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Property profile & analytics
OFF-MARKET
Estimated value
$1,805,000
Office buildings
340 Meijer Way Lexington, KY 40503-3340
Entity Owned
19-yr Hold
Free & Clear
Property ID
US34-0633104
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
2007
Total area
7,639 SF
Lot
1 ac (43,560 SF)
Zoning code
B-6P
APN
38195310
UPID
US34-0633104
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
Current use
Occupant on record · Public records
-
Joe McMillin, O.D. Physician
-
Simpson Optical: McClanahan Karl OD Physician
-
Simpson Optical: Lynn Jeff OD Physician
-
Simpson Optical: Costa Angela OD Physician
-
Dr. John Zent Physician
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.81M
Blend (final)
Blend
$1.81M
Owner & transaction history
20 20 Investments LLC · 19 yrs held
20 20 Investments LLC
since 2006
2 recorded transactions
Zoning & alternative use
B-6P · Lexington, KY
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Auto repair, garage
$2.8M
+135.2%
Restaurant
$2.5M
+110.0%
Commercial (general)
$1.7M
+42.8%
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
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
OFFICE BUILDING
$1,185,000
Current use
AUTO REPAIR, GARAGE
$2,790,000
Change: +135% · Conversion: Difficult
RESTAURANT
$2,495,000
Change: +110% · Conversion: Moderate
COMMERCIAL (GENERAL)
$1,695,000
Change: +43% · Conversion: Easy
APARTMENT HOUSE (5+ UNITS)
$1,685,000
Change: +42% · Conversion: Easy
MEDICAL BUILDING
$1,570,000
Change: +32% · Conversion: Easy
RETAIL STORES
$1,485,000
Change: +25% · Conversion: Moderate
WAREHOUSE, STORAGE
$1,335,000
Change: +12% · Conversion: Difficult
Blend value · Realmo final
$1.81M
Range $1.62M – $1.99M · ±10%
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
$236 / 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
$21,142
Tax year 2023
Assessed value
$1,709,700
Assessed 2023
Previous assessed
$1,709,700
+0.0% YoY
Effective rate
1.24%
On assessed value
Total market value
$1,709,700
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
2007
Heating
NONE
Cooling
CENTRAL
Stories
1
Total area
7,639 SF
Lot
1 ac (43,560 SF)
Zoning code
B-6P
APN
38195310
UPID
US34-0633104
Jurisdiction
FAYETTE
Zoning & alternative use
B-6P · Lexington, KY
Zoning B-6P · permitted uses
B-6P · 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
$1.2M
AUTO REPAIR, GARAGE
Est. value
$2.8M
RESTAURANT
Est. value
$2.5M
COMMERCIAL (GENERAL)
Est. value
$1.7M
APARTMENT HOUSE (5+ UNITS)
Est. value
$1.7M
MEDICAL BUILDING
Est. value
$1.6M
RETAIL STORES
Est. value
$1.5M
WAREHOUSE, STORAGE
Est. value
$1.3M
OFFICE BUILDING Current
AUTO REPAIR, GARAGE
RESTAURANT
COMMERCIAL (GENERAL)
APARTMENT HOUSE (5+ UNITS)
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
2007
Heating
NONE
Cooling
Yes
Stories
1
Lot
1 ac
Current owner
From public records · entity-resolved
20 20 Investments LLC
Entity
Free & Clear · 19 yrs held
Mailing address
340 MEIJER WAY, LEXINGTON, KY 40503-3340
Ownership since
2006
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
Aug 18, 2020
—
20 20 Inv LLC
—
Deed
related
$50,000 · Republic Bk & Tr Co
Nov 29, 2006
$775,000
20 20 Investments LLC
Meijer Stores Limited Pa
Special Warranty Deed
—
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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