Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Residential Lot in Established Neighborhood Title is generated by Realmo AI

    Old Mill Village lot 48, Shelbyville, KY 40065

    View on Map
    Claim this Listing
    For Sale
    $69,900

    LAND - Shelbyville, KY

    Lot size:
    0.25 Acres
    Added:
    Nov 14, 2025
    Days on Market:
    201
    Last Refresh:
    Jun 3 at 9:06 am

    Property Features for Old Mill Village lot 48

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    APN
    040A-00-042
    Lot size
    0.25 Acres

    Utilities

    Sewer type
    Private Sewer
    Water source
    Public

    We can help!

    Listing Contact
    Torrey M Smith

    Listing agent Torrey M Smith License #219756

    Listing office Torrey Smith Realty Co., LLC 529 Main Street, Shelbyville, KY

    Listing date Nov 14, 2025

    MLS# 1703424 Listing URL

    Copyright © 2026 Greater Louisville 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

    • Rare opportunity to build in the nearly built‑out, established Old Mill Village neighborhood.
    • Quarter‑acre lot with easy building conditions and mature surroundings.
    • Calm, walkable neighborhood with well‑lit streets and clean sidewalks.
    • Owner lives next door, offering added peace of mind.
    • Strong community feel and a location that keeps its value.
    • Public water source available.

    Overview

    Located in Old Mill Village, this quarter-acre lot presents an opportunity to build a home in an established neighborhood. Situated off Morninglory Lane, the property benefits from well-lit streets, sidewalks, and a walkable environment. The neighborhood is nearly built out, making this one of the last opportunities to secure a site in this location. The lot features easy building conditions and mature surroundings. The location fosters a strong community feel, making it suitable for building a home.
    Property Profile Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Map

    City
    Shelbyville
    County
    Shelby
    State
    Kentucky
    Longitude
    -85.247515
    Latitude
    38.22853

    Nearby Similar for Sale

    • $1,850,000

      Shelbyville Land with Equestrian Potential

      Spacious 34.78-acre estate with equestrian facilities and homesteading features.
      517 Aiken Rd, Shelbyville, KY 40065
      View Details
    • $849,900

      Prime Shelbyville Farmland Opportunity

      68.16 acres of versatile land in Shelbyville, Kentucky.
      Tract 1 Mulberry Pike, Shelbyville, KY 40065
      View Details
    • $189,000

      Shelbyville Farmland: 5 Acre Tract

      5 acre tract ideal for homesteading near Shelbyville amenities.
      Tract 2 Mulberry Pike, Shelbyville, KY 40065
      View Details
    • $599,000

      Prime Shelby County Land

      42+ acres of Kentucky land ideal for various uses.
      Tract 11 Mulberry Pike, Shelbyville, KY 40065
      View Details
    • $189,000

      Shelbyville Land: 5-Acre Lot

      5-acre lot in Shelby County ideal for dream home.
      Tract 4 Mulberry Pike, Shelbyville, KY 40065
      View Details
    • $189,000

      5-Acre Tract in Shelbyville, KY

      5-acre tract for custom home or barndominium near Shelbyville.
      Tract 6 Mulberry Pike, Shelbyville, KY 40065
      View Details
    • $189,000

      Shelbyville Land for Custom Build

      5.02 acre tract ideal for dream home or retreat.
      Tract 5 Mulberry Pike, Shelbyville, KY 40065
      View Details
    • $300,000

      Shelbyville Land for Residential Development

      7.26 acres of land for building a dream home.
      382 Eddie Ln, Shelbyville, KY 40065
      View Details
    • $3,933,475

      Shelby County Farmland Opportunity

      224.77 acres in Shelbyville, KY with mini-farm potential.
      3333 Burks Branch Rd, Shelbyville, KY 40065
      View Details
    • $250,000

      Serene 5-Acre Shelby County Land

      5-acre tract in Shelbyville, perfect for building a dream home.
      12 Clear Creek Rd, Shelbyville, KY 40065
      View Details
    • $199,000

      Shelbyville Building Lot with Pond

      5.04-acre building lot near Mulberry Orchard with shared pond.
      1330 Mulberry Pike lot: 9, Shelbyville, KY 40065
      View Details
    • $189,000

      5-Acre Tract in Shelbyville, KY

      5-acre tract for building a dream home or private retreat.
      Tract 3 Mulberry Pike, Shelbyville, KY 40065
      View Details

    FAQs

    What type of property is this?
    Residential land & home lot - Quarter-acre lot for dream home in established Shelbyville neighborhood.
    Where is this residential land & home lot located?
    The property is located at Old Mill Village lot 48 Shelbyville, KY.
    What is the asking price?
    The asking price for this property is $69,900.
    What are key features of this property?
    This property features: Rare opportunity to build in the nearly built‑out, established Old Mill Village neighborhood.; Quarter‑acre lot with easy building conditions and mature surroundings.; Calm, walkable neighborhood with well‑lit streets and clean sidewalks.
    (502) 417-0910
    We can help!
    Listing Contact
    Torrey M Smith
    Real Estate License ID: 219756
    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
    Old Mill Village lot: 48, Shelbyville, KY 40065
    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!