Gail Popovitz

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Listing provided courtesy of Bluegrass Sotheby's International Realty- MLS# 26007853MLS Provider

509 W 3rd StreetLexington, KY 40508

Multi-Family · 5 Beds · 4 Full Baths · 3,585 Sq. ft. | 0.18 Acres
$650,000 Active

509 W 3rd Street Overview

Time on Site:
76 days
Visits:
0

Turn-key four-plex income property in one of downtown Lexington's most sought-after locations—the thriving Jefferson Corridor, surrounded by recently completed high-end developments. This investment opportunity is currently fully leased, generating over $50,000 in annual rental income with low maintenance requirements. Major system upgrades include high-efficiency heating and cooling, along with updated electrical that is separately metered completed in 2021—offering flexibility for potential individual unit sale. While preserving its original charm featuring vaulted ceilings, beautiful hardwood floors, and classic window moldings. Residents have in-unit washer and dryer and a private fenced backyard with community firepit. Additional highlights include on-site garage parking with extra parking available. Ideally located with short distance to the University of Kentucky, Rupp Arena, Transylvania University, as well as popular dining and entertainment destinations such.

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509 W 3rd Street Facts & Features

  • Type Multi-Family
  • Sq. ft. 3,585
  • Price/Sq.ft. $181
  • Lot 0.18 Acres

Details

General

School Information

  • Elementary School: Harrison
  • Middle Or Junior School: Lexington Trad
  • High School: Lafayette

Building Information

  • Year Built: 1920

Location/Region

  • County Or Parish: Fayette
  • MLS Area Major: 001 - Fayette County NW
  • MLS Area Minor: 001 - Fayette County NW
  • Subdivision Name: Downtown

General Information

  • Parcel Number: 14751975
  • Property Sub Type: Quadruplex
  • Property Type: Residential Income

Interior

Beds/Baths

  • Bathrooms Full: 4
  • Bathrooms Half: 0
  • Bathrooms Total: 4
  • Bedrooms Total: 5

Building Interior

  • Building Area Total: 3585.0

General Information

  • Living Area: 3585.0
  • Living Area Source: Appraiser
  • Stories Total: 2

Exterior

Parking Information

  • Parking Features: Covered,Enclosed
  • Parking Total: 5.0

Lot Information

  • Lot Size Acres: 0.183
  • Lot Size Area: 0.18
  • Lot Size Square Feet: 7971.48
  • Lot Size Units: Acres
  • Number Of Buildings: 1

Building Exterior/Construction

  • Attached Garage: false
  • Roof: Composition,Flat
  • Structure Type: Quadruplex

General Information

  • Number Of Units Total: 1
  • Number Of Units Vacant: 0
  • Utilities: Electricity Connected,Natural Gas Connected,Water Connected

509 W 3rd Street Neighborhood

Community

40508 (Lexington) Demographics

23
Median Age
6,152
Population Density (per sq. mile)
41%
College Educated
$28,850
Estimated Median Income
2,697
Estimated Total Home Owners
6,918
Estimated Total Renters
28% / 72%
Estimated Owner / Renter Divide
2
Estimated Average Household Size
Community data courtesy of LiveBy, Inc.

Schools

School data courtesy of LiveBy, Inc. School ratings are based on a scale of 1-5, with 5 being the highest rating and 1 being the lowest rating.

509 W 3rd Street Monthly Cost

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* All calculations are estimates and provided by Reliance Network, for informational purposes only. Actual amounts may vary. ** Assumes 6.50% APR, 20% down payment, and conventional 30-year fixed rate first mortgage. Rates cited are for instructional purposes only; current rates are subject to change at any time without notice. You should not make any decisions based simply on the information provided. Additional required amounts such as taxes, insurance, homeowner association dues, assessments, mortgage insurance premiums, flood insurance or other such required payments should also be considered. Contact your mortgage company for current rates and additional information. Any mortgage broker or insurance agent that may appear is independent and is not affiliated with, endorsed by, or provided by the MLS.

509 W 3rd Street Market Data

Based on the last 30 days in this zip code

$374,690
Average List Price
$246
Average Price per Square Foot
13
Properties Sold
65
Average Days on Market
72
Properties for Sale
Calculations provided by Reliance Network

509 W 3rd Street History

Date Event Value Agent
6/1/2026Source: Imagine MLS/Bluegrass Price Reduction
$650,000 -3.7%
4/14/2026Source: Imagine MLS/Bluegrass Added to Database
April 14, 2026
8/12/2025Source: Imagine MLS/Bluegrass Added to Database
August 12, 2025