Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Rough River Lake Development Opportunity Title is generated by Realmo AI

    370 Cave Heights Drive, Falls of Rough, KY 40119

    View on Map
    Claim this Listing
    For Sale
    $1,899,000

    Agriculture - Falls Of Rough, KY

    Type:Farm
    Lot size:
    81.74 Acres
    Added:
    May 24, 2021
    Days on Market:
    1823
    Last Refresh:
    May 20 at 10:06 am

    Property Features for 370 Cave Heights Drive

    General Information

    Property type
    Farm
    Property subtype
    Farm
    Standard status
    Active
    Lot size
    81.74 Acres

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    Josh Watson

    Listing agent Josh Watson

    Listing office REAL DEAL REALTY LLC 4364 S Highway 79, Falls of Rough, KY

    Listing date May 24, 2021

    MLS# HK10056630 Listing URL

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

    HighLights

    • 81.741 acres of unrestricted, no‑zoning land with Rough River Lake frontage.
    • Untapped development potential for multiple lots.
    • Located near Rough River State Park and The Falls Golf Course.
    • County road access with city water available.
    • Wooded property with easy slopes and fantastic views.
    • Opportunity for a private hunting/recreational paradise or family compound.

    Overview

    This 81.741-acre property presents untapped development potential. The unrestricted land, with no zoning, is located on Rough River Lake. The property offers wooded areas, gentle slopes, and views, with county road access and available city water. The location is one mile from Rough River State Park and three miles from The Falls golf course. The property may be suitable for hunting, building a cabin, or development. Rough River Lake lots are in demand.
    Location Intelligence

    Current Use by Public Records

    Commercial land

    Map

    City
    Falls of Rough
    County
    Grayson
    State
    Kentucky
    Longitude
    -86.5365
    Latitude
    37.6217

    Nearby Similar for Sale

    • $29,900

      Wooded Land Near Rough River

      2.94-acre wooded tract near Rough River Lake.
      Shores Rd lot: 3, Falls Of Rough, KY 40119
      View Details
    • $125,000

      Wooded Homesite in Falls Of Rough

      0.50± acre wooded lot near Rough River Dam State Park.
      Lot 130 Willis Green Drive, Falls Of Rough, KY 40119
      View Details
    • $30,900

      Grayson County Acreage For Sale

      0.83-acre lot in scenic Grayson County, Kentucky.
      0 Blue Bird Road, Falls Of Rough, KY 40119
      View Details
    • $129,900

      Waterfront Homesite in Rough River

      Cleared waterfront land with dock and utilities in place.
      Lot 23 Stargazer Lane, Falls of Rough, KY 40119
      View Details
    • $475,000
      2,590 SF

      Lakefront Home with Two Docks

      3.43 acre lakefront property with two docks and home.
      1060 Concord Point Road, Falls Of Rough, KY 40119
      View Details
    • $39,000

      Wooded Land Near Rough River

      3.57-acre wooded tract near Rough River Lake.
      Shores Rd lot: 2, Falls Of Rough, KY 40119
      View Details
    • $170,000

      Rough River Lake Building Lots

      Two desirable lots with year-round water views on Rough River.
      609 Paulette Way, Falls Of Rough, KY 40119
      View Details
    • $49,900

      Waterfront Land in Falls of Rough

      Land with power, water, and waterfront neighborhood common area.
      Lot 2 Stargazer Lane, Falls of Rough, KY 40119
      View Details
    • $38,000

      Residential Land Near Rough River

      Almost 2 acres of land near Rough River Lake.
      350 Cave Creek Road, Falls Of Rough, KY 40119
      View Details
    • $74,900

      Residential Land with Lake View

      Land in Stargazer neighborhood with partial lake view and utilities.
      Lot 11 Stargazer Lane, Falls of Rough, KY 40119
      View Details
    • $3,179,330

      Kentucky Land with Waterfalls

      454 acres in Kentucky with waterfalls and diverse terrain.
      2679 Carl Newby Rd, Falls of Rough, KY 40119
      View Details
    • $975,000

      Sprawling 160-Acre Hunter's Paradise

      160 acres with building, hunting potential, and income opportunities.
      0 Morris Ln, Falls of Rough, KY 40119
      View Details

    FAQs

    What type of property is this?
    Commercial land - 81.74 acres of unrestricted land near Rough River Lake.
    Where is this commercial land located?
    The property is located at 370 Cave Heights Drive Falls of Rough, KY.
    What is the asking price?
    The asking price for this property is $1,899,000.
    What are key features of this property?
    This property features: 81.741 acres of unrestricted, no‑zoning land with Rough River Lake frontage.; Untapped development potential for multiple lots.; Located near Rough River State Park and The Falls Golf Course.
    (270) 980-1422
    We can help!
    Listing Contact
    Josh Watson
    Real Estate License ID: 208474
    Learn More
    Request Owner's contact information
    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.
    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
    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

    Thank You for Inquiry
    370 Cave Heights Drive, Falls Of Rough, KY 40119
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!