517 3rd St Lexington, KY 40508-1595
Property Lookup
Property profile & analytics
517 3rd St Lexington, KY 40508-1595
- Residential income homes
- 3,960 SF
- 0.19 lot acres
Property ID
US34-0596639
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.
Location Intelligence
Current Use by Public Records
- Residential income homes
Property Details for 517 3rd St
- Year built
- 1965
- Lot size
- 0.19 lot acres
- Property size
- 3,960 SF
- Zone code
- R-2
- Property type
- Residential income homes
- Property subtype
- Small apartment buildings
- APN
- 13452279
- APU
- 13452279
Description
This exceptional investment opportunity presents a brand-new, 1,992 square foot retail building in Pembroke, Kentucky, currently leased to Popeyes Louisiana Kitchen. The property boasts a strong 6.15% cap rate and a substantial net operating income (NOI) of $162,500. The 15-year absolute NNN lease, commencing August 9th, 2024, and expiring August 30th, 2039, includes three five-year renewal options with a 10% rent increase every five years. This minimizes landlord responsibilities and provides consistent, predictable income. The building is situated on a high-traffic retail corridor, W. 3rd St (15,500 vehicles per day), and benefits from its proximity to UNC Pembroke, a university with over 7,500 students and 420+ faculty. The surrounding area shows robust retail performance, with over 325,000 square feet of retail space within a one-mile radius boasting 0% vacancy and over 3,700 square feet absorbed in the past year. Nearby national tenants include Jersey Mike's, Circle K, Cook Out, McDonald's, and Burger King. The asking price is $2,642,000, translating to $1,326.31 per square foot. Built in 2024, this property represents a secure, high-return investment in a thriving market. The 0.88-acre lot ensures ample space and visibility. Popeyes' strong performance, with 16.1% sales growth in Q3 2023 compared to Q3 2022, further solidifies this investment's potential. This is a turnkey opportunity for passive income generation.
Value Estimations
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CAP approach
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Alternative Use
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Location Insight
- Map
- Local Demand
- City
- Lexington
- County
- Fayette
- State
- Kentucky
- Longitude
- -84.499
- Latitude
- 38.0558
- 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
$2,300
$0.00
$0.00
$186,000
-
$0.00
$0.00
$186,000
