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    Nicholasville Garage-o-minium Storage Warehouse Title is generated by Realmo AI

    1070 Elizabeth Street, Nicholasville, KY 40356

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    For Sale
    $229,000

    COMMERCIAL - Nicholasville, KY

    Property size:
    1,656 SF
    Price / SF:
    $138/SF
    Added:
    Jan 15, 2026
    Days on Market:
    128
    Last Refresh:
    May 23 at 1:06 pm

    Property Features for 1070 Elizabeth Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Parking
    1
    Standard status
    Active
    APN
    056-00-00-005.II
    Size
    1,656 SF

    Utilities

    Utilities
    Water Available

    Building Details

    Year built
    2009
    Floors in Building
    1
    Building materials
    Steel Frame, Concrete
    Roof type
    Metal

    We can help!

    Listing Contact
    Dan Elkinson

    Listing agent Dan Elkinson

    Listing office Bluegrass Sotheby's International Realty 1999 Richmond Road Ste 400, Lexington, KY

    Listing date Jan 15, 2026

    MLS# 26001148

    Copyright © 2026 ImagineMLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Large usable space: Enjoy 1,080 sq ft with an additional 576 sq ft mezzanine, totaling 1,656 sq ft.
    • Secure complex: Benefit from individually coded door/gate access for enhanced security.
    • Versatile usage: Suitable for RV/boat storage, business inventory, commercial/household storage, or investment rental.
    • Energy efficient design: Over‑insulated walls, insulated concrete, and translucent wall panels help lower electricity costs.
    • Functional features: Includes a 14'x14' electric door, man door, peg board workshop shelves, racking, sewer clean outs, and water connection.
    • Convenient amenities: Common area lounge, restrooms with showers, and kitchenette available for owner's use.

    Overview

    This Garage-o-minium is a personal storage warehouse situated within a complex of individually owned units. It can be owner-occupied for purposes such as RV and boat storage, business inventory, commercial or household storage. Note that Garage-o-miniums are not intended for retail business. They can also be rented as investment properties. Common area amenities include a lounge, restrooms with showers, and a kitchenette for owner use. The common area and entire property are secured with individually coded door and gate access. The units are designed and built to be energy efficient and operate economically, featuring over-insulated walls, insulated concrete, and translucent wall panels to reduce electricity costs. Unit #34 includes a 24'x24' (576 sq ft) mezzanine built within the unit, and measures 24'x50' (1,080 sq ft), providing a total of 1,656 sq ft of usable space. It features a 14'x14' electric door, a man door, peg board workshop shelves, and racking. The interior eave (ceiling) height ranges from a minimum of 16' to 18' (single slope). Sewer clean outs are located under the slab, and water is now connected. It also has a 200 amp electric panel. The floors are slightly sloped forward for positive drainage to the outside. Outside access includes an RV clean out and water spigots.

    Financial Insights

    Value Estimation Calculated for Warehouse

    Conservative
    $132.3K
    NOI $11,908 @ 9.00% cap · cautious / downside scenario
    Moderate
    $170.1K
    NOI $11,908 @ 7.00% cap · market / base-case scenario
    Aggressive
    $238.2K
    NOI $11,908 @ 5.00% cap · optimistic / upside scenario

    NOI & Cap Rate Calculator

    NOI Build-Up
    Vacancy
    income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
    EGI (Effective Gross Income)
    gross rent minus vacancy losses — the realistic income before paying operating costs.
    OpEx (Operating Expenses)
    recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
    NOI (Net Operating Income)
    income a property generates after operating costs but before financing and taxes.
         Calculated for Warehouse

    Component $ $/SF
    Gross rent $14.9k $9.00
    − Vacancy −$894 −$0.54
    EGI $14.0k $8.46
    − OpEx −$2.1k −$1.27
    NOI $11.9k $7.19
    1,656 SF · lease $9.00/SF/yr · vacancy 6.00% · expense 15.00%

    Alternative Use Scenarios

    Best Use
    Warehouse
    $170.1K
    $148.9K – $198.5K (±1% cap)
    NOI $11,908 @ 7.0% cap · market cap 5.20%
    Second Best
    Self Storage
    $149.4K
    $130.8K – $174.4K (±1% cap)
    NOI $10,461 @ 7.0% cap · market cap 4.57%
    Theoretical Best
    Office A
    $419.7K
    $367.2K – $489.7K (±1% cap)
    NOI $29,379 @ 7.0% cap · market cap 12.83%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Storage Sense - Nicholasville ... Storage Facility

    Suggested Use

    Restaurant Building Supply Big Box & Wholesale Store Auto Repair Shop Hotel & Motel Gym & Fitness Center Pharmacy Auto Parts Store Department Store Food Market

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Storage Sense - Nicholasville - 1070 Elizabeth Street — 1070 Elizabeth St, Nicholasville, KY 40356
    • Storage Sense — 1030 elizabeth st, nicholasville, ky 40356
    • Storage Sense - Nicholasville — 1030 Elizabeth St, Nicholasville, KY 40356
    • Storage Sense - Nicholasville - 1040 Elizabeth Street — 1040 Elizabeth St, Nicholasville, KY 40356
    • All My Sons Moving & Storage — 2150 lexington rd, nicholasville, ky 40356

    Location Insight

    • Map
    • Local Demand
    City
    Nicholasville
    County
    Jessamine
    State
    Kentucky
    Longitude
    -84.560245
    Latitude
    37.919722

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    FAQs

    What type of property is this?
    Warehouse - Individually owned storage warehouse with mezzanine and secure access.
    Where is this warehouse located?
    The property is located at 1070 Elizabeth Street Nicholasville, KY.
    What is the asking price?
    The asking price for this property is $229,000.
    What are key features of this property?
    This property features: Large usable space: Enjoy 1,080 sq ft with an additional 576 sq ft mezzanine, totaling 1,656 sq ft.; Secure complex: Benefit from individually coded door/gate access for enhanced security.; Versatile usage: Suitable for RV/boat storage, business inventory, commercial/household storage, or investment rental.
    (859) 363-6175
    We can help!
    Listing Contact
    Dan Elkinson
    Request Owner's contact information
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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