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    60 Fitz Gilbert Rd Hazard, KY 41701

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    For Lease
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    Freestanding retail building sublease in high-visibility Hazard location.

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    Listing Contact
    Zach Smith, Ccim
    Source: Naiglobal

    Listing Agent: Zach Smith, Ccim

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

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    Property Insight Report

    Overview

    Freestanding Retail Building Sublease Opportunity

    This +/-3,600 SF freestanding retail building is available for sublease in Hazard, Kentucky. Situated on 3.13 acres, the property benefits from a highly visible location with direct access to Highway 80, positioned directly across the street from Walmart and Lowe's. The site is located at the signalized intersection of Highway 80 and Fitz Gilbert Road, with an average daily traffic count of +/-10,107 VPD in front of the site. The sublease expiration date is 7/31/2037. Currently, the property features a second-generation medical office buildout. Hazard serves as a central hub for education, communication, and healthcare for the region and surrounding counties. The main campus of Hazard Community and Technical College is located in Hazard. Bachelor's and Master's degree programs are available through the University Center of the Mountains, situated on the Community College campus. The Appalachian Regional Healthcare Medical Center is also located in Hazard, providing medical staff and healthcare services. Area retailers include Dollar Tree, Tractor Supply, Five Below, Hobby Lobby, and TJ Maxx.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    First Care Urgent ... Medical Clinic

    Suggested Use

    Restaurant Realty agency Law Firm Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Food Market Skin Care Clinic

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

    Location Insight

    • Map
    • Local Demand
    City
    Hazard
    County
    Perry
    State
    Kentucky
    Longitude
    -83.2013
    Latitude
    37.2415

    Nearby Similar for Lease

    • $20 SF/Yr
      1,200 SF

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      Retail space available in Daniel Boone Plaza.
      Daniel Boone Plz Hazard Ky, Hazard, KY
      View Details

    FAQs

    What type of property is this?
    Retail space - Freestanding retail building sublease in high-visibility Hazard location.
    Where is this retail space located?
    The property is located at 60 Fitz Gilbert Rd Hazard, KY.
    What are key features of this property?
    This property features: - Highly visible location directly across from Walmart and Lowe's on Highway 80.; - Freestanding retail building with +/-3,600 SF available for sublease.; - Sublease expiration date of 7/31/2037.
    (859) 333-8029
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    60 Fitz Gilbert Rd Hazard, KY 41701
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    60 Fitz Gilbert Rd
    Hazard, KY 41701
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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.

    More about this property
    60 Fitz Gilbert Rd Hazard, KY 41701
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    Listing Contact
    Zach Smith, Ccim
    (859) 333-8029
    Learn more
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