517 3rd St Lexington, KY 40508-1595

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.

Location Insight

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