Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Farm Property with Barn and Shop Title is generated by Realmo AI

    1187 Ray Rd, Princeton, KY 42445

    View on Map
    Claim this Listing
    For Sale
    $277,400

    Rural farm setup with a 3-bedroom home, concrete-floored shop, and a 5-stall barn with tack room.

    Type:Farm
    Lot size:
    10.41 Acres
    Added:
    Mar 11, 2025
    Days on Market:
    454
    Last Refresh:
    Jun 6 at 3:30 am

    Property Features for 1187 Ray Rd

    General Information

    Standard status
    Active
    Lot size
    10.41 Acres
    Property subtype
    Farm

    Building Details

    Year Built
    1950

    We can help!

    Listing Contact
    Crystal L McCoy

    Listing agent Crystal L McCoy License #265680

    Listing office Keller Williams Experience Realty Paducah Branch

    Listing date Mar 11, 2025

    Source Exitrealty

    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 Keller Williams Experience Realty Paducah Branch

    HighLights

    • 3‑bedroom, 1.5‑bath home built in 1950 on 10.41 acres
    • 30x40 shop with concrete floors for storage or workspace
    • 40x60 barn with 5 horse stalls and a tack room
    • Fenced‑in pasture setup for animals
    • Above‑ground pool plus front porch and back patio
    • Spacious backyard with room to play

    Overview

    This property combines a 3-bedroom, 1.5-bath home with farm-oriented outbuildings and outdoor space. A 30x40 shop with concrete floors provides dedicated storage and work space, while a 40x60 barn includes five horse stalls and a tack room. A fenced-in pasture is already in place for animals, supporting a mini-farm lifestyle from day one. The home offers a layout suited for entertaining, along with outdoor living options including a front porch and back patio.

    Located at 1187 Ray Rd in Princeton, KY 42445, the property spans 10.41 acres and is presented as a private retreat. Outdoor features include a fenced pasture for animals and a backyard with an above-ground pool and space to play.

    For buyers seeking a self-contained small-scale operation, this farm package supports both living and equestrian or animal use. The shop offers practical space for equipment and projects, and the barn’s stall count and tack room help accommodate horse care needs. The existing fenced pasture simplifies getting started with livestock or horses while maintaining the comfort of a residence on the same site.
    Location Intelligence

    Current Use by Public Records

    Horse & equestrian properties

    Map

    City
    Princeton
    County
    Caldwell
    State
    Kentucky
    Longitude
    -87.896346
    Latitude
    37.221469

    Nearby Similar for Sale

    • $349,900
      9,456 SF

      Two-Story Flex and Warehouse Building

      Block-and-brick building with offices, bathroom, overhead doors, and freight elevator for efficient multi-level operations.
      127 W Market Street, Princeton, KY 42445
      View Details
    • $150,000

      Princeton, KY Land Opportunity

      4.83 acres with commercial and residential potential near I-69.
      000 North Jefferson Street, Princeton, KY 42445
      View Details
    • $277,400
      1,770 SF

      Princeton Mini Farm with Shop

      Charming home on 10.41 acres, perfect for mini-farm.
      1187 Ray Rd, Princeton, KY 42445
      View Details
    • $38,000

      Residential Land in Princeton, KY

      2.82 acre residential lot near Interstate and Princeton amenities.
      00 Skyline Dr, Princeton, KY 42445
      View Details
    • $40,000

      Residential Lot in Princeton, KY

      Residential lot with utilities ready for building in Princeton, KY.
      240 Jeff Watson Road, Princeton, KY 42445
      View Details
    • $4,850,000

      Princeton Retail Center on US 62

      Fully leased retail center with national tenants and high visibility.
      500 Us Highway 62 W, Princeton, KY 42445
      View Details
    • $4,850,000
      72,013 SF

      Princeton Retail Center For Sale

      Retail center anchored by national tenants in Princeton, Kentucky.
      500 Us Highway 62 W, Princeton, KY 42445
      View Details
    • $1,024,110

      Land with Creek in Princeton

      227.58 acres of recreational land featuring a wide creek.
      20533 PRINCETON OLNEY RD, Princeton, KY 42445
      View Details
    • $249,000

      Commercial Building on Corner Lot

      Commercial building on a 1-acre corner lot in Princeton.
      4961 Cadiz Rd, Princeton, KY 42445
      View Details
    • $560,000

      Princeton, KY Vacant Land

      103 acres with hunting cabin and outbuilding near Princeton.
      837 Walnut Hill Rd, Princeton, KY 42445
      View Details
    • $799,000

      205+ Acre Hunting Tract

      Timbered hunting tract with proven history of mature whitetails.
      000 Lakewood Drive, Princeton, KY 42445
      View Details
    • $237,500

      Princeton, KY Farm Land

      39.98 acres of land near Princeton, Kentucky.
      000 Edwards Rd, Princeton, KY 42445
      View Details

    FAQs

    What type of property is this?
    Horse & equestrian property - Rural farm setup with a 3-bedroom home, concrete-floored shop, and a 5-stall barn with tack room.
    Where is this horse & equestrian property located?
    The property is located at 1187 Ray Rd Princeton, KY.
    What is the asking price?
    The asking price for this property is $277,400.
    What are key features of this property?
    This property features: 3‑bedroom, 1.5‑bath home built in 1950 on 10.41 acres; 30x40 shop with concrete floors for storage or workspace; 40x60 barn with 5 horse stalls and a tack room
    (270) 540-1120
    We can help!
    Listing Contact
    Crystal L McCoy
    Real Estate License ID: 265680
    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
    1187 Ray Rd, Princeton, KY 42445
    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!