240 Third StLexington, KY 40508

Property Details for 240 Third St

Year built

1880

Lot size

0.13 AC

Property size (Sq ft)

1,967 SF

Zone code

B-2A

Property type

Office properties

Property subtype

Office buildings

APN

10356500

APU

10356500

Description

This 1,964 square foot, Class C office building is located at 240 E Third St, Lexington, KY 40508. Built in 1880, this property offers two suites with attractive finishes, including wood floors. Amenities include a private entrance, kitchen, and full bath. The building sits on a lot with a fenced yard and provides off-street parking. Zoned B-2, this mixed-use property allows for both commercial and residential uses. Its prime downtown location places it within walking distance of Lexington's vibrant city center, restaurants, and nightlife. The asking price is $399,000, translating to $203.16 per square foot. This presents a compelling opportunity for a small business owner or investor seeking a foothold in the thriving Lexington market. The property consists of one building and offers a unique blend of historical charm and modern convenience. This is an excellent investment opportunity in a desirable location.

• CAP approach

  CAP return

  Valuation

  6%

  $300,336

  6.5%

  $277,234

  7%

  $257,431

• Comparable approach

  Method

  Valuation

  Relative Method

  $162,111

  Geo Method

  $169,319

• Alternative Use

  Use

  Valuation

  Residential

  $343,770

  Hospitality

  $314,891

  Educational

  $261,986

  Medical

  $270,996

  Retail

  $407,533

Location Insight

City

Lexington

County

Fayette

State

Kentucky

Latitude

38.0469

Longitude

-84.4902

CBSA code

30460

CBSA name

LEXINGTON-FAYETTE, KY METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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