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    281 Cedar Ridge Lane Willisburg Willisburg, KY 40078

    View on Map
    For Sale
    $598,000

    Farm/Estate, Ranch - Willisburg, KY, KY

    Type:Farm
    Property size:
    2,040 SF
    Lot size:
    28.00 Acres
    Added:
    Sep 4, 2025
    Days on Market:
    210
    Last Refresh:
    Apr 1 at 5:06 am

    Property Features for 281 Cedar Ridge Lane Willisburg

    General Information

    Property type
    Farm
    Property subtype
    Farm
    Zoning
    300
    Bedrooms
    3
    Bathrooms
    3
    Rooms
    Basement, Bathroom 1, Bathroom 2, Bathroom 3, Bedroom 1, Bedroom 2, Bedroom 3, Den, Kitchen
    Parking features
    Garage, Garage - Detached
    Interior features
    Walk-in Closet
    Basement Y/N
    1
    Appliances
    Dishwasher, Microwave, Refrigerator, Washer
    Standard status
    Active
    Size
    2,040 SF
    Lot size
    28.00 Acres

    Taxes and HOA fees

    TaxAnnualAmount
    0

    Utilities

    Heating system
    Electric (Heating), Geothermal (Heating)
    Cooling system
    Central Air

    Building Details

    Year built
    2008
    Year renovated
    2008
    Floors in Building
    1
    Flooring type
    Carpet, Hardwood, Tile, Vinyl
    Building materials
    Vinyl Siding
    Roof type
    Asphalt
    Architectural style
    Ranch

    We can help!

    Listing Contact
    Steven P Wharton

    Listing agent Steven P Wharton

    Listing office Mcelroy Wharton & Boldrick RE LLC 126 E Main St, Springfield, KY

    Listing date Sep 4, 2025

    MLS# 11543248 Listing URL

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

    Overview

    28 Acre Farm with Ranch

    This property features a 28-acre farm with a 16-year-old, custom-built ranch home. Located in North Washington County, it is less than 2 miles from the Blue Grass Parkway (Exit 42), providing convenient access to Louisville and Lexington within 40 minutes. The home includes a full, walkout basement and a full perimeter, wrap-around, covered porch with a hand-stamped concrete floor. A detached 4-bay metal garage/building (42'X 22') is situated behind the home. The first floor offers 3 bedrooms and 2 bathrooms, a spacious great room, and a dining area adjacent to a custom kitchen with an island and step-in pantry. All kitchen appliances are included. Also on the first floor are a laundry/utility area, a small private office, and a separate den. The floor plan features two bedrooms on one end of the home and the main suite, complete with a walk-in shower and spacious walk-in closet, on the other. The basement provides over 2,000 sq. ft. of unfinished space, except for a full bathroom. The grounds and home are well-maintained, featuring hand-scraped wood flooring and geothermal (ground loop heat) for efficiency. The property offers privacy, excellent hunting, hiking, and multiple farming opportunities near Bardstown and Springfield. The successful buyer has the option to purchase an additional 19.90 acres as a whole parcel.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Farms

    Suggested Use

    Auto Repair Shop

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

    Location Insight

    • Map
    • Local Demand
    City
    Willisburg
    County
    Washington
    State
    Kentucky
    Longitude
    -85.183585
    Latitude
    37.865982

    FAQs

    What type of property is this?
    Farm - Custom-built ranch home on 28 acres near Blue Grass Parkway.
    Where is this farm located?
    The property is located at 281 Cedar Ridge Lane Willisburg Willisburg, KY.
    What is the asking price?
    The asking price for this property is $598,000.
    What are key features of this property?
    This property features: 28‑acre farm offering excellent hunting, hiking, and farming opportunities; Custom‑built ranch home (built in 2008) features a full, walkout basement and wrap‑around covered porch; Detached 4‑bay (42'X 22') metal garage/building
    (859) 336-3982
    We can help!
    Listing Contact
    Steven P Wharton
    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.

    More about this property
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