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    Winchester Land Development Opportunity Title is generated by Realmo AI

    1108 W Lexington Avenue, Winchester, KY 40391

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    Claim this Listing
    For Sale
    $800,000

    LAND - Winchester, KY

    Lot size:
    4.87 Acres
    Added:
    May 15, 2025
    Days on Market:
    371
    Last Refresh:
    May 20 at 2:06 pm

    Property Features for 1108 W Lexington Avenue

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    APN
    043-3016-016-00
    Lot size
    4.87 Acres

    Utilities

    Utilities
    Water Available

    We can help!

    Listing Contact
    Jason Townsend

    Listing agent Jason Townsend

    Listing office Kentucky Residential Real Estate, LLC 1890 Star Shoot Pkwy #170-362, Lexington, KY

    Listing date May 15, 2025

    MLS# 26010978 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

    • Approved plans for a 66‑unit townhome development, with potential for 70 units.
    • Prime location directly across from Legacy Grove Park with Lexington Avenue frontage.
    • Large 4.87‑acre main parcel with two additional parcels included (retention pond).
    • Zoned PD (Planned Development) with potential for commercial rezoning.
    • Seller is open to subdividing the large parcel to sell only the Lexington Ave side.
    • Water available and some sewer materials already purchased.

    Overview

    This property presents a rare opportunity for a large multi-family development in Winchester, Kentucky. Situated directly across the street from Legacy Grove Park, the 4.87-acre main parcel features frontage on Lexington Avenue. Approved building and engineering plans are available for the construction of 66 townhomes, with the potential to add 4 more. The property is currently zoned PD (Planned Development), but there is a possibility of rezoning to commercial due to the neighboring commercial properties. In addition to the main parcel, two other parcels are included: 220 and 231 Fairfield Way, designated for a retention pond. While there is no current infrastructure, some sewer materials have already been purchased. The seller would consider subdividing the large parcel to sell only the Lexington Ave side. Access to the property is available from Fairfield Way off of the new Fulton Rd extension. The property is located at 1108 W Lexington Avenue, Winchester, KY 40391.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Winchester
    County
    Clark
    State
    Kentucky
    Longitude
    -84.197904
    Latitude
    37.998514

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    FAQs

    What type of property is this?
    Residential land & home lot - Large multi-family development opportunity in the heart of Winchester!
    Where is this residential land & home lot located?
    The property is located at 1108 W Lexington Avenue Winchester, KY.
    What is the asking price?
    The asking price for this property is $800,000.
    What are key features of this property?
    This property features: Approved plans for a 66‑unit townhome development, with potential for 70 units.; Prime location directly across from Legacy Grove Park with Lexington Avenue frontage.; Large 4.87‑acre main parcel with two additional parcels included (retention pond).
    (859) 771-0532
    We can help!
    Listing Contact
    Jason Townsend
    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.

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    1108 W Lexington Avenue, Winchester, KY 40391
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