509 W 3rd St, Lexington, KY, 40508
About This Home
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.
Getting Around
Very Walkable
Very Limited Transit
Very BikeableSchools
Construction
Condition
- Year built: 1920
Materials
- Roof: Composition,Flat
Type & Style
- Home type: MultiFamily
- Property subType: Quadruplex
Interior
Bedrooms & Bathrooms
- Bedrooms: 5
- Bathrooms: 4
- Full bathrooms: 4
Heating & Cooling
- Heating features: Electric,Natural Gas
- Cooling features: Electric
Interior Area
- Total structure area: 3,585
- Total interior livable area: 3,585 sqft
Property
Details
- Parcel number: 14751975
- Attached to another structure: Yes
Lot
- Lot size: 7,971 sqft
Parking
- Total spaces: 5
- Parking features: Covered,Enclosed
Climate Risk is Financial Risk
Every home has a financial story beyond the listing price. Below, you’ll see the climate risks that could affect this property — and in Bills & Affordability, how those risks may influence repairs, insurance, utilities, and long-term value.
Biggest Threats for This Home
- Cold Wave
- Lightning
- Tornado
- Winter Weather
- Hail
- Inland Flooding
- Ice Storm
- Strong Wind
How This Home’s Risks Compare
FEMA Declared Disasters Across Kentucky Counties
Understanding the Costs
Financial advisors generally recommend spending no more than 30% of your gross household income on housing costs. In practice, many households stretch to 35% or beyond — especially in high-cost markets.
Estimated Costs Today
| Monthly | Annual | |
|---|---|---|
| Mortgage | $3,160 | $37,920 |
| Home Insurance * | $617 | $7,404 |
| Property Taxes | $654 | $7,848 |
| Electricity | $283 | $3,397 |
| Total | $4,714 | $56,568 |
Income You'd Need if You Spent...
Kentucky FAIR Plan Programs
How Costs Could Change Over Time
Climate risk is quickly impacting all of the major home ownership costs. Adjust the growth rates and percentage of income spent on housing below to see how your housing costs could change over the next 10 years — and what income you'd need to keep up.
Comparing Against the Market
Price Per Sq Ft
vs Other Active Listings
Avg $/sqft
vs Homes Sold Last Month
Median $/sqft
Current Market Trends
Median Price Per Square Foot
The median price per square foot of homes sold in this area each month. Compare this to this listing's price per square foot to gauge whether the home is priced in line with recent sales.
Historicals for This Listing
Zestimate History ($/sqft)
Price History
| Date | Event | Price |
|---|---|---|
| 2026-04-14 | Listed for sale | $675,000 |
| 2025-07-29 | Listing removed | $950 |
| 2025-07-24 | Listed for rent | $950 |
| 2025-07-01 | Listing removed | $995 |
| 2025-06-10 | Price change | $995 |
| 2025-05-07 | Listed for rent | $1,100 |
| 2025-04-21 | Listing removed | $1,100 |
| 2025-01-30 | Price change | $1,100 |
| 2025-01-23 | Listed for rent | $1,200 |
| 2022-02-21 | Sold | $530,000 |
| 2022-01-29 | Pending sale | $540,000 |
| 2022-01-17 | Listed for sale | $540,000 |
| 2021-05-06 | Sold | $487,500 |
| 2021-03-29 | Pending sale | $502,000 |
| 2021-02-02 | Price change | $502,000 |
| 2020-11-10 | Price change | $507,900 |
| 2020-10-08 | Listed for sale | $519,900 |
| 2020-03-02 | Listing removed | $529,000 |
| 2019-09-25 | Listed for sale | $529,000 |
| 2019-09-17 | Pending sale | $529,000 |
| 2019-08-15 | Price change | $529,000 |
| 2019-04-16 | Listed for sale | $549,900 |
| 2015-12-09 | Sold | $380,000 |
| 2013-07-16 | Sold | $185,000 |
| 2012-04-19 | Sold | $185,000 |
| 2011-07-29 | Price change | $199,900 |
| 2011-07-16 | Listed for sale | $210,000 |
For Sale by Agent
View on Zillow