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Property profile & analytics
OFF-MARKET
Estimated value
$38,785,000
Office buildings
151 Martin Luther King Blvd, Lexington, KY 40507-1569
Entity Owned
Free & Clear
Property ID
US34-0637274
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
1950
Total area
133,750 SF
Lot
1.13 ac (49,049 SF)
Zoning code
B-2B
APN
94025800
UPID
US34-0637274
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
-
Blue Chip Broadcasting Radio Station Telecommunications Service
-
Brock Brock & Bagby Law Firm
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$39.52M
Blend (final)
Blend
$38.79M
Owner & transaction history
Apw Arcco Ws LLC
Apw Arcco Ws LLC
since 2025
Last sale
$38.1M
2 recorded transactions
Zoning & alternative use
B-2B · Lexington, KY
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Auto repair, garage
$48.9M
+76.4%
Restaurant
$43.6M
+57.5%
Commercial (general)
$29.7M
+7.1%
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
Alternative Use
Use
Estimation
OFFICE BUILDING
$27,710,000
Current use
AUTO REPAIR, GARAGE
$48,885,000
Change: +76% · Conversion: Difficult
RESTAURANT
$43,640,000
Change: +57% · Conversion: Moderate
COMMERCIAL (GENERAL)
$29,680,000
Change: +7% · Conversion: Easy
APARTMENT HOUSE (5+ UNITS)
$29,535,000
Change: +7% · Conversion: Easy
MEDICAL BUILDING
$27,510,000
Change: -1% · Conversion: Easy
RETAIL STORES
$25,990,000
Change: -6% · Conversion: Moderate
WAREHOUSE, STORAGE
$23,345,000
Change: -16% · Conversion: Difficult
Blend value · Realmo final
$38.79M
Range $34.91M – $42.66M · ±10% · vs last sale $38.06M (May 12 2025)
Last sale anchor
$38.06M
May 12 2025
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
$290 / 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
$296,784
Tax year 2023
Assessed value
$24,000,000
Assessed 2023
Previous assessed
$24,000,000
+0.0% YoY
Effective rate
1.24%
On assessed value
Total market value
$24,000,000
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
Office buildings
Use group
OFFICE BUILDING
Status
Off-Market
Year built
1950
Heating
NONE
Total area
133,750 SF
Lot
1.13 ac (49,049 SF)
Zoning code
B-2B
APN
94025800
UPID
US34-0637274
Jurisdiction
FAYETTE
Zoning & alternative use
B-2B · Lexington, KY
Zoning B-2B · permitted uses
B-2B · 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.
Alternative use value scenarios
Repositioning upside vs current use
OFFICE BUILDING Current
Est. value
$27.7M
AUTO REPAIR, GARAGE
Est. value
$48.9M
RESTAURANT
Est. value
$43.6M
COMMERCIAL (GENERAL)
Est. value
$29.7M
APARTMENT HOUSE (5+ UNITS)
Est. value
$29.5M
MEDICAL BUILDING
Est. value
$27.5M
RETAIL STORES
Est. value
$26.0M
WAREHOUSE, STORAGE
Est. value
$23.3M
OFFICE BUILDING Current
AUTO REPAIR, GARAGE
RESTAURANT
COMMERCIAL (GENERAL)
APARTMENT HOUSE (5+ UNITS)
MEDICAL BUILDING
RETAIL STORES
WAREHOUSE, STORAGE
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1950
Heating
NONE
Lot
1.13 ac
Current owner
From public records · entity-resolved
Apw Arcco Ws LLC
Entity
Free & Clear · 0 yrs held
Mailing address
PO BOX 2629, ADDISON, TX 75001-2629
Ownership since
2025
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
2 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Aug 12, 2025
$38,058,217
Apw Arcco Ws LLC
151 Mlk Blvd LLC
Special Warranty Deed
—
Sep 4, 2014
$24,000,000
151 Mlk Blvd LLC
Windstream Ky East 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.
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