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

    Grayson Dr, Unit 45 Morehead, KY 40351

    Sponsored
    For Sale
    Contact for pricing

    LAND - Morehead, KY

    Lot size:
    0.22 Acres
    Days on Market:
    3
    Last Refresh:
    Mar 4 at 5:06 am

    Property Features for Grayson Dr

    General Information

    Special listing conditions
    Standard
    Property type
    Land
    Property subtype
    Other
    TransactionType
    Standard
    Standard status
    Active
    Zoning
    R-1
    APN
    029-00 00 017.45
    Lot size
    0.22 Acres

    Utilities

    Utilities
    Water Available

    We can help!

    Listing Contact
    Michelle Emrick White

    United Real Estate Lexington KY (859) 396-6706

    Listing agent Michelle Emrick White (859) 800-7355

    Listing date Mar 2, 2026

    MLS# 26003392 Listing URL

    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

    Residential Lot in Desirable Location

    This 0.22-acre residential lot is located in a desirable subdivision in Morehead, Kentucky. The property is situated minutes from downtown, schools, shopping, dining, and I-64. Located on a low-traffic street, the lot is suitable for families, retirees, or those seeking a serene neighborhood atmosphere. The community features a community center overlooking a pond and a playground. Utilities are readily available. This lot is positioned in an established area.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Map

    City
    Morehead
    County
    Rowan
    State
    Kentucky
    Longitude
    -83.496919
    Latitude
    38.234679

    Nearby Similar for Sale

    • $498,000
      2,884 SF

      Downtown Morehead Commercial Property with Parking

      Versatile, fully outfitted commercial property in Downtown Morehead's Entertainment District.
      134 E Main St, Morehead, KY 40351
      View Details
    • $1,480,000
      1,182 SF

      Cave Run Lake Turn-Key Business

      Established restaurant and liquor store near Cave Run Lake.
      110 Ky-801 S, Morehead, KY 40351
      View Details
    • $725,000
      Pending

      Eagles Nest Apartments Investment Opportunity

      20-unit multifamily property near Morehead State University.
      135 E Main St, Morehead, KY 40351
      View Details
    • $3,500,000
      37,386 SF

      48-Unit Multifamily Investment Opportunity

      Multifamily property with stable demand and peaceful natural setting.
      300 Pine Ridge Dr, Morehead, KY 40351
      View Details
    • $1,683,985
      10,640 SF

      Dollar General NNN Investment Opportunity

      New Dollar General with 14+ years remaining on lease.
      7001 Cranston Rd, Morehead, KY 40351
      View Details
    • Contact for pricing

      Prime Retail Space Near I-64

      Shopping center with available spaces in Morehead, Kentucky.
      250-364 Pinecrest Dr, Morehead, KY 40351
      View Details
    • $12,535,000

      Stabilized Student Housing Near MSU

      Purpose-built student housing community near Morehead State University.
      101 Lois Ln, Morehead, KY 40351
      View Details
    • $450,000
      1.00 Acre

      I-64 Corridor Commercial Lot

      High-traffic location, investment opportunity.
      2703 Ky 801 Hwy, Morehead, KY 40351
      View Details
    • $350,000
      1.00 Acre

      I-64 Corridor Commercial Lot

      High-traffic location, investment opportunity.
      2699 Ky 801 Hwy, Morehead, KY 40351
      View Details
    • $450,000
      1.00 Acre

      I-64 Corridor Commercial Lot

      High-traffic location, investment opportunity.
      2685 Ky 801 Hwy, Morehead, KY 40351
      View Details
    • $1,600,000
      5,600 SF

      Morehead Retail Center Investment

      Prime Location, High Potential, 5,600 SF
      300 Viking Dr, Morehead, KY 40351
      View Details
    • $5,000,000
      144.00 Acres

      Prime Morehead Development Land

      144 Acres Near I-64, High Potential
      000 Ky Highway 801, Morehead, KY 40351
      View Details

    FAQs

    What type of property is this?
    Residential land & home lot - Residential lot in Morehead, KY, ideal for building a home.
    Where is this residential land & home lot located?
    The property is located at Grayson Dr, Unit 45 Morehead, KY.
    What is the asking price?
    The asking price for this property is $20,500.
    What are key features of this property?
    This property features: - Ideal lot for building a custom dream home.; - Located in a desirable, established subdivision in Morehead, Kentucky.; - Convenient access to downtown, schools, shopping, dining, and I-64.
    (606) 207-2594
    Request Owner's contact information
    Grayson Dr, Unit 45 Morehead, KY 40351
    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.
    Grayson Dr, Unit 45
    Morehead, KY 40351
    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
    Grayson Dr, Unit 45 Morehead, KY 40351
    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
    Michelle Emrick White
    Real Estate License ID: 285693
    (606) 207-2594 (859) 800-7355
    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!