For the first time since it was built in 1974, this one-owner Open Gates home is ready for its next chapter! Located in one of Lexington's most convenient established neighborhoods, you'll have quick access to Nicholasville Road, Harrodsburg Road, downtown Lexington and the University of Kentucky. The split-foyer design provides comfortable living space across both levels. Upstairs, the living room flows into the dining area, where glass doors extend the space onto the rear deck overlooking the fenced backyard. Three bedrooms and a full bath complete the main level, while downstairs offers a second gathering space anchored by a brick fireplace with gas logs. A fourth bedroom and full bath add flexibility for guests, a home office or additional living space, with the utility room and oversized one-car garage rounding out the lower level. This is a home with the space, layout and location to become something special. Bring your ideas, choose the finishes and make the updates that fit your style rather than paying for someone else's choices. With a fenced backyard, four-bedroom, two-bath layout and a sought-after Open Gates location, the foundation is here. Now it's ready for someone with a vision to make it their own.
For sale
$335,000
481 Severn Way, Lexington, KY 40503
4beds
2,190sqft
Single Family Residence
Built in 1974
9,191 Square Feet Lot
$327,500 Zestimate®
$153/sqft
$-- HOA
What's special
Oversized one-car garageUtility roomSplit-foyer designFenced backyard
- 51 days
- 716
- 62
Zillow last checked:
Listing updated:
Listed by:
Nicholas Ratliff 859-351-9796,
Real Broker, LLC - Lexington,
Nick Ratliff Realty Team - Nicholas Ratliff 859-554-2075,
Real Broker, LLC - Lexington
Source: Imagine MLS,MLS#: 26021990
Facts & features
Interior
Bedrooms & bathrooms
- Bedrooms: 4
- Bathrooms: 2
- Full bathrooms: 2
Primary bedroom
- Level: First
Bedroom 2
- Level: First
Bedroom 3
- Level: First
Bedroom 4
- Level: Lower
Bathroom 1
- Level: First
Bathroom 2
- Level: Lower
Dining room
- Level: First
Family room
- Level: Lower
Foyer
- Level: First
Kitchen
- Level: First
Living room
- Level: First
Utility room
- Level: Lower
Heating
- Electric, Heat Pump
Cooling
- Electric, Heat Pump
Appliances
- Included: Dishwasher, Microwave, Refrigerator, Range
- Laundry: Electric Dryer Hookup, Washer Hookup, Lower Level
Features
- Entrance Foyer, Eat-in Kitchen, Ceiling Fan(s)
- Flooring: Hardwood, Other, Vinyl
- Windows: Blinds
- Basement: Full,Partially Finished
- Number of fireplaces: 1
- Fireplace features: Basement, Family Room, Gas Log, Masonry
Interior area
- Total structure area: 2,190
- Total interior livable area: 2,190 sqft
- Finished area above ground: 1,332
- Finished area below ground: 858
Property
Parking
- Total spaces: 1
- Parking features: Attached Garage, Basement, Driveway, Garage Faces Front
- Garage spaces: 1
- Has uncovered spaces: Yes
Features
- Levels: Multi/Split
- Fencing: Chain Link,Wood
Lot
- Size: 9,191 Square Feet
- Features: Few Trees
Details
- Parcel number: 10547400
Construction
Type & style
- Home type: SingleFamily
- Architectural style: Split Level,Raised Ranch
- Property subtype: Single Family Residence
Materials
- Brick Veneer
- Foundation: Block
- Roof: Shingle
Condition
- Year built: 1974
Utilities & green energy
- Sewer: Public Sewer
- Water: Public
- Utilities for property: Electricity Connected, Natural Gas Connected, Sewer Connected, Water Connected
Community & HOA
Community
- Subdivision: Open Gates
HOA
- Has HOA: No
Location
- Region: Lexington
Financial & listing details
- Price per square foot: $153/sqft
- Tax assessed value: $263,000
- Annual tax amount: $2,645
- Date on market: 8/14/2026
Estimated market value
$327,500
$311,000 - $344,000
$2,363/mo
Price history
| Date | Event | Price |
|---|---|---|
| 8/14/2026 | Listed for sale | $335,000+721.1%$153/sqft |
Source:  Imagine MLS #26021990 Report a problem | ||
| 6/7/1974 | Sold | $40,800$19/sqft |
Source: Agent Provided Report a problem | ||
Public tax history
| Year | Property taxes | Tax assessment |
|---|---|---|
| 2025 | $2,645 -1.2% | $263,000 |
| 2024 | $2,678 +27.5% | $263,000 +21.6% |
| 2023 | $2,101 -6.4% | $216,300 |
| 2022 | $2,246 | $216,300 |
| 2021 | $2,246 +25.5% | $216,300 +20.6% |
| 2020 | $1,790 | $179,400 |
| 2019 | $1,790 -1.2% | $179,400 |
| 2018 | $1,811 +4.9% | $179,400 |
| 2017 | $1,726 +35.3% | $179,400 +21.2% |
| 2015 | $1,276 | $148,000 +32.1% |
| 2014 | $1,276 | $112,000 -24.3% |
| 2012 | $1,276 | $148,000 |
| 2011 | -- | -- |
| 2010 | -- | -- |
| 2009 | -- | -- |
| 2008 | -- | $116,600 |
| 2006 | -- | -- |
| 2005 | -- | -- |
| 2004 | -- | -- |
Find assessor info on the county website
Monthly payment
Est. payment
Payment breakdown
Explore the cost of this home by adjusting the details. Changes won't be saved.Climate risks
Neighborhood: Open Gates
Nearby schools
Schools provided by the listing agent
- Elementary: Clays Mill
- Middle: Jessie Clark
- High: Lafayette
Source: Imagine MLS. This data may not be complete. We recommend contacting the local school district to confirm school assignments for this home.
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