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Property profile & analytics
OFF-MARKET
Estimated value
$2,110,000
Distribution centers
997 Contract St Lexington, KY 40505-3665
Entity Owned
6-yr Hold
~
Est. High Equity
Property ID
US34-0412263
Property profile
Verified
Property type
Distribution centers
Use group
DISTRIBUTION WAREHOUSE
Year built
1999
Total area
20,000 SF
Lot
3.18 ac (138,303 SF)
Zoning code
I-1
APN
38015980
UPID
US34-0412263
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
-
Goodman Air Conditioning and Heating Hardware & Home Improvement HVAC Service
-
Saf-Ti-Co Inc (Bike/Boat/Book/etc) Store Rental Equipment Company
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$2.22M
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$2.11M
Owner & transaction history
Frisco Prop LLC · 6 yrs held
Frisco Prop LLC
since 2020
Last sale
$1.6M
2 recorded transactions
Zoning & alternative use
I-1 · Lexington, KY
Permitted uses
Permitted uses
Allowed · conditional · prohibited
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
$1,285,000
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$2,395,000
6.5%
$2,215,000
7%
$2,055,000
Alternative Use
Use
Estimation
WAREHOUSE, STORAGE
$3,490,000
Current use
RETAIL STORES
$2,825,000
Change: -19% · Conversion: Moderate
OFFICE BUILDING
$2,805,000
Change: -20% · Conversion: Difficult
Blend value · Realmo final
$2.11M
Range $1.90M – $2.32M · ±10% · vs last sale $1.60M (Mar 4 2020)
Last sale anchor
$1.60M
Mar 4 2020
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
$106 / 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
$19,786
Tax year 2023
Assessed value
$1,600,000
Assessed 2023
Previous assessed
$1,600,000
+0.0% YoY
Effective rate
1.24%
On assessed value
Total market value
$1,600,000
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
Distribution centers
Use group
DISTRIBUTION WAREHOUSE
Status
Off-Market
Year built
1999
Heating
NONE
Cooling
NONE
Stories
1
Units
1
Total area
20,000 SF
Lot
3.18 ac (138,303 SF)
Zoning code
I-1
APN
38015980
UPID
US34-0412263
Jurisdiction
FAYETTE
Zoning & alternative use
I-1 · Lexington, KY
Zoning I-1 · permitted uses
I-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
WAREHOUSE, STORAGE Current
Est. value
$3.5M
RETAIL STORES
Est. value
$2.8M
OFFICE BUILDING
Est. value
$2.8M
WAREHOUSE, STORAGE Current
RETAIL STORES
OFFICE BUILDING
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
1999
Heating
NONE
Cooling
Yes
Stories
1
Units
1
Lot
3.18 ac
Current owner
From public records · entity-resolved
Frisco Prop LLC
Entity
Mailing address
2400 MILLERS LN, LOUISVILLE, KY 40216-5332
Ownership since
2020
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
2 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Mar 4, 2020
$1,600,000
Frisco Prop LLC
Goodman Distribution INC
Deed
$1,350,000 · Park Natl Bk
Mar 4, 2020
—
Frisco Prop LLC
—
Deed
related
$250,000 · Park Natl Bk
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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