Property profile

497 Main St Lexington, KY 40507

OFF-MARKET
Retail space
Property ID
US34-0643150
7,766 SF 0.24 ac lot Built 1949
Individually Owned 1-yr Hold Free & Clear
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Property summary

AI-generated overview

This exceptional three-story, 7,272 square foot office building, situated on a 0.24-acre lot in Lexington, KY's Central Business District, presents a compelling investment opportunity. Originally constructed in the 1890s and extensively renovated in 1997, the property boasts a prime location on E. Main Street, enjoying high visibility and significant daily traffic counts (31,393 cars/day). The B-2A zoning allows for flexible uses, including professional office space, retail, or even residential conversion. Features include approximately eight parking spaces with additional options nearby, a basement (square footage not included in the 7,272 SF), monument signage, a freight elevator, and numerous built-in features. Recent improvements include a new roof and fresh paint (2023). The building offers a multitude of spaces, including office areas, conference rooms, showroom space, a break room/kitchenette, and ample storage. Its proximity to desirable neighborhoods (Kenwick, Ashland, Chevy Chase) and nearby amenities (dining, shopping, financial institutions) further enhance its appeal. The asking price is $1,295,000, translating to $178.08 per square foot. This well-maintained property represents a rare chance to acquire a versatile and strategically located asset in a thriving Kentucky market.

Property profile

Verified
Property type Retail space
Use group RETAIL STORES (PERSONAL SERVICES)
Year built 1949
Total area 7,766 SF
Lot 0.24 ac (10,454 SF)
Zoning code B-2A
APN 16213475
UPID US34-0643150

Cap rate & NOI

Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors

Current use

Occupant on record · Public records
  • Interior Design Home Decor Store

Location

497 Main St Lexington, KY 40507-1547
Lexington metro Census 500 LEXINGTON-FAYETTE, KY METROPOLITAN STATISTICAL AREA
Google Maps

Value estimations

Realmo proprietary · 4 methods
AI Approach AI
by Request
CAP Approach CAP
by Request
Comparable Approach Comparable
$1.51M
Blend (final) Blend
$1.51M

Owner & transaction history

since 2025
1 recorded transaction
2025
$970,000

Zoning & alternative use

B-2A · Lexington, KY
Zoning description

(c) In the Downtown Business Frame (B-2A) zone, where at least fifty (50%) percent of dwelling units of a lot are being provided at an affordable level, developments shall be granted an affordable housing bonus in use, s…

General category COMMERCIAL
Top alternative use upside
Commercial (general) $1.7M +14.2%
Apartment house (5+ units) $1.7M +13.6%
Office building $1.6M +6.6%

Comparables

6 recent transactions · within 1.5 mi
Comparable in this city
6 recent transactions
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
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