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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1949 Broadway Lexington, KY 40505-1540

    • Grocery and convenience stores
    • 2,656 SF
    • 0.54 lot acres
    OFF-MARKET
    Last Sale
    Nov 06, 2023
    $1,431,339
    Value Estimations
    $1,670,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US34-0587972
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Caseys / Gas Station / Convenience Store
    • Minit Mart / Convenience Store
    • LibertyX Bitcoin ATM / Atm
    • Eg America / Convenience Store
    • Western Union / Money Transfer Service

    Property Details for 1949 Broadway

    Year built
    1965
    Lot size
    0.54 lot acres
    Property size
    2,656 SF
    Zone code
    B-5P
    Property type
    Grocery and convenience stores
    APN
    13896100
    APU
    13896100

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $2,085,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,703,000
      Market price range: $1.00M - $2.80M
      AI Estimate
      $1,703,000
      Market price range: $1.00M - $2.80M

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Lexington
    County
    Fayette
    State
    Kentucky
    Longitude
    -84.4593
    Latitude
    38.0746
    CBSA code
    30460
    CBSA name
    LEXINGTON-FAYETTE, KY METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $11,994
    $0.00
    $0.00
    $969,900
    -
    $0.00
    $0.00
    $969,900

    Comparable in this City

    • Value Estimation
      $2,250,000
      3,375 SF

      900 Winchester Rd, Unit 920

      CONVENIENCE STORE • 3,375 SF
      900 Winchester Rd, Lexington, KY 40505-3933
      View Details
    • Value Estimation by Request
      3,240 SF

      1212 Limestone

      CONVENIENCE STORE (W/FUEL PUMP) • 3,240 SF
      1212 Limestone, Lexington, KY 40505-3242
      View Details
    • Value Estimation
      $4,540,000
      12,015 SF

      1875 Augusta Dr, Unit 1877

      CONVENIENCE STORE • 12,015 SF
      1875 Augusta Dr, Lexington, KY 40505-2471
      View Details
    • Value Estimation
      $2,385,000
      3,920 SF

      176 New Cir Rd

      CONVENIENCE STORE • 3,920 SF
      176 New Cir Rd, Lexington, KY 40505-1424
      View Details
    • Value Estimation by Request
      1,830 SF

      657 Jackson St

      CONVENIENCE STORE (W/FUEL PUMP) • 1,830 SF
      657 Jackson St, Lexington, KY 40505-3701
      View Details
    • Value Estimation
      $935,000
      1,960 SF

      274 New Cir Rd

      CONVENIENCE STORE • 1,960 SF
      274 New Cir Rd, Lexington, KY 40505-2117
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      70,217 SF

      Anchored Neighborhood Shopping Center

      Neighborhood shopping center anchored by Save-A-Lot and Dollar General.
      208 Legends Ln, Lexington, KY 40505
      View Details
    • $2,700,000
      15,048 SF

      Free-Standing Retail Building with Drive-Thru

      15,048 SF retail building with drive-thru on 2.19 acres.
      254 East New Circle Rd, Lexington, KY 40505
      View Details
    • $2,600,000
      32,608 SF

      Versatile Lexington Showroom/Office Opportunity

      32,000 SF showroom with retail and office potential.
      764 E Seventh St, Lexington, KY 40505
      View Details
    • $1,470,000
      2,400 SF

      Auto Sales Property and Business

      Turnkey auto sales property and business on a busy road.
      435-445 E New Circle Rd, Lexington, KY 40505
      View Details
    • $2,200,000

      Free-Standing Retail Building with Drive-Thru

      15,048 SF retail building with drive-thru on 2.19 acres.
      254 East New Circle Rd, Lexington, KY 40505
      View Details
    • $1,200,000
      2,100 SF

      Lexington Restaurant w/ Drive-Thru

      Freestanding Restaurant, High Traffic Area
      1015 Winchester Rd, Lexington, KY 40505
      View Details

    Similar Nearby for Lease

    • $15 SF/Yr
      5,318 SF

      Retail Units on Winchester Road

      Remodeled retail units available on Winchester Road in Lexington, KY.
      1104 Winchester Rd, Lexington, KY 40505
      View Details
    • $8 SF/Yr
      17,579 SF

      Versatile Flex Space on Winchester Road

      17,579 SF flex space near downtown Lexington.
      800 Winchester Rd, Lexington, KY 40505
      View Details
    • $18 SF/Yr
      1,894 SF

      Mixed-Use Space in Lexington, KY

      Mixed-use property with office and retail space available for rent.
      1021 N Limestone, Lexington, KY 40505
      View Details
    • $19 SF/Yr
      564 SF

      Retail/Office Space in Lexington

      High-visibility retail/office space in a mixed-use development.
      1021 N Limestone, Lexington, KY 40505
      View Details
    • Contact for pricing
      309,135 SF

      Lexington Business Center: Prime Flex Space

      15,263 SF Flex/Warehouse Available
      1300 New Circle Rd, Lexington, KY 40505
      View Details
    • $8,400 /Mo
      2,400 SF

      Auto Sales Property For Lease

      Turnkey auto sales property for lease on a busy road.
      435-445 E New Circle Rd, Lexington, KY 40505
      View Details

    Property Visit Statistics

    • Visits by month
      11.8k
    • Visitors by month
      9.1k
    • Avg Time on site
      9 min
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    1949 Broadway
    Lexington, KY 40505-1540
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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