Description
Opportunities like this rarely come along. Built in the 1820s, this all-brick historic property sits in one of the most prime locations in all of Frankfort and is ready for its next chapter. The main house has already been mostly gutted, providing a blank canvas for the next owner to bring their vision to life while preserving incredible historic features that remain intact. Inside you'll find gorgeous original hardwood floors, massive pocket doors, and soaring 12-foot ceilings in several rooms-the kind of craftsmanship that simply can't be replicated today. This property offers tremendous flexibility and could easily be finished as a large single-family historic home with multiple bedrooms and bathrooms, or redesigned as a multi-unit investment property. It would also make an excellent short-term rental, live-work space, or even a boutique business location depending on the buyer's vision. Adding even more value is the guest house located in the backyard, which features four bedrooms and two bathrooms. This structure could remain a spacious guest residence, be used for short-term rentals, or easily be converted into two separate two-bedroom apartments, creating an additional income opportunity. For investors and developers, this project is an ideal candidate for historic restoration tax credits, which may allow 30-40% of qualified improvement costs to be returned as tax credits. That makes this not only an exciting restoration project but also a financially smart one. With its historic character, prime location, and endless possibilities, 514 Ann Street presents a rare opportunity to restore and reimagine one of Frankfort's historic properties. Whether you're looking to create a stunning family home, a unique investment property, or a standout short-term rental, this property offers the chance to bring a true piece of Frankfort history back to life.
Details
| MLS # | 26004803 |
|---|---|
| Listing Type | For Sale |
| Style | House |
| Sub-Type | Resale |
| Status | Active |
| Year | 1829 |
| Days On Site | 175 |
| Listing Provided By | RO&CO Real Estate | Nathan Dailey |
Features
| Bed(s) | 10 |
|---|---|
| Bath(s) | 8 Total |
| SQ Feet | 6,161 |
| Basement | Y |
| Story(s) | 2 |
| Acreage | 0.25 |
| Property View | Neighborhood, Other |
Interior
| Rooms Total | 12 |
|---|---|
| Heating Yes / No | No |
| Cooling Yes / No | No |
Exterior
| Roof | Shingle |
|---|---|
| Construction Materials | Stone, Solid Masonry |
| Foundation Details | Stone |
| Lot Features | Other |
Parking
| Garage Yes / No | No |
|---|---|
| Attached Garage Yes / No | No |
| Parking Features | Driveway, Off Street |
Utilities
| Utilities | Cable Available, Electricity Available, Sewer Connected, Water Connected |
|---|---|
| Sewer | Public Sewer |
Area Information
| State | KY |
|---|---|
| County | Franklin |
| City | Frankfort |
| Zip Code | 40601 |
| Area | 014 Franklin County |
| Subarea | Franklin County |
| Community Name | Downtown |
| School District | Frankfort Independent |
| Elementary School | Second St |
| High School | Western Hills |
| Listing VS Median (in Downtown) | |
Price: $525,000 low | high Med: $225,000 sqft: 6,161 low | high Med: 7,400 $ / sqft: $85 low | high Med: $102 On site: 175 low | high Med: 100.5 | |
Market Activity 40601
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Learn More About This Property
| State | KY |
|---|---|
| County | Franklin |
| City | Frankfort |
| Zip Code | 40601 |
| Area | 014 Franklin County |
| Subarea | Franklin County |
| Community Name | Downtown |
| School District | Frankfort Independent |
| Elementary School | Second St |
| High School | Western Hills |
| Listing VS Median (in Downtown) | |
Price: $525,000 low | high Med: $225,000 sqft: 6,161 low | high Med: 7,400 $ / sqft: $85 low | high Med: $102 On site: 175 low | high Med: 100.5 | |
