New search
Property profile & analytics
OFF-MARKET
Estimated value
$6,895,000
Turn key restaurants
1228 Manchester St, Lexington, KY 40504-1129
Entity Owned
13-yr Hold
Free & Clear
Property ID
US34-0723117
Property profile
Verified
Property type
Turn key restaurants
Use group
RESTAURANT
Year built
1933
Total area
35,854 SF
Lot
1.01 ac (43,996 SF)
Zoning code
I-2
APN
38250840
UPID
US34-0723117
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Wiseguy Lounge Bar & Pub Nightclub
-
James E. Pepper Distillery Brewery & Distillery Bar & Pub
-
Goodfellas Pizzeria - Distillery Restaurant
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$6.90M
Blend (final)
Blend
$6.90M
Owner & transaction history
Peppermill LLC · 13 yrs held
Peppermill LLC
since 2013
7 recorded transactions
Zoning & alternative use
I-2 · Lexington, KY
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Lexington submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Lexington submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Blend value · Realmo final
$6.90M
Range $6.21M – $7.58M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$192 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$13,714
Tax year 2023
Assessed value
$1,109,000
Assessed 2023
Previous assessed
$800,000
+38.6% YoY
Effective rate
1.24%
On assessed value
Total market value
$1,109,000
Applied tax rate
1.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Turn key restaurants
Use group
RESTAURANT
Status
Off-Market
Year built
1933
Heating
NONE
Total area
35,854 SF
Lot
1.01 ac (43,996 SF)
Zoning code
I-2
APN
38250840
UPID
US34-0723117
Jurisdiction
FAYETTE
Zoning & alternative use
I-2 · Lexington, KY
Zoning I-2 · permitted uses
I-2 · Lexington, KY
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Lexington. Always verify with local authorities before improvements.
Building & site characteristics
From public records
Year built
1933
Heating
NONE
Lot
1.01 ac
Current owner
From public records · entity-resolved
Peppermill LLC
Entity
Free & Clear · 13 yrs held
Mailing address
435 W 3RD ST, LEXINGTON, KY 40508-3511
Ownership since
2013
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
8 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Aug 29, 2022
—
Peppermill LLC
—
Deed
related
$301,322 · Bank Of The Bluegrass & Trust Company
May 16, 2022
—
Peppermill LLC
—
Deed
related
$1,167,476 · Bank Of The Bluegrass & Trust Company
Sep 18, 2018
—
Peppermill LLC
—
Deed
related
$283,938 · Bank Of The Bluegrass
Jan 31, 2018
—
Peppermill LLC
—
Deed
related
$940,484 · Bank Of The Bluegrass
Sep 1, 2017
—
Peppermill LLC
—
Deed
related
$284,000 · Bank Of The Bluegrass
Nov 9, 2016
—
Peppermill LLC
—
Deed
related
$633,120 · Bank Of The Bluegrass
Jul 8, 2016
—
Peppermill LLC
—
Deed
related
$308,260 · Bank Of The Bluegrass
Jun 25, 2013
$200,000
Peppermill LLC
Pepper Distillery LLC
Deed
—
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
Try Rey
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
You own 1228 Manchester St?
List it free. Reach 20,000 daily buyers.
We’ve already pulled the facts. Confirm photos + price and you’re live in 2 minutes.
List this address →
Full reports are paid
Unlock the full Property Analytics report
Start free for 7 days — no card required. Full owner contacts, all 4 valuations with methodology, refine flow, comparable adjustments, foot-traffic deep dive, export to PDF / CSV.
