Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Sold
    • Property Lookup
    • Brokers
    240 3rd St Lexington, KY 40508-1828

    Property Lookup

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

    240 3rd St Lexington, KY 40508-1828

    View on Map
    • Office buildings
    • 1,967 SF
    • 0.13 lot acres
    Off-Market
    Property ID
    US34-0628527
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Office buildings

    Property Details for 240 3rd St

    Year built
    1880
    Lot size
    0.13 lot acres
    Property size
    1,967 SF
    Zone code
    B-2A
    Property type
    Office buildings
    APN
    10356500
    APU
    10356500

    Description

    This 1,964 square foot, Class C office building is located at 240 E Third St, Lexington, KY 40508. Built in 1880, this property offers two suites with attractive finishes, including wood floors. Amenities include a private entrance, kitchen, and full bath. The building sits on a lot with a fenced yard and provides off-street parking. Zoned B-2, this mixed-use property allows for both commercial and residential uses. Its prime downtown location places it within walking distance of Lexington's vibrant city center, restaurants, and nightlife. The asking price is $399,000, translating to $203.16 per square foot. This presents a compelling opportunity for a small business owner or investor seeking a foothold in the thriving Lexington market. The property consists of one building and offers a unique blend of historical charm and modern convenience. This is an excellent investment opportunity in a desirable location.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Lexington
    County
    Fayette
    State
    Kentucky
    Longitude
    -84.4902
    Latitude
    38.0469
    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
    $1,744
    $0.00
    $0.00
    $141,000
    -
    $0.00
    $0.00
    $141,000

    Comparable in this City

    • Value Estimation by Request
      1,817 SF

      630 Maxwelton Ct

      OFFICE BUILDING • 1,817 SF
      630 Maxwelton Ct, Lexington, KY 40508-3225
      View Details
    • Value Estimation
      $3,300,000
      20,296 SF

      801 Limestone

      OFFICE BUILDING • 20,296 SF
      801 Limestone, Lexington, KY 40508-3222
      View Details
    • Value Estimation
      $530,000
      3,378 SF

      183 Walton Ave

      OFFICE BUILDING • 3,378 SF
      183 Walton Ave, Lexington, KY 40508-2315
      View Details
    • Value Estimation
      $570,000
      2,334 SF

      121 Walton Ave

      OFFICE BUILDING • 2,334 SF
      121 Walton Ave, Lexington, KY 40508-2315
      View Details
    • Value Estimation
      $2,185,000
      13,932 SF

      151 Walton Ave

      OFFICE BUILDING • 13,932 SF
      151 Walton Ave, Lexington, KY 40508-2315
      View Details
    • Value Estimation
      $1,075,000
      6,848 SF

      146 3rd St

      OFFICE BUILDING • 6,848 SF
      146 3rd St, Lexington, KY 40508-1826
      View Details

    Similar Nearby for Sale

    • $1,750,000
      6,848 SF

      Downtown Lexington Creative Office Building

      Historic, renovated office building in downtown Lexington with modern amenities.
      146 E Third St, Lexington, KY 40508
      View Details
    • $260,000
      958 SF

      Lexington Commercial Live-Work Space

      Well-maintained, remodeled commercial space near downtown Lexington and University of Kentucky.
      117 W Maxwell St, Lexington, KY 40508
      View Details
    • Contact for pricing
      1,307 SF

      Historic Lexington Retail Investment Opportunity

      1307 SF building in Lexington's historic North Limestone corridor.
      726 N Limestone, Lexington, KY 40508
      View Details
    • Contact for pricing
      1,181 SF

      Historic Building in NoLi Corridor

      Charming 1,181 SF building in Lexington's vibrant NoLi district.
      732 N Limestone, Lexington, KY 40508
      View Details
    • Contact for pricing
      200,000 SF

      Distillery District Redevelopment Opportunity

      Redevelopment opportunity in the heart of The Distillery District.
      1170 Manchester St, Lexington, KY 40508
      View Details
    • $49,900
      0.05 Acres

      Residential Lot in Downtown Lexington

      Residential lot near Transylvania University, Distillery District, and Rupp Arena.
      512 Willy St, Lexington, KY 40508
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      New Lexington Office Space Available

      New Class-A office space in Lexington's mixed-use development.
      144 Turner Commons Way, Lexington, KY 40508
      View Details
    • $5,000 /Mo
      2,846 SF

      Historic Downtown Office Space Available

      Renovated office space in historic downtown Lexington, move-in ready.
      642 W Main St, Lexington, KY 40508
      View Details
    • $6 SF/Yr
      7,700 SF

      Industrial Flex Space Near Downtown

      7,700 SF flex space near downtown Lexington and UK.
      441 Hayman Ave, Lexington, KY 40508
      View Details
    • New
      $2,500 /Mo
      1,724 SF

      Lexington Office Space Available

      Professional office space for rent in Lexington, Kentucky.
      635 N Broadway, Lexington, KY 40508
      View Details
    • $13 SF/Yr
      3,360 SF

      Lexington Flex Space Available

      Flex space near downtown with easy access and showroom potential.
      858 W Main St, Lexington, KY 40508
      View Details
    • $2,500 /Mo
      2,131 SF

      Lexington Commercial Building with Fenced Yard

      Commercial building for lease featuring a fenced yard.
      312 Thompson Rd, Lexington, KY 40508
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    240 3rd St
    Lexington, KY 40508-1828
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    240 3rd St, Lexington, KY, 40508
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!