315 W 3rd Street, Frankfort, KY 40601

New Listing
$1,128,000
Property Type: Business Opportunity Square Footage: 7,000 Lot Size (sq. ft.): 12,474 Status: Active
Current Price: $1,128,000 List Date: 6/22/2026 Last Modified: 6/27/2026

Description

Unique business opportunity in the heart of historic South Frankfort. This property offers over 6,400 square feet of finished space across two separate residences, creating multiple possibilities for short-term rental use, a bed and breakfast concept, multigenerational living with income potential, or an owner-occupied investment setup. The main residence offers 4,224 square feet with 5 bedrooms, 3.5 bathrooms, original hardwood floors, beautiful crown molding, a handcrafted carved staircase, soaring ceilings, 6 fireplaces throughout, including 2 gas fireplaces, and a spacious first-floor primary suite. The kitchen features granite countertops and stainless steel appliances, and one of the standout features of the home is the wraparound front porch with hardwood flooring that was recently refinished with a specialty outdoor finish. Behind the main home is a fully furnished 1,600 square foot guest house with 3 bedrooms and 1.5 bathrooms. The guest house features granite countertops, stainless steel appliances, and a new roof, and is currently listed as an Airbnb. This existing short-term rental setup provides a strong starting point for a buyer looking to continue rental use or explore expanding the property's income-producing potential. The layout allows for several possible business models. A buyer could live in one residence while renting the other, continue operating the guest house as a short-term rental, explore using the main residence as a larger short-term rental, or consider a bed and breakfast concept. The property also includes a two-car garage connected to the guest house structure, with exterior access only and no interior access into the guest house, allowing it to function as private garage space for the main residence. With two separate residences, significant finished square footage, historic character, updated kitchens, private garage parking, and an existing Airbnb presence, this South Frankfort property offers a rare opportunity for a buyer looking for both real estate and business potential. Buyer to verify zoning, permitting, licensing, and intended use. STR Financials available upon request.

Supplements: ********

Open Houses

Sunday, June 28, 2:00 pm - 4:00 pm

More Information MLS# 26014537

Listing Information

Comp Sale YN: No Property Sub Type: Business

Address

Zip +4: 2703 Parcel Number: 062-13-13-004.00 County: Franklin Street Number: 315 Street Direction Prefix: W Street Name: 3rd Street Suffix: Street State: KY Zip Code: 40601

Contract

Start Showing Date: 2026-06-22 Listing Agreement: Exclusive Right To Sell Occupant Type: Occupied Office Exclusive YN: No List Price/Acre: 3890996.9 Current Price: $1,128,000 Original List Price: 1128000 Status: Active Listing Contract Date: 2026-06-22 List Price: $1,128,000

Tax & Legal

Directions: From Capital Ave to W Third

Building

Living Area: 5824 Living Area Units: Square Feet Living Area Source: Plans Building Area Total: 7000 Building Area Source: Estimated Building Area Units: Square Feet Year Built: 1904

Lot

Lot Size Acres: 0.2899 Lot Size Square Feet: 12474

Utilities

Cooling YN: Yes Heating YN: Yes

Remarks

Public Remarks: Unique business opportunity in the heart of historic South Frankfort. This property offers over 6,400 square feet of finished space across two separate residences, creating multiple possibilities for short-term rental use, a bed and breakfast concept, multigenerational living with income potential, or an owner-occupied investment setup. The main residence offers 4,224 square feet with 5 bedrooms, 3.5 bathrooms, original hardwood floors, beautiful crown molding, a handcrafted carved staircase, soaring ceilings, 6 fireplaces throughout, including 2 gas fireplaces, and a spacious first-floor primary suite. The kitchen features granite countertops and stainless steel appliances, and one of the standout features of the home is the wraparound front porch with hardwood flooring that was recently refinished with a specialty outdoor finish. Behind the main home is a fully furnished 1,600 square foot guest house with 3 bedrooms and 1.5 bathrooms. The guest house features granite countertops, stainless steel appliances, and a new roof, and is currently listed as an Airbnb. This existing short-term rental setup provides a strong starting point for a buyer looking to continue rental use or explore expanding the property's income-producing potential. The layout allows for several possible business models. A buyer could live in one residence while renting the other, continue operating the guest house as a short-term rental, explore using the main residence as a larger short-term rental, or consider a bed and breakfast concept. The property also includes a two-car garage connected to the guest house structure, with exterior access only and no interior access into the guest house, allowing it to function as private garage space for the main residence. With two separate residences, significant finished square footage, historic character, updated kitchens, private garage parking, and an existing Airbnb presence, this South Frankfort property offers a rare opportunity for a buyer looking for both real estate and business potential. Buyer to verify zoning, permitting, licensing, and intended use. STR Financials available upon request.

Cooling

Heat Pump: 1

Heating

Heat Pump: 1

Building and Property Details

Furniture, Fixtures & Equipment YN: Yes Building Expansion Potential YN: No

Business Type

Other: 1

Business Details

Balance Sheets YN: Yes Copy of Lease YN: No Customer Contracts YN: No License and Permits YN: Yes Owned Real Estate YN: Yes

Sale Or Lease Includes

Building(s): 1 Business: 1

Showing Requirements

Call Listing Agent: 1 Showing Service: 1

Showing Information

Showing Instructions: Listing agent will open but will allow for buyer's agent to privately show.

Status Change Information

Status Change Timestamp: 2026-06-22

Tax Legal

MLS Area Major: 014 - Franklin County Subdivision Name: South Frankfort

Property Features

Business Type: Other Cooling: Heat Pump Heating: Heat Pump Sale Or Lease Includes: Building(s); Business Showing Requirements: Call Listing Agent; Showing Service
Listing Office: Marshall Lane Real Estate
Last Updated: June - 27 - 2026
Information deemed reliable but not guaranteed.