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Property profile & analytics
OFF-MARKET
Estimated value
$615,000
Office buildings
1950 Nicholasville Rd, Lexington, KY 40503-2025
Entity Owned
1-yr Hold
Free & Clear
Property ID
US34-0626648
Property summary
AI-generated overview
This exceptional Lexington, KY property at 1950 Nicholasville Road offers a unique opportunity for investors and businesses alike. Currently zoned P-1, the site encompasses a 4,126 square foot building suitable for various uses, including traditional, creative, or medical office space. The existing structure features 2,500 square feet on the main level and an additional 1,575 square feet of basement space. The property is available for sale at $895,000. Alternatively, a ground lease is available, presenting an exciting prospect for build-to-suit development. Concept plans are available for review, showcasing the redevelopment potential of this strategically located site. The single-tenancy building presents a streamlined ownership experience, ideal for owner-occupiers or investors seeking a stable, high-value asset in a thriving Kentucky market. The property's address is 1950 Nicholasville Rd, Lexington, KY 40503. This versatile property is perfectly positioned to capitalize on Lexington's robust commercial real estate market. Don't miss this chance to acquire a prime piece of Lexington real estate.
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
1947
Total area
2,551 SF
Lot
0.9 ac (39,204 SF)
Zoning code
P-1
APN
11852200
UPID
US34-0626648
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
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$555k
Comparable Approach
Comparable
$603k
Blend (final)
Blend
$615k
Owner & transaction history
Glenwood Electric INC · 1 yrs held
Glenwood Electric INC
since 2025
Last sale
$675,000
2 recorded transactions
Zoning & alternative use
P-1 · Lexington, KY
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Auto repair, garage
$930,000
+135.2%
Commercial (general)
$565,000
+42.8%
Medical building
$525,000
+32.3%
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
$570,000
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$600,000
6.5%
$555,000
7%
$515,000
Alternative Use
Use
Estimation
OFFICE BUILDING
$395,000
Current use
AUTO REPAIR, GARAGE
$930,000
Change: +135% · Conversion: Difficult
COMMERCIAL (GENERAL)
$565,000
Change: +43% · Conversion: Easy
MEDICAL BUILDING
$525,000
Change: +32% · Conversion: Easy
RETAIL STORES
$495,000
Change: +25% · Conversion: Moderate
WAREHOUSE, STORAGE
$445,000
Change: +12% · Conversion: Difficult
Blend value · Realmo final
$615k
Range $554k – $677k · ±10% · vs last sale $675k (Mar 4 2025)
Last sale anchor
$675k
Mar 4 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
$241 / 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
$7,191
Tax year 2023
Assessed value
$581,500
Assessed 2023
Previous assessed
$242,300
+140.0% YoY
Effective rate
1.24%
On assessed value
Total market value
$581,500
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
1947
Heating
YES
Cooling
WINDOW A/C
Stories
2
Total area
2,551 SF
Lot
0.9 ac (39,204 SF)
Zoning code
P-1
APN
11852200
UPID
US34-0626648
Jurisdiction
FAYETTE
Zoning & alternative use
P-1 · Lexington, KY
Zoning P-1 · permitted uses
P-1 · 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
$395,000
AUTO REPAIR, GARAGE
Est. value
$930,000
COMMERCIAL (GENERAL)
Est. value
$565,000
MEDICAL BUILDING
Est. value
$525,000
RETAIL STORES
Est. value
$495,000
WAREHOUSE, STORAGE
Est. value
$445,000
OFFICE BUILDING Current
AUTO REPAIR, GARAGE
COMMERCIAL (GENERAL)
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
1947
Heating
YES
Cooling
Yes
Stories
2
Lot
0.9 ac
Current owner
From public records · entity-resolved
Glenwood Electric INC
Entity
Free & Clear · 1 yrs held
Mailing address
838 E HIGH ST #141, LEXINGTON, KY 40502-2107
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
Mar 4, 2025
$675,000
Glenwood Electric INC
Moneyjar LLC
Special Warranty Deed
—
Feb 15, 2023
$581,500
Moneyjar LLC
U S Bank National Association
Quit Claim Deed
related
$465,200 · Traditional Bank INC
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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