Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Land Near Winchester Bypass Title is generated by Realmo AI

    145 Codella Dr, Winchester, KY 40391

    View on Map
    Claim this Listing
    For Sale
    Contact for pricing

    Land for sale near new development and major retailers.

    Type:Land
    Added:
    Jan 3, 2020
    Days on Market:
    2345
    Last Refresh:
    May 19 at 9:38 pm

    Property Features for 145 Codella Dr

    General Information

    Standard status
    Active
    Property subtype
    Land

    We can help!

    Listing Contact
    Greg Leveridge
    Greg Leveridge

    Listing agent Greg Leveridge License #KY 71312

    Listing office Block + Lot

    Listing date Jan 3, 2020

    Source Crexi

    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 Block + Lot

    HighLights

    • Located off Winchester Bypass in area of new development.
    • Conceptual Development Plan shows fast food restaurant with drive‑thru suitability.
    • Proximity to Walmart and Kroger.
    • Close to new CHI Saint Joseph Health Center.
    • Located in Winchester, KY, the county seat of Clark County.
    • Supported by industries such as Amazon, Ale‑8‑One, and Alltech.

    Overview

    This property presents an opportunity for development, situated just off the Winchester Bypass. The location benefits from proximity to new developments, including a CHI Saint Joseph Health Center, Zips Car Wash, and Domino’s Pizza. Walmart and Kroger are located across the Bypass from the site. A conceptual development plan illustrates the potential for a standard-sized fast food restaurant with a drive-thru. The property is located along Bypass Road in Winchester, the county seat of Clark County, Kentucky, which is part of the Lexington-Fayette Metropolitan Statistical Area. The area is supported by industries such as Amazon, Ale-8-One, and Alltech.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Winchester
    County
    Clark
    State
    Kentucky
    Longitude
    -84.209734
    Latitude
    37.990147

    Nearby Similar for Sale

    • $1,599,900
      20,252 SF

      Turnkey Industrial Facility Ready Now

      20,252 sqft industrial warehouse with highway access and racking system.
      599 BLT Way, Winchester, KY 40391
      View Details
    • $500,000
      5,054 SF

      Winchester Mixed-Use Commercial Opportunity

      Versatile property with commercial space, apartment, and expansion potential.
      808 Bypass Road, Winchester, KY 40391
      View Details
    • $360,000
      4,798 SF

      Winchester Triplex with Commercial Space

      Brick triplex with commercial space and two apartments in Winchester.
      502 W Lexington Avenue, Winchester, KY 40391
      View Details
    • $750,000
      6,110 SF

      Mixed-Use Building in Winchester, KY

      Two-story building with office, apartments, and ample parking.
      218 S Maple Street, Winchester, KY 40391
      View Details
    • $479,000
      5,058 SF

      Updated Quadplex in Downtown Winchester

      Turn-key quadplex with strong rental potential near downtown amenities.
      265 S Highland Street, Winchester, KY 40391
      View Details
    • $374,000
      1,536 SF

      Established Turn-Key Business Opportunity

      Well-established business with equipment and inventory included in historic Winchester.
      137 East Broadway Street, Winchester, KY 40391
      View Details
    • $780,000
      3,080 SF

      Profitable Car Wash and Oil Change

      Established car wash and oil change business for sale in Winchester.
      126 Shoppers Drive, Winchester, KY 40391
      View Details
    • $515,000
      1,440 SF

      Mixed-Use Property with Residential Income

      Versatile commercial space with separate income-producing residential home.
      35-37 Hays Street, Winchester, KY 40391
      View Details
    • $600,000

      Winchester Retail Investment Opportunity

      Prime commercial land for retail development in Winchester, Kentucky.
      722 Colby Road, Winchester, KY 40391
      View Details
    • $575,000

      Prime Commercial Land on Colby

      1.7+/- acre commercial land with high traffic frontage.
      1025 Colby Road, Winchester, KY 40391
      View Details
    • $400,000
      4,687 SF

      Leased Fourplex Across From Park

      Fully leased fourplex with long-term tenants near a park.
      23 Wheeler Avenue, Winchester, KY 40391
      View Details
    • $1,200,000
      7,744 SF

      Winchester Industrial Property For Sale

      3.9-acre industrial property with 7,800 sq ft building in Winchester.
      101 Jefferson Street, Winchester, KY 40391
      View Details

    FAQs

    What type of property is this?
    Commercial land - Land for sale near new development and major retailers.
    Where is this commercial land located?
    The property is located at 145 Codella Dr Winchester, KY.
    What is the asking price?
    The asking price for this property is $400,000.
    What are key features of this property?
    This property features: Located off Winchester Bypass in area of new development.; Conceptual Development Plan shows fast food restaurant with **drive‑thru suitability**.; Proximity to **Walmart and Kroger**.
    (859) 771-2552 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Greg Leveridge
    Greg Leveridge
    Real Estate License ID: KY 71312
    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
    145 Codella Dr, Winchester, KY 40391
    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!