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.
For sale
Price cut: $24.9K (8/26)
$525,000
514 Ann St, Frankfort, KY 40601
10beds
6,161sqft
Multi Family
Built in 1829
-- sqft lot
$-- Zestimate®
$85/sqft
$-- HOA
What's special
All-brick historic propertyGorgeous original hardwood floorsMassive pocket doors
- 225 days
- 302
- 15
Zillow last checked:
Listing updated:
Listed by:
Nathan Dailey 502-319-2125,
RO&CO Real Estate
Source: Imagine MLS,MLS#: 26004803
Facts & features
Interior
Bedrooms & bathrooms
- Bedrooms: 10
- Bathrooms: 8
- Full bathrooms: 8
Primary bedroom
- Level: First
Bathroom 1
- Level: First
Bathroom 2
- Level: Second
Bathroom 3
- Level: Second
Bathroom 4
- Level: Second
Bathroom 5
- Level: First
Den
- Level: First
Great room
- Level: Second
Kitchen
- Level: First
Living room
- Level: First
Living room
- Level: First
Living room
- Level: First
Features
- Flooring: Hardwood
- Basement: Unfinished
- Number of fireplaces: 4
- Fireplace features: Dining Room, Family Room, Masonry, Den
Interior area
- Total structure area: 6,161
- Total interior livable area: 6,161 sqft
- Finished area above ground: 6,161
- Finished area below ground: 0
Property
Parking
- Parking features: Driveway, Off Street
- Has uncovered spaces: Yes
Features
- Levels: Two
- Has view: Yes
- View description: Neighborhood, Other
Lot
- Size: 0.25 Acres
- Features: Other
Details
- Additional structures: Guest House
- Parcel number: 0614202005.00
Construction
Type & style
- Home type: MultiFamily
- Property subtype: Multi Family
Materials
- Stone, Solid Masonry
- Foundation: Stone
- Roof: Shingle
Condition
- Year built: 1829
Utilities & green energy
- Sewer: Public Sewer
- Water: Public
- Utilities for property: Cable Available, Electricity Available, Sewer Connected, Water Connected
Community & HOA
Community
- Subdivision: Downtown
HOA
- Has HOA: No
Location
- Region: Frankfort
Financial & listing details
- Price per square foot: $85/sqft
- Tax assessed value: $195,000
- Annual tax amount: $889
- Date on market: 3/12/2026
Estimated market value
Not available
Estimated sales range
Not available
$1,124/mo
Price history
| Date | Event | Price |
|---|---|---|
| 8/26/2026 | Price change | $525,000-4.5%$85/sqft |
Source: | ||
| 7/23/2026 | Price change | $549,900-8.3%$89/sqft |
Source: | ||
| 6/29/2026 | Price change | $599,900-14.3%$97/sqft |
Source: | ||
| 4/6/2026 | Price change | $699,900-6.7%$114/sqft |
Source: | ||
| 3/12/2026 | Listed for sale | $749,900+284.6%$122/sqft |
Source: | ||
| 4/23/2008 | Sold | $195,000$32/sqft |
Source: Public Record Report a problem | ||
Public tax history
| Year | Property taxes | Tax assessment |
|---|---|---|
| 2025 | $889 -2.1% | $195,000 |
| 2024 | $909 -1.7% | $195,000 |
| 2023 | $924 -0.4% | $195,000 |
| 2022 | $928 -2% | $195,000 |
| 2021 | $947 -60.2% | $195,000 |
| 2020 | $2,379 | $195,000 |
| 2019 | -- | $195,000 |
| 2018 | -- | $195,000 |
| 2017 | $4,205 | $195,000 |
| 2016 | $4,205 | $195,000 |
| 2015 | $4,205 | $195,000 |
Find assessor info on the county website
Monthly payment
Est. payment
Payment breakdown
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Neighborhood: 40601
Nearby schools
Schools provided by the listing agent
- Elementary: Second St
- Middle: Second St Middle
- High: Western Hills
Source: Imagine MLS. This data may not be complete. We recommend contacting the local school district to confirm school assignments for this home.





