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Property profile & analytics
OFF-MARKET
Estimated value
$10,570,000
Medical Office Space
496 Southland Dr Lexington, KY 40503-1827
Entity Owned
11-yr Hold
Free & Clear
Property ID
US34-0159950
Property profile
Verified
Property type
Medical Office Space
Use group
MEDICAL BUILDING
Year built
2015
Total area
37,290 SF
Lot
2.8 ac (122,142 SF)
Zoning code
B-1
APN
22236500
UPID
US34-0159950
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
-
HealthFirst Bluegrass - Southland Drive Clinic Medical Clinic
-
Ajita Singh Physician
-
Ms. Ida Marr Physician Medical Clinic
-
William Austin Dake Pediatrician Physician
-
Meagan Gee Foster Care Service Social Service Agency
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$10.57M
Blend (final)
Blend
$10.57M
Owner & transaction history
Healthfirst Bluegrass INC · 11 yrs held
Healthfirst Bluegrass INC
since 2014
3 recorded transactions
Zoning & alternative use
B-1 · Lexington, KY
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Auto repair, garage
$13.6M
+77.7%
Restaurant
$12.2M
+58.7%
Commercial (general)
$8.3M
+7.9%
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
MEDICAL BUILDING
$7,670,000
Current use
AUTO REPAIR, GARAGE
$13,630,000
Change: +78% · Conversion: Difficult
RESTAURANT
$12,165,000
Change: +59% · Conversion: Difficult
COMMERCIAL (GENERAL)
$8,275,000
Change: +8% · Conversion: Easy
APARTMENT HOUSE (5+ UNITS)
$8,235,000
Change: +7% · Conversion: Moderate
RETAIL STORES
$7,245,000
Change: -6% · Conversion: Difficult
WAREHOUSE, STORAGE
$6,510,000
Change: -15% · Conversion: Difficult
Blend value · Realmo final
$10.57M
Range $9.51M – $11.63M · ±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
$283 / 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
Assessed value
$12,100,000
Assessed 2023
Previous assessed
$12,100,000
+0.0% YoY
Total market value
$12,100,000
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
Medical Office Space
Use group
MEDICAL BUILDING
Status
Off-Market
Year built
2015
Heating
NONE
Total area
37,290 SF
Lot
2.8 ac (122,142 SF)
Zoning code
B-1
APN
22236500
UPID
US34-0159950
Jurisdiction
FAYETTE
Zoning & alternative use
B-1 · Lexington, KY
Zoning B-1 · permitted uses
B-1 · 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
MEDICAL BUILDING Current
Est. value
$7.7M
AUTO REPAIR, GARAGE
Est. value
$13.6M
RESTAURANT
Est. value
$12.2M
COMMERCIAL (GENERAL)
Est. value
$8.3M
APARTMENT HOUSE (5+ UNITS)
Est. value
$8.2M
RETAIL STORES
Est. value
$7.2M
WAREHOUSE, STORAGE
Est. value
$6.5M
MEDICAL BUILDING Current
AUTO REPAIR, GARAGE
RESTAURANT
COMMERCIAL (GENERAL)
APARTMENT HOUSE (5+ UNITS)
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
2015
Heating
NONE
Lot
2.8 ac
Current owner
From public records · entity-resolved
Healthfirst Bluegrass INC
Entity
Free & Clear · 11 yrs held
Mailing address
650 NEWTOWN PIKE, LEXINGTON, KY 40508-1113
Ownership since
2014
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
3 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jul 22, 2014
$2,500,000
Healthfirst Bluegrass INC
496 Southland Dr LLC
Deed
—
May 21, 2012
$625,000
496 Southland Dr LLC
First Fed Bk
Deed
—
Mar 21, 2011
$702,500
First Fed Bk
Charles H Moore SR.
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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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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