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    509 W Third St Lexington, KY 40508
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    509 W Third St Lexington, KY 40508

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    • Residential income homes
    • 2,452 SF
    • 0.18 lot acres
    For Sale
    $675,000
    View Listing →
    Turn-Key Lexington Fourplex Investment For Sale
    $675,000
    3,585 SF

    Turn-Key Lexington Fourplex Investment

    Fully leased fourplex in Lexington's thriving Jefferson Corridor.

    509 W 3rd Street, Lexington, KY 40508
    View Listing
    Property ID
    US34-0459555
    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.
    Value Estimations
    Cap Rate Potential
    2.8%
    Residential income homes
    Location Intelligence

    Current Use by Public Records

    • Residential income homes

    Property Details for 509 W Third St

    Year built
    1920
    Lot size
    0.18 lot acres
    Property size
    2,452 SF
    Zone code
    R-2
    Property type
    Residential income homes
    Property subtype
    Small apartment buildings
    APN
    14751975
    APU
    14751975

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $725,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $790,000
      Market price range: $253k - $835k
      AI Estimate
      $790,000
      Market price range: $253k - $835k

    • 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

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Lexington
    County
    Fayette
    State
    Kentucky
    Longitude
    -84.4987
    Latitude
    38.0555
    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
    $6,554
    $0.00
    $0.00
    $530,000
    -
    $0.00
    $0.00
    $530,000

    Comparable in this City

    • Value Estimation
      $795,000
      5,514 SF

      412 Transylvania Park

      APARTMENT HOUSE (UNDER 5 UNITS) • 5,514 SF
      412 Transylvania Park, Lexington, KY 40508-3063
      View Details
    • Value Estimation
      $685,000
      5,098 SF

      410 Transylvania Park

      APARTMENT HOUSE (UNDER 5 UNITS) • 5,098 SF
      410 Transylvania Park, Lexington, KY 40508-3062
      View Details
    • Value Estimation
      $805,000
      2,368 SF

      751 Triple Crown Cir

      APARTMENT HOUSE (UNDER 5 UNITS) • 2,368 SF
      751 Triple Crown Cir, Lexington, KY 40508-2150
      View Details
    • Value Estimation by Request
      1,960 SF

      208 Eastern Ave, Unit 210

      APARTMENT HOUSE (UNDER 5 UNITS) • 1,960 SF
      208 Eastern Ave, Lexington, KY 40508-1918
      View Details
    • Value Estimation by Request
      2,542 SF

      413 Elm St

      APARTMENT HOUSE (UNDER 5 UNITS) • 2,542 SF
      413 Elm St, Lexington, KY 40508-1111
      View Details
    • Value Estimation by Request
      1,952 SF

      119 Hagerman Ct

      APARTMENT HOUSE (UNDER 5 UNITS) • 1,952 SF
      119 Hagerman Ct, Lexington, KY 40508-2665
      View Details

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    Similar Nearby for Lease

    • Contact for pricing

      New Lexington Office Space Available

      New Class-A office space in Lexington's mixed-use development.
      144 Turner Commons Way, Lexington, KY 40508
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      3,150 SF

      Retail Space Near Kentucky University

      New mixed-use retail space near the University of Kentucky.
      665-693 S Limestone, Lexington, KY 40508
      View Details
    • $25 SF/Yr
      1,451 SF

      Retail Space in Lexington Innovation Community

      Retail/Restaurant space available in Lexington's Innovation Community with ample parking.
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    • $30 SF/Yr
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      Retail Space in Lexington Innovation

      Retail space available in Lexington's first innovation community.
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    • $8 SF/Yr
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      Renovated Flex/Industrial Space Available

      Newly renovated flex/industrial facility in premier mixed-use development.
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      Retail Leasing at HUB Lexington

      Retail leasing opportunities on the University of Kentucky campus.
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    View Listing
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    509 W Third St
    Lexington, KY 40508
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    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
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