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    176 Turner Commons Way unit 303 Lexington, KY 40508

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    Claim this Listing
    Pending
    $8 SF/Yr $4,936/Mo (calc)

    COMMERCIAL - Lexington, KY

    Property size:
    7,405 SF
    Lot size:
    14.21 Acres
    Added:
    Aug 1, 2023
    Days on Market:
    1008
    Last Refresh:
    May 3 at 11:06 pm

    Property Features for 176 Turner Commons Way unit 303

    General Information

    Property type
    Commercial Lease
    Property subtype
    Other
    Standard status
    Pending
    APN
    20130900-2
    Size
    7,405 SF
    Lot size
    14.21 Acres

    Building Details

    Floors in Building
    1

    We can help!

    Listing Contact
    Amy P Mellinger
    Amy P Mellinger

    Listing agent Amy P Mellinger License #210462

    Listing office Block + Lot Real Estate 133 W Short St, Lexington, KY

    Listing date Aug 1, 2023

    MLS# 23014579

    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.

    Overview

    Renovated Flex/Industrial Space Available

    This newly renovated flex/industrial facility is located in The Commons, a mixed-use development. The property is situated less than 5 miles from I-75 and I-64, providing accessibility to Lexington's major transportation routes. Located under a mile from New Circle Road and blocks from Downtown, the location offers convenience to area retail and Lexington's Central Business District. The space offers customizable flex/industrial options with ceiling heights ranging from 13 to 28 feet. Built in 1959 and renovated in 2023, the property features LED lighting, 15' x 17' column spacing, and I-1 Light Industrial zoning. It includes a dry sprinkler system, gas heating, a new metal roof, and concrete slab flooring. Electrical capacity is 200 AMP. Drive-in doors are available. The property includes walking trails and green space, security patrol with surveillance cameras, and surface parking with LED lighting. The available space ranges from 6,000 to 7,405 square feet and is available now.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Flex space

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

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

    Similar Places Nearby

    • Dupree Catering + Events — 201 E Main St #1500, Lexington, KY 40507
    • Bons Temps Catering — 200 W High St, Lexington, KY 40507
    • IP & J Cuban Food — 402 N Upper St, Lexington, KY 40508
    • Moveable Feast Inc — 474 Silver Maple Way, Lexington, KY 40508
    • Apiary Fine Catering & Events — 218 Jefferson St, Lexington, KY 40508

    Location Insight

    • Map
    • Local Demand
    City
    Lexington
    County
    Fayette
    State
    Kentucky
    Longitude
    -84.518929
    Latitude
    38.072594

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    FAQs

    What type of property is this?
    Flex space - Newly renovated flex/industrial facility in premier mixed-use development.
    Where is this flex space located?
    The property is located at 176 Turner Commons Way unit 303 Lexington, KY.
    What is the lease rate?
    The lease rate is $8 SF/Yr.
    What are key features of this property?
    This property features: Newly renovated flex/industrial space in a premier mixed‑use development (The Commons).; Unparalleled accessibility to major transportation routes (I‑75, I‑64, New Circle Road).; Customizable space with ceiling heights ranging from 13' to 28'.
    (859) 619-5369
    We can help!
    Listing Contact
    Amy P Mellinger
    Amy P Mellinger
    Real Estate License ID: 210462
    Learn More
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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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    176 Turner Commons Way unit: 303, Lexington, KY 40508

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