Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Cleared Corner Lot Ready to Build Title is generated by Realmo AI

    1 Penny Lane, Albany, KY 42602

    View on Map
    Claim this Listing
    For Sale
    Contact for pricing

    LAND - Albany, KY

    Lot size:
    0.57 Acres
    Added:
    Feb 9, 2026
    Days on Market:
    100
    Last Refresh:
    May 20 at 10:06 am

    Property Features for 1 Penny Lane

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    Lot size
    0.57 Acres

    Utilities

    Utilities
    Water Available

    We can help!

    Listing Contact
    Kelly Latham
    Kelly Latham

    Listing agent Kelly Latham License #341825

    Listing office Re/Max Country Living 1643 Livingston Hwy, Byrdstown, KY

    Listing date Feb 9, 2026

    MLS# 26002451 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.

    HighLights

    • Cleared 0.57‑acre corner lot, ready for your dream build.
    • Water, electric, and internet available on site.
    • Conveniently located near State Highways 90 and 127.
    • Enjoy close proximity to Lake Cumberland and Dale Hollow Lake (20‑minute drive).
    • 15 minutes from shopping, dining, schools, and fitness centers.
    • Located in a well‑maintained neighborhood.

    Overview

    This 0.57-acre corner lot is cleared and ready for building. Located in a well-maintained neighborhood, the property offers access to water, electric, and internet. Selective tree cutting has been performed to enhance viewing and create an attractive setting. The lot is conveniently situated near State Highways 90 and 127, with shopping, dining, schools, and fitness centers within 15 minutes. Lake Cumberland and Dale Hollow Lake are each a 20-minute drive away, making this an ideal location for a summer home, vacation getaway, or full-time residence. The property consists of Lot 1, measuring 0.568 acres per survey, within the Hayes Creek Subdivision. The property is a portion of M/P 035 021.5.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Building Supply

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

    Location Insight

    • Map
    • Local Demand
    City
    Albany
    County
    Clinton
    State
    Kentucky
    Longitude
    -85.114896
    Latitude
    36.746301

    Nearby Similar for Sale

    • $799,000
      7,000 SF

      Versatile Commercial Building on 5 Acres

      7,000 sq ft building with flexible space on 5 acres.
      186 Ky Hwy 90w, Albany, KY 42602
      View Details
    • $689,900
      3,420 SF

      Kentucky Estate with Mountain Views

      Estate on 18 acres with mountain views and versatile land.
      1572 Haddix Road, Albany, KY 42602
      View Details
    • $799,000
      7,000 SF

      Versatile Commercial Building on 5 Acres

      7,000 sq ft building on 5 acres near highway junction.
      186 Kentucky 90, Albany, KY 42602
      View Details
    • $329,000

      Albany Commercial Building For Sale

      Well-appointed office building with flexible workspace solutions and ample parking.
      2366 Business 127 N, Albany, KY 42602
      View Details
    • $249,900
      1,875 SF

      Albany Commercial Property with Income

      Commercial property in Albany, KY with rental income.
      214 S Washington Street, Albany, KY 42602
      View Details
    • $46,000

      Airpark Land Ready to Build

      One acre of land ready to build in Albany, KY.
      Lots #16 & #22 S Taxiway Dr, Albany, KY 42602
      View Details
    • $35,000

      Airpark Lot Near Dale Hollow

      0.5+/- acre lot on taxiway near Dale Hollow Lake.
      Lot #12 N Taxiway Dr, Albany, KY 42602
      View Details
    • $159,000

      9.05 Acres Near Wisdom Dock

      9.05 acres near Wisdom Dock Marina, Albany, Kentucky.
      5406 Wisdom Dock Road, Albany, KY 42602
      View Details
    • $159,000

      9.05 Acres Near Wisdom Dock

      9.05 acres near Wisdom Dock Marina in Albany, KY.
      5406 Wisdom Dock Rd, Albany, KY 42602
      View Details
    • $49,900

      Unrestricted Land Near Marina Rowena

      One-acre unrestricted land near Marina Rowena with utilities available.
      906 Denney Road lot: 10, Albany, KY 42602
      View Details
    • $49,900

      Unrestricted Land Near Marina Rowena

      One-acre unrestricted property near Marina Rowena with utilities in place.
      906 Denney Road lot: 16, Albany, KY 42602
      View Details
    • $49,900

      Unrestricted Land Near Marina Rowena

      One-acre property near Marina Rowena with utilities in place.
      906 Denney Road lot: 9, Albany, KY 42602
      View Details

    FAQs

    What type of property is this?
    Residential land & home lot - 0.57-acre corner lot near highways and lakes.
    Where is this residential land & home lot located?
    The property is located at 1 Penny Lane Albany, KY.
    What is the asking price?
    The asking price for this property is Off market.
    What are key features of this property?
    This property features: Cleared 0.57‑acre corner lot, ready for your dream build.; Water, electric, and internet available on site.; Conveniently located near State Highways 90 and 127.
    (606) 278-3207
    We can help!
    Listing Contact
    Kelly Latham
    Kelly Latham
    Real Estate License ID: 341825
    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
    1 Penny Lane, Albany, KY 42602
    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!