Add Listing
    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

    2 Pelican Ln Murray, KY 42044

    Sponsored
    For Sale
    Under Contract
    Contact for pricing

    Residential - Murray, KY

    Lot size:
    1.25 Acres
    Days on Market:
    72
    Last Refresh:
    Feb 28 at 12:06 am

    Property Features for 2 Pelican Ln

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active Under Contract
    Lot size
    1.25 Acres

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    Kelly Mitchell
    Kelly Mitchell

    KY Homes Realty (270) 388-9811

    Listing agent Kelly Mitchell (270) 388-9811 License #203622

    Listing date Dec 19, 2025

    MLS# 134941 Listing URL

    Copyright © 2026 Western Kentucky Regional MLS Inc. 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

    Kentucky Lake Lot in Murray

    This 1.25-acre lot is located in the Western Shores subdivision near Kentucky Lake. The property is suitable for building a walkout basement. It offers dock and pool access, as well as year-round recreation. This site is suited for a lake home, vacation home, or short-term rental. The Homeowner's Association includes a community dock, clubhouse, swimming pool, trails, and lake amenities. The property is located in Murray, KY.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Real Estate Agency Spa & Massage Center Hair Salon Gym & Fitness Center Skin Care Clinic Hotel & Motel (Bike/Boat/Book/etc) Store Storage Facility Acupuncture Car Rental Facility

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

    Location Insight

    • Map
    • Local Demand
    City
    Murray
    County
    Calloway
    State
    Kentucky
    Longitude
    -88.284
    Latitude
    36.9689

    Nearby Similar for Sale

    • $729,000
      4,000 SF

      Commercial Building Near University

      Commercial building near university, adaptable for various business uses.
      1301 Chestnut St, Murray, KY 42071
      View Details
    • New
      $374,900

      Turnkey Restaurant in Murray, KY

      Prime commercial building, currently a pizza restaurant, ready for operation.
      317 Chestnut St, Murray, KY 42071
      View Details
    • $749,900

      Renovated Commercial Building with Warehouse

      Renovated commercial building with office and warehouse space.
      1604 State Route 121 N, Murray, KY 42071
      View Details
    • $199,000
      2,300 SF

      Versatile Building in Convenient Location

      2,300 sq ft property ideal for various uses.
      1634 Main St, Murray, KY 42071
      View Details
    • $295,000
      3,200 SF

      Retail Building in Murray, KY

      3200 SF retail building with high visibility and ample parking.
      506 S 4Th St, Murray, KY 42071
      View Details
    • $449,900

      Prime Commercial Property in Murray

      Commercial property in high-traffic area with tenant in place.
      512 S 12Th St, Murray, KY 42071
      View Details
    • $420,000

      Versatile Commercial Property in Murray

      Multi-use commercial building with loading docks and ample storage space.
      3443 State Hwy 2547, Murray, KY 42071
      View Details
    • $125,900

      Downtown Murray Retail Space Available

      Charming retail space in a high-traffic downtown location.
      109 S 4Th St, Murray, KY 42071
      View Details
    • $1,100,000

      Restaurant and Retail Opportunity

      Prime commercial location with restaurant and retail spaces for sale.
      408 N 12Th St, Murray, KY 42071
      View Details
    • $550,000

      Well-Maintained Murray, KY Fourplex

      Fourplex near Murray State University, built in 2016.
      1300 Diuguid Dr, Murray, KY 42071
      View Details
    • $899,999

      Multi-Building Commercial Opportunity in Murray

      Three buildings offer flexible configurations for various business operations.
      623 S 4Th St, Murray, KY 42071
      View Details
    • $899,999

      Multi-Building Commercial Opportunity in Murray

      Three buildings offer flexible configurations for various business operations.
      623 S 4Th St, Murray, KY 42071
      View Details

    FAQs

    What type of property is this?
    Land - 1.25-acre lot near Kentucky Lake with dock and pool access.
    Where is this land located?
    The property is located at 2 Pelican Ln Murray, KY.
    What is the asking price?
    The asking price for this property is $25,000.
    What are key features of this property?
    This property features: - 1.25-acre buildable lot in desirable Western Shores subdivision near Kentucky Lake.; - Dock access and pool access included.; - Suitable for lake home, vacation home, or short-term rental.
    (270) 963-0216
    Request Owner's contact information
    2 Pelican Ln Murray, KY 42044
    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.
    2 Pelican Ln
    Murray, KY 42044
    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
    2 Pelican Ln Murray, KY 42044
    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
    Kelly Mitchell
    Kelly Mitchell
    Real Estate License ID: 203622
    (270) 963-0216 (270) 388-9811 (877) 480-4045
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!