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Property profile & analytics
OFF-MARKET
Estimated value
$1,185,000
Retail space
656 Main St Lexington, KY 40508-2378
Entity Owned
Absentee Owner
~
Est. High Equity
Property ID
US34-0645618
Property summary
AI-generated overview
This exceptional 4,993-square-foot storefront property at 656 E Main St, Lexington, KY 40508, presents a unique investment opportunity. Located in a highly desirable Lexington neighborhood, this mixed-use building boasts a prime location with substantial foot traffic, benefiting from its proximity to several established and esteemed residential areas including South Ashland, Kenwick, Chevy Chase, and Fairway. The property is ideally suited for a variety of uses, including boutique retail, a small office space, a compact fitness studio, or a creative business. The asking price is $1,375,000, translating to $275.39 per square foot. A dedicated parking lot provides seven spaces, supplemented by ample street parking on Clay Avenue. This historic and distinguished building offers a blend of commercial and residential potential in one of Lexington's most popular corridors, making it an attractive investment for discerning buyers. The property's versatility and location make it an excellent choice for entrepreneurs and investors seeking a high-traffic, well-situated commercial space in a thriving Lexington neighborhood.
Property profile
Verified
Property type
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Year built
1950
Total area
4,993 SF
Lot
0.21 ac (9,087 SF)
Zoning code
B-1
APN
15556550
UPID
US34-0645618
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
Current use
Occupant on record · Public records
-
Elleigh & Claire Marketplace Clothing & Fashion Store
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.00M
Blend (final)
Blend
$1.19M
Owner & transaction history
Hatch Properties LLC
Hatch Properties LLC
since 2025
Last sale
$1.4M
3 recorded transactions
Zoning & alternative use
B-1 · Lexington, KY
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Auto repair, garage
$1.8M
+88.1%
Commercial (general)
$1.3M
+37.4%
Office building
$1.0M
+7.4%
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
RETAIL STORES
$970,000
Current use
AUTO REPAIR, GARAGE
$1,825,000
Change: +88% · Conversion: Difficult
COMMERCIAL (GENERAL)
$1,335,000
Change: +37% · Conversion: Easy
OFFICE BUILDING
$1,040,000
Change: +7% · Conversion: Easy
MEDICAL BUILDING
$1,025,000
Change: +6% · Conversion: Difficult
WAREHOUSE, STORAGE
$870,000
Change: -10% · Conversion: Difficult
Blend value · Realmo final
$1.19M
Range $1.07M – $1.30M · ±10% · vs last sale $1.38M (Dec 19 2025)
Last sale anchor
$1.38M
Dec 19 2025
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
$237 / 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
$8,223
Tax year 2023
Assessed value
$665,000
Assessed 2023
Previous assessed
$391,600
+69.8% YoY
Effective rate
1.24%
On assessed value
Total market value
$665,000
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
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Status
Off-Market
Year built
1950
Heating
NONE
Cooling
WINDOW A/C
Stories
2
Total area
4,993 SF
Lot
0.21 ac (9,087 SF)
Zoning code
B-1
APN
15556550
UPID
US34-0645618
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
RETAIL STORES Current
Est. value
$970,000
AUTO REPAIR, GARAGE
Est. value
$1.8M
COMMERCIAL (GENERAL)
Est. value
$1.3M
OFFICE BUILDING
Est. value
$1.0M
MEDICAL BUILDING
Est. value
$1.0M
WAREHOUSE, STORAGE
Est. value
$870,000
RETAIL STORES Current
AUTO REPAIR, GARAGE
COMMERCIAL (GENERAL)
OFFICE BUILDING
MEDICAL BUILDING
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
1950
Heating
NONE
Cooling
Yes
Stories
2
Lot
0.21 ac
Current owner
From public records · entity-resolved
Hatch Properties LLC
Entity
Mailing address
1034 SERENITY CIR, NICHOLASVILLE, KY 40356-7025
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2025
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
3 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Dec 19, 2025
$1,375,000
Hatch Properties LLC
Spm Capital Investments LLC
Deed
$1,168,750 · South Central Bank
Jul 10, 2025
—
Spm Capital Investments LLC
Montgomery Rei LLC
Deed
—
Dec 20, 2022
—
Montgomery Rei LLC
—
Deed
related
$811,750 · Cumberland Valley National Bank & Trust
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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