Add Listing
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    421 2nd St Lexington, KY 40507-1039

    • Residential income homes
    • 3,432 SF
    • 0.22 lot acres
    OFF-MARKET
    Value Estimations
    $970,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US34-0497492
    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

    • Funky Bunny Smoke Club / (Bike/Boat/Book/etc) Store
    • Navigators USA Lexington / Family Recreation Center / Volunteer Organization

    Property Details for 421 2nd St

    Year built
    1950
    Lot size
    0.22 lot acres
    Property size
    3,432 SF
    Zone code
    R-4
    Property type
    Residential income homes
    Property subtype
    Small apartment buildings
    APN
    15846400
    APU
    15846400

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $971,000
      Market price range: $360k - $2.04M
      AI Estimate
      $971,000
      Market price range: $360k - $2.04M

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $760,000
      Current use
      AUTO REPAIR, GARAGE
      $1,255,000
      Change: +66% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $760,000
      Change: +0% Conversion: Moderate
      OFFICE BUILDING
      $710,000
      Change: -6% Conversion: Moderate
      MEDICAL BUILDING
      $705,000
      Change: -7% Conversion: Moderate
      RETAIL STORES
      $665,000
      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
    -84.4978
    Latitude
    38.0518
    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
    $4,392
    $0.00
    $0.00
    $355,200
    -
    $0.00
    $0.00
    $355,200

    Comparable in this City

    • Value Estimation by Request
      2,026 SF

      583 Short St

      APARTMENT HOUSE (UNDER 5 UNITS) • 2,026 SF
      583 Short St, Lexington, KY 40507-1234
      View Details
    • Value Estimation by Request
      2,476 SF

      588 Short St

      APARTMENT HOUSE (UNDER 5 UNITS) • 2,476 SF
      588 Short St, Lexington, KY 40507-1273
      View Details
    • Value Estimation
      $1,065,000
      4,670 SF

      420 2nd St

      APARTMENT HOUSE (UNDER 5 UNITS) • 4,670 SF
      420 2nd St, Lexington, KY 40507-1006
      View Details
    • Value Estimation
      $1,305,000
      2,368 SF

      247 Broadway

      APARTMENT HOUSE (UNDER 5 UNITS) • 2,368 SF
      247 Broadway, Lexington, KY 40507-1036
      View Details
    • Value Estimation
      $515,000
      1,800 SF

      157 Constitution St, Unit 159

      APARTMENT HOUSE (UNDER 5 UNITS) • 1,800 SF
      157 Constitution St, Lexington, KY 40507-2112
      View Details
    • Value Estimation by Request
      2,402 SF

      574 Short St

      APARTMENT HOUSE (UNDER 5 UNITS) • 2,402 SF
      574 Short St, Lexington, KY 40507-1216
      View Details

    Similar Nearby for Sale

    • New
      $999,000
      Pending

      Mixed-Use Property in Downtown Lexington

      Mixed-use property with retail and residential units in Lexington.
      102 W High St, 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
    • $425,000
      1,763 SF

      Downtown Lexington Commercial Condo For Sale

      1,763 SF retail/creative office space in the NoLi District.
      211 N Limestone, Lexington, KY 40507
      View Details
    • $1,999,000
      Pending

      Lexington Commercial Property For Sale

      Commercial property available for sale in Lexington, Kentucky.
      307 W Short St, Lexington, KY 40507
      View Details

    Similar Nearby for Lease

    • $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
    • $16 SF/Yr
      2,438 SF

      Downtown Lexington Office Space

      Prime Office Suites, 800-2438 SF
      155 Main St, Lexington, KY 40507
      View Details
    • $12 SF/Yr
      4,400 SF

      Downtown Lexington Flex Space

      Versatile industrial space, ideal for storage.
      262-264 Vine St, Lexington, KY 40507
      View Details
    • Contact for pricing
      54,204 SF

      Lexington Office Space Available

      54204 square feet of office space for rent.
      200 W Vine St, Lexington, KY 40507
      View Details
    • $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
    • $40 SF/Yr
      156 SF

      Downtown Lexington Redevelopment Opportunity

      Prime commercial space in downtown Lexington's newest redevelopment.
      325 W Main St, Lexington, KY 40507
      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.
    421 2nd St
    Lexington, KY 40507-1039
    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

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!