mixed‑use urban core; +-4,300 SF single‑story brick/concrete block garage building with open bays and garage doors on Mill and Plunkett Streets; Configured for automotive repair with two small offices, shop, shop restroom, and paint booth
