Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    1408 Leestown Rd Lexington, KY 40511

    Sponsored
    For Sale
    Pending
    $350,000

    COMMERCIAL - Lexington, KY

    Property size:
    3,456 SF
    Lot size:
    0.22 Acres
    Days on Market:
    141
    Last Refresh:
    Jan 30 at 2:06 pm

    Property Features for 1408 Leestown Rd

    General Information

    Special listing conditions
    Standard
    Property type
    Commercial Sale
    Property subtype
    Other
    TransactionType
    Standard
    Standard status
    Pending
    APN
    20919500
    Parking
    10
    Size
    3,456 SF
    Lot size
    0.22 Acres

    Building Details

    Year built
    1976
    Floors in Building
    1
    Building materials
    Block
    Roof type
    Flat

    We can help!

    Listing Contact
    Ed Richardson
    Ed Richardson

    The Gibson Company 2248833

    Listing agent Ed Richardson (859) 224-8833

    Listing date Sep 12, 2025

    MLS# 25017200

    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.

    Learn more

    Property Insight Report

    Overview

    Lexington Commercial Property For Sale

    This 3,456 square foot commercial property is located in Lexington, Kentucky. Zoned B-3, the property is being sold 'as-is'. It is situated near the corner of Leestown Road and South Forbes Road, across from the Meadowthorpe Shopping Center. The location benefits from traffic counts exceeding 15,000 vehicles per day. The lot size is 0.22 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Sam's Used Cars Car Dealer U-Haul Neighborhood Dealer Trailer Rental Service

    Suggested Use

    Restaurant Realty agency Law Firm Spa & Massage Building Supply Dental Office Wholesale Shop Hair Salon Auto Repair Shop Clothing Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Lexington
    County
    Fayette
    State
    Kentucky
    Longitude
    -84.521207
    Latitude
    38.063708

    Nearby Similar for Sale

    • $450,000
      Pending

      Downtown Lexington Business Condo

      Premium downtown business condo offering versatile and sophisticated space.
      300 E Main St, Lexington, KY 40507
      View Details
    • $2,000,000
      4,271 SF

      Renovated Farmhouse on Scenic Acres

      Move-in-ready farm with modern luxury on picturesque road.
      3288 Delong Rd, Lexington, KY 40515
      View Details
    • New
      $999,000
      Pending

      Mixed-Use Property in Downtown Lexington

      Mixed-use property with retail and residential units in Lexington.
      102 W High St, Lexington, KY 40507
      View Details
    • $639,900
      3,109 SF

      Historic Triplex in Woodward Heights

      Three apartments near downtown Lexington, suitable for Airbnb or conversion.
      311 Madison Pl, Lexington, KY 40508
      View Details
    • $2,550,000
      19,746 SF

      Turn-Key Church Near Interstate

      19,746 SF church on 2.61 acres near I-75/I-64.
      1975 Haggard Ct, Lexington, KY 40505
      View Details
    • $309,000
      1,967 SF

      Lexington Duplex on Double Lot

      Downtown Lexington duplex with income potential on a double lot.
      240 E Third St, Lexington, KY 40508
      View Details
    • $842,500
      5,000 SF

      Well-Maintained Lexington Quadplex For Sale

      Four identical units, low expenses, strong investment potential.
      2860 Ryan Cir, Lexington, KY 40509
      View Details
    • $429,500
      3,068 SF

      Renovated Duplex: Turnkey Investment Opportunity

      Completely renovated duplex with modern finishes, strong investment potential.
      1999 Fair Oaks Dr, Lexington, KY 40504
      View Details
    • $912,500
      Pending

      Prime Lexington Mixed-Use Investment

      Three-story mixed-use building in Lexington's central business district.
      101 W Short St, Lexington, KY 40507
      View Details
    • $750,000
      2,580 SF

      Ashland Park Duplex For Sale

      Charming duplex in Ashland Park, Lexington, with hardwood floors.
      110-112 S Hanover Ave, Lexington, KY 40502
      View Details
    • $749,900
      Pending

      Profitable Restaurant Franchise Opportunity

      Wing Zone franchise for sale with equipment included.
      351 Southland Dr, Lexington, KY 40503
      View Details
    • $1,000,000
      1,407 SF

      Versatile Lexington Property with Shop

      2-acre Lexington property featuring shop, apartment, and single-family home.
      2245/2251 N Yarnallton Pike, Lexington, KY 40511
      View Details

    FAQs

    What type of property is this?
    Specialty property - 3,456 SF B-3 zoned property in Lexington, Kentucky.
    Where is this specialty property located?
    The property is located at 1408 Leestown Rd Lexington, KY.
    What is the asking price?
    The asking price for this property is $350,000.
    What are key features of this property?
    This property features: - High traffic location with over 15,000 vehicles per day.; - B-3 zoning.; - Large building size offering 3,456 s.f.
    (859) 559-3456
    Request Owner's contact information
    1408 Leestown Rd Lexington, KY 40511
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1408 Leestown Rd
    Lexington, KY 40511
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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.

    More about this property
    1408 Leestown Rd Lexington, KY 40511
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Ed Richardson
    Ed Richardson
    Real Estate License ID: 209184
    (859) 559-3456
    Learn more
    Google sign-in failed. Please try again or use another login method.