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    Pikeville Retail Center For Sale Title is generated by Realmo AI

    115 Lee Ave, Pikeville, KY 41501

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    For Sale
    $3,650,000

    Two-tenant retail center anchored by Fast Pace Urgent Care.

    Type:Shopping Strip
    Property size:
    8,500 SF
    Lot size:
    1.55 Acres
    Price / SF:
    $429/SF
    Added:
    Apr 3, 2026
    Days on Market:
    67
    Last Refresh:
    Apr 3 at 5:02 am

    Property Features for 115 Lee Ave

    General Information

    Standard status
    Active
    Size
    8,500 SF
    Lot size
    1.55 Acres
    Property subtype
    Shopping Strip

    Building Details

    Year Built
    2018

    We can help!

    Listing Contact
    Brian Munn

    Listing agent Brian Munn License #GA: 263081

    Listing office Atlanta Office

    Listing date Apr 3, 2026

    Source Marcusmillichap

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    All listing content including descriptions, pricing, images are the copyrighted material of Atlanta Office

    HighLights

    • Located as an out‑parcel to the #3 ranked Walmart Supercenter in Kentucky with 3.4M visitors annually, ensuring high visibility and customer traffic.
    • Long‑term leases in place with Fast Pace Urgent Care and Mattress Warehouse, both featuring 10% rental escalations every 5 years.
    • Corporate guarantees from Fast Pace Urgent Care and Mattress Warehouse, providing financial stability.
    • Strong Placer.ai data indicates high customer traffic to surrounding businesses.
    • High barrier to entry market due to challenging topography, making this retail corridor highly desirable and limiting future competition.
    • Newer construction (built in 2018) and high traffic location (31,901 +\/- cars per day) off State Route 4.

    Overview

    This 8,500 square foot, two-tenant retail center is situated on 1.55 acres in Pikeville, Kentucky. Constructed in 2018, the property is an out-parcel to a Walmart Supercenter, which ranks highly in Kentucky with approximately 3.4 million visitors. The location benefits from high traffic, with approximately 31,901 cars per day on State Route 460 (N. Mayo Trail). The center is leased to Fast Pace Urgent Care and Mattress Warehouse, both with corporate guarantees. Fast Pace Urgent Care's lease expires on January 31, 2035, and includes 10% rental escalations every 5 years. Mattress Warehouse's lease expires on October 31, 2028, also with 10% escalations every 5 years. Fast Pace Health, one of the largest urgent care operators in the US with over 320 clinics, partnered with First Care Clinics in July 2022 and will rebrand this location to Fast Pace. Mattress Warehouse, established in 1989, operates over 520 locations nationwide and acquired 176 additional store locations on May 1, 2025. The property is located in a high barrier to entry market due to the challenging topography, making this retail corridor highly desirable. The average household income in a 1-mile radius is over $105,000. Pikeville is the county seat of Pike County and home to Pikeville Medical Center, a 340-bed facility with over 3,100 employees and Kentucky’s only Level II Trauma Center.
    Location Intelligence

    Current Use by Public Records

    BRITTANY TACKETT Physician Sleep Outfitters Furniture & Home Goods April Estep Physician First Care Urgent ... Medical Clinic

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Pikeville
    County
    Pike
    State
    Kentucky
    Longitude
    -82.513
    Latitude
    37.5348

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    FAQs

    What type of property is this?
    Strip mall - Two-tenant retail center anchored by Fast Pace Urgent Care.
    Where is this strip mall located?
    The property is located at 115 Lee Ave Pikeville, KY.
    What is the asking price?
    The asking price for this property is $3,650,000.
    What are key features of this property?
    This property features: Located as an out‑parcel to the #3 ranked Walmart Supercenter in Kentucky with 3.4M visitors annually, ensuring **high visibility and customer traffic**.; **Long‑term leases** in place with Fast Pace Urgent Care and Mattress Warehouse, both featuring 10% rental escalations every 5 years.; Corporate guarantees from Fast Pace Urgent Care and Mattress Warehouse, providing **financial stability**.
    (678) 808-2767
    We can help!
    Listing Contact
    Brian Munn
    Real Estate License ID: GA: 263081
    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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