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    240 Main St Lexington, KY 40507-1310
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    240 Main St Lexington, KY 40507-1310

    View on Map
    • Office buildings
    • 8,320 SF
    • 0.21 lot acres
    Off-Market
    Property ID
    US34-0515786
    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
    $2,445,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Office buildings

    Property Details for 240 Main St

    Year built
    1992
    Lot size
    0.21 lot acres
    Property size
    8,320 SF
    Zone code
    B-2
    Property type
    Office buildings
    APN
    12754900
    APU
    12754900

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $2,444,000
      Market price range: $1.23M - $2.46M
      AI Estimate
      $2,444,000
      Market price range: $1.23M - $2.46M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $1,725,000
      Current use
      AUTO REPAIR, GARAGE
      $3,040,000
      Change: +76% Conversion: Difficult
      RESTAURANT
      $2,715,000
      Change: +57% Conversion: Moderate
      COMMERCIAL (GENERAL)
      $1,845,000
      Change: +7% Conversion: Easy
      APARTMENT HOUSE (5+ UNITS)
      $1,835,000
      Change: +7% Conversion: Easy
      MEDICAL BUILDING
      $1,710,000
      Change: -1% Conversion: Easy
      RETAIL STORES
      $1,615,000
      Change: -6% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Lexington
    County
    Fayette
    State
    Kentucky
    Longitude
    -84.4948
    Latitude
    38.0437
    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
    $14,839
    $0.00
    $0.00
    $1,200,000
    -
    $0.00
    $0.00
    $1,200,000

    Comparable in this City

    • Value Estimation
      $10,510,000
      70,994 SF

      101 Vine St

      OFFICE BUILDING • 70,994 SF
      101 Vine St, Lexington, KY 40507-1459
      View Details
    • Value Estimation
      $1,450,000
      5,628 SF

      145 Constitution St

      OFFICE BUILDING • 5,628 SF
      145 Constitution St, Lexington, KY 40507-2112
      View Details
    • Value Estimation by Request
      2,530 SF

      226 High St

      OFFICE BUILDING • 2,530 SF
      226 High St, Lexington, KY 40507-1420
      View Details
    • Value Estimation
      $1,360,000
      6,688 SF

      277 High St

      OFFICE BUILDING • 6,688 SF
      277 High St, Lexington, KY 40507-1421
      View Details
    • Value Estimation by Request
      1,272 SF

      337 High St

      OFFICE BUILDING • 1,272 SF
      337 High St, Lexington, KY 40507-1509
      View Details
    • Value Estimation
      $505,000
      3,404 SF

      230 Limestone

      OFFICE BUILDING • 3,404 SF
      230 Limestone, Lexington, KY 40507-1027
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      14,826 SF

      Class A Office Asset

      Class A office building with connected parking garage.
      333 W Vine St, Lexington, KY 40507
      View Details
    • Contact for pricing
      1,848 SF

      Downtown Lexington Stand-Alone Office Building

      Charming 1,848 SF office building in the heart of Lexington.
      117 W Second St, Lexington, KY 40507
      View Details
    • $1,825,000
      7,343 SF

      Downtown Lexington Mixed-Use Building

      Three-story renovated building in prime downtown location.
      161 N Limestone, Lexington, KY 40507
      View Details
    • Contact for pricing

      Loft-Style Office Suites For Lease

      Loft-style office suites in downtown Lexington's newest mixed-use redevelopment.
      150 W Short St, Lexington, KY 40507
      View Details
    • Contact for pricing
      7,343 SF

      Downtown Building with Upscale Renovations

      Downtown building with recent renovations and lease income potential.
      161 N Limestone, Lexington, KY 40507
      View Details
    • Contact for pricing

      Downtown Lexington Mixed-Use Complex

      140,000 SF mixed-use complex in downtown Lexington.
      401 West Main St, Lexington, KY 40507
      View Details

    Similar Nearby for Lease

    • $19 SF/Yr
      2,085 SF

      Class A Office Space Available

      Premier Lexington office space with connected parking and on-site security.
      333 W Vine St, Lexington, KY 40507
      View Details
    • $19 SF/Yr
      14,826 SF

      Class-A Office Space Available

      Class-A office asset in Lexington, featuring connected parking garage.
      333 W Vine St, Lexington, KY 40507
      View Details
    • Contact for pricing

      Class-A Office Asset in Lexington

      Class-A office building in Lexington's Central Business District.
      333 W Vine St, Lexington, KY 40507
      View Details
    • $19 SF/Yr
      14,693 SF

      Class A Office Space Available

      Class A office building with connected parking garage in Lexington.
      333 W Vine St, Lexington, KY 40507
      View Details
    • $19 SF/Yr
      14,826 SF

      Class A Office Space Available

      Premier Lexington office building with connected parking and on-site security.
      333 W Vine St, Lexington, KY 40507
      View Details
    • $19 SF/Yr
      3,770 SF

      Class-A Office Space Available

      Class-A office space for lease in Lexington, Kentucky.
      333 W Vine St, Lexington, KY 40507
      View Details
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    240 Main St
    Lexington, KY 40507-1310
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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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