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Property profile & analytics
OFF-MARKET
Estimated value
$2,260,000
Office Spaces
509 Main St Lexington, KY 40508-2341
Entity Owned
4-yr Hold
~
Est. High Equity
Property ID
US34-0449787
Property profile
Verified
Property type
Office Spaces
Use group
CONDOMINIUM OFFICES
Year built
1949
Total area
5,461 SF
Zoning code
B-1
APN
38174040
UPID
US34-0449787
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
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.77M
Blend (final)
Blend
$2.26M
Owner & transaction history
Lexington Jockey Club LLC · 4 yrs held
Lexington Jockey Club LLC
since 2022
Last sale
$2.7M
6 recorded transactions
Zoning & alternative use
B-1 · Lexington, KY
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Auto repair, garage
$2.0M
+75.1%
Restaurant
$1.8M
+56.3%
Commercial (general)
$1.5M
+27.9%
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
AUTO REPAIR, GARAGE
$1,995,000
Change: +75% · Conversion: Difficult
RESTAURANT
$1,780,000
Change: +56% · Conversion: Moderate
COMMERCIAL (GENERAL)
$1,460,000
Change: +28% · Conversion: Easy
Blend value · Realmo final
$2.26M
Range $2.03M – $2.49M · ±10% · vs last sale $2.68M (Jun 24 2022)
Last sale anchor
$2.68M
Jun 24 2022
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
$414 / 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
$16,010
Tax year 2023
Assessed value
$1,294,700
Assessed 2023
Previous assessed
$404,400
+220.2% YoY
Effective rate
1.24%
On assessed value
Total market value
$1,294,700
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 Spaces
Use group
CONDOMINIUM OFFICES
Status
Off-Market
Year built
1949
Heating
NONE
Total area
5,461 SF
Zoning code
B-1
APN
38174040
UPID
US34-0449787
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
AUTO REPAIR, GARAGE
Est. value
$2.0M
RESTAURANT
Est. value
$1.8M
COMMERCIAL (GENERAL)
Est. value
$1.5M
AUTO REPAIR, GARAGE
RESTAURANT
COMMERCIAL (GENERAL)
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
1949
Heating
NONE
Current owner
From public records · entity-resolved
Lexington Jockey Club LLC
Entity
Mailing address
2365 HARRODSBURG RD STE B240, LEXINGTON, KY 40504-3376
Ownership since
2022
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
6 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
May 4, 2026
—
509 E Main LLC
—
Deed
related
$200,000 · Bank Of Lexington INC
Jun 1, 2023
—
509 E Main LLC
—
Deed
related
$2,642,000 · Bank Of Lexington INC
May 17, 2023
—
509 E Main LLC
—
Deed
related
$2,642,000 · Bank Of Lexington INC
Jun 24, 2022
$2,676,500
Lexington Jockey Club LLC
Gregory D Ladd
Condominium Deed
$2,141,200 · Bank Of Lexington
Apr 26, 2022
—
Gregory D Ladd
—
Deed
related
$550,000 · Stock Yards Bank & Trust Company
Sep 26, 2018
—
Gregory D Ladd
—
Deed
related
$500,000 · Kentucky Bk
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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