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    Property profile & analytics

    1951 N Broadway Lexington, KY 40505

    • Drive through restaurants
    • 2,600 SF
    • 1.25 lot acres
    For Sale
    View listing
    $1,170,000
    Last Sale
    Apr 25, 2022
    $610,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US34-0601264
    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

    • Drive through restaurants

    Property Details for 1951 N Broadway

    Year built
    1968
    Lot size
    1.25 lot acres
    Property size
    2,600 SF
    Zone code
    B-5P
    Property type
    Drive through restaurants
    APN
    13895950
    APU
    13895950

    Description

    This exceptional 1.3-acre commercial property located at 1951 N Broadway in Lexington, KY, presents a unique investment opportunity. The property features a 2,600 square foot single-tenant building, currently vacant, built in 1968 and situated on a 1.3-acre lot. The building is a single-story structure with a B-5P (Interchange Business) zoning designation, allowing for a wide range of retail uses. The property boasts a prime location just off Interstates 75/64, providing excellent visibility and accessibility. Its proximity to downtown Lexington (0.8 miles) and high traffic volume (approximately 26,600 cars per day on N. Broadway) ensures significant potential for success. The existing building, a former restaurant, is in excellent condition and includes all fully-equipped kitchen equipment, making it ideal for a second-generation restaurant or similar use. The surrounding area includes established businesses such as Shell and Marathon gas stations, and a Days Inn and Suites, further enhancing the property's desirability. The property is also available for sale at $1,375,000. Nearby development plans, including the transformation of the former Transylvania University Baseball fields into an affordable housing development, promise increased foot traffic and community growth. This property is an excellent opportunity for investors seeking a high-traffic, versatile retail space in a rapidly developing area of Lexington. The APN is 13895950.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $835,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $826,000
      Market price range: $500k - $1.32M
      AI Estimate
      $826,000
      Market price range: $500k - $1.32M

    • Alternative Use

      Use
      Estimation
      RESTAURANT
      $850,000
      Current use
      AUTO REPAIR, GARAGE
      $950,000
      Change: +12% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Lexington
    County
    Fayette
    State
    Kentucky
    Longitude
    -84.4593
    Latitude
    38.0749
    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
    $7,543
    $0.00
    $0.00
    $610,000
    -
    $0.00
    $0.00
    $610,000

    Comparable in this City

    • Value Estimation
      $1,980,000
      3,891 SF

      2296 Thunderstick Dr

      DRIVE-THRU RESTAURANT, FAST FOOD • 3,891 SF
      2296 Thunderstick Dr, Lexington, KY 40505-9002
      View Details
    • Value Estimation
      $1,060,000
      2,180 SF

      757 New Cir Rd

      DRIVE-THRU RESTAURANT, FAST FOOD • 2,180 SF
      757 New Cir Rd, Lexington, KY 40505-2905
      View Details
    • Value Estimation
      $2,170,000
      4,272 SF

      1499 Russell Cave Rd

      DRIVE-THRU RESTAURANT, FAST FOOD • 4,272 SF
      1499 Russell Cave Rd, Lexington, KY 40505-3115
      View Details
    • Value Estimation
      $1,470,000
      3,256 SF

      2270 Elkhorn Rd

      DRIVE-THRU RESTAURANT, FAST FOOD • 3,256 SF
      2270 Elkhorn Rd, Lexington, KY 40505-4803
      View Details
    • Value Estimation
      $780,000
      1,982 SF

      771 New Cir Rd

      DRIVE-THRU RESTAURANT, FAST FOOD • 1,982 SF
      771 New Cir Rd, Lexington, KY 40505-2905
      View Details
    • Value Estimation
      $1,145,000
      2,515 SF

      307 New Cir Rd

      DRIVE-THRU RESTAURANT, FAST FOOD • 2,515 SF
      307 New Cir Rd, Lexington, KY 40505-2616
      View Details

    Similar Nearby for Sale

    • $2,700,000
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      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
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    • $2,200,000

      Free-Standing Retail Building with Drive-Thru

      15,048 SF retail building with drive-thru on 2.19 acres.
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    • $1,200,000
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      Freestanding Restaurant on Winchester Road

      Freestanding restaurant with drive-thru for sale on Winchester Road.
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    • $1,200,000
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      Lexington Restaurant w/ Drive-Thru

      Freestanding Restaurant, High Traffic Area
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    • $1,170,000
      1.30 Acres

      Prime Retail Land with Income

      1.3 acres of retail land near downtown Lexington.
      1951 N Broadway, Lexington, KY 40505
      View Details
    • $1,375,000
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      Lexington Restaurant & Land - $1.375M

      Prime Lexington restaurant, 2600 sq ft, 1.3 acres.
      1951 Broadway, Lexington, KY 40505
      View Details

    Similar Nearby for Lease

    • $18 SF/Yr
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      4,810 SF restaurant/catering space available for lease.
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    • $15 SF/Yr
      5,318 SF

      Retail Units on Winchester Road

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    • $8 SF/Yr
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      Versatile Flex Space on Winchester Road

      17,579 SF flex space near downtown Lexington.
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    • Contact for pricing
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      Lexington Business Center: Prime Flex Space

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    • $18 SF/Yr
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      Mixed-Use Space in Lexington, KY

      Mixed-use property with office and retail space available for rent.
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    • $8,400 /Mo
      2,400 SF

      Auto Sales Property For Lease

      Turnkey auto sales property for lease on a busy road.
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    1951 N Broadway
    Lexington, KY 40505
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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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