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Property profile & analytics
FOR SALE
Residential income homes
509 W Third St Lexington, KY 40508
Entity Owned
4-yr Hold
Property ID
US34-0459555
For Sale
1 / 48
$650,000
509 W Third St, Lexington, KY 40508
View Listing →
Property profile
Verified
Property type
Residential income homes
Use group
APARTMENT HOUSE (UNDER 5 UNITS)
Year built
1920
Total area
2,452 SF
Lot
0.18 ac (8,011 SF)
Zoning code
R-2
APN
14751975
UPID
US34-0459555
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
$790k
Blend (final)
Blend
$675k
Owner & transaction history
509 West Third LLC · 4 yrs held
509 West Third LLC
since 2022
Last sale
$530,000
5 recorded transactions
Zoning & alternative use
R-2 · Lexington, KY
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Auto repair, garage
$895,000
+120.9%
Commercial (general)
$655,000
+61.3%
Office building
$510,000
+26.2%
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
$725,000
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
APARTMENT HOUSE (5+ UNITS)
$405,000
Current use
AUTO REPAIR, GARAGE
$895,000
Change: +121% · Conversion: Difficult
COMMERCIAL (GENERAL)
$655,000
Change: +61% · Conversion: Moderate
OFFICE BUILDING
$510,000
Change: +26% · Conversion: Moderate
MEDICAL BUILDING
$505,000
Change: +24% · Conversion: Moderate
RETAIL STORES
$475,000
Change: +17% · Conversion: Difficult
WAREHOUSE, STORAGE
$430,000
Change: +5% · Conversion: Difficult
Blend value · Realmo final
$675k
Range $501k – $677k · vs last sale $530k (Mar 4 2022)
Last sale anchor
$530k
Mar 4 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
$275 / 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
$6,554
Tax year 2023
Assessed value
$530,000
Assessed 2023
Previous assessed
$530,000
+0.0% YoY
Effective rate
1.24%
On assessed value
Total market value
$530,000
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
Residential income homes
Use group
APARTMENT HOUSE (UNDER 5 UNITS)
Status
For Sale
Year built
1920
Heating
CENTRAL
Cooling
CENTRAL
Stories
2
Units
4
Bathrooms
4
Total area
2,452 SF
Lot
0.18 ac (8,011 SF)
Zoning code
R-2
APN
14751975
UPID
US34-0459555
Jurisdiction
FAYETTE
Zoning & alternative use
R-2 · Lexington, KY
Zoning R-2 · permitted uses
R-2 · 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
APARTMENT HOUSE (5+ UNITS) Current
Est. value
$405,000
AUTO REPAIR, GARAGE
Est. value
$895,000
COMMERCIAL (GENERAL)
Est. value
$655,000
OFFICE BUILDING
Est. value
$510,000
MEDICAL BUILDING
Est. value
$505,000
RETAIL STORES
Est. value
$475,000
WAREHOUSE, STORAGE
Est. value
$430,000
APARTMENT HOUSE (5+ UNITS) Current
AUTO REPAIR, GARAGE
COMMERCIAL (GENERAL)
OFFICE BUILDING
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
1920
Heating
CENTRAL
Cooling
Yes
Stories
2
Units
4
Bathrooms
4
Lot
0.18 ac
Current owner
From public records · entity-resolved
509 West Third LLC
Entity
Mailing address
234 N LIMESTONE, LEXINGTON, KY 40507-1027
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
5 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Mar 4, 2022
$530,000
509 West Third LLC
Drds Capital Holdings LLC
Deed
$450,500 · Peoples Exchange Bank INC
May 6, 2021
$487,500
Drds Capital Holdings LLC
John Crawford
Deed
—
Dec 9, 2015
$380,000
John Crawford
Shortz LLC
Deed
$373,117 · American Mtg Serv Co
Jul 16, 2013
$185,000
Shortz LLC
Zahra Tavakoli
Deed
—
Apr 19, 2012
$185,000
Zahra Tavakoli
Eldon Thomas Smith
Deed
$270,000 · Traditional Bank
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.
Try Rey
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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