514 Ann Street, Frankfort, KY 40601
Downtown · Franklin County
Key Facts
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.
Property Information
Property Type
Residential
Sub-Type
Single Family Residence
Structure Type
House / Multi Family
Year Built
1829
Living Area
6,161 sq ft
Lot Size
0.25 acres
MLS® Listing#
26004803
Property Features
Appliances
Cooling
Heating
Flooring
Fireplace
Basement
Parking
Lot Features
Construction
Foundation
Roof
Other Structures
Utilities
Sewer
Water Source
Rooms
- First
- Bathroom 1First
- Bathroom 2Second
- Bathroom 3Second
- Bathroom 4Second
- Bathroom 5First
- DenFirst
- Great RoomSecond
- KitchenFirst
- Living RoomFirst
- Living RoomFirst
- Living RoomFirst
Schools
- Elementary:
- Second St
- Middle:
- Second St Middle
- High:
- Western Hills
Financial Details
HOA
None
Parcel Number
061-42-02-005.00
Directions
514 Ann St. Frankfort, KY 40601
Affordability Calculator
$109,980
Estimated monthly payment
$2,927/mo
Principal $439,920 · Est. interest $613,728 over 30 yrs
Neighborhood Market Statistics
How this home compares to active listings in Frankfort, KY
- $337,143
- Median Listing Price
- 54
- Median Days on Market
- 2,095
- Median Sq Ft
- $166
- Median Price / Sq Ft
- 132
- Active Listings
- This home’s price is 63% above the area median.
- Its price per sq ft is 46% below the area median.
Market statistics compiled from active EXIT Realty® and MLS listings in Frankfort, KY.
Location
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Points of Interest in Frankfort, KY
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Nearby Homes
Similar Homes Nearby
Similar Home Values
Comparable nearby listings and their asking prices.
| Address | Price | Beds | Baths | Sq Ft |
|---|---|---|---|---|
| 506 Steele Street 1-5, Frankfort, KY | $574,000 | 10 | 5 | 4,250 |
Moving Cost Estimate
EXIT Agents in Frankfort
Listing Courtesy: RO&CO Real Estate - 8594875670
Last Updated: 2026-03-12