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    208 Legends Lane Lexington, KY 40505

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    For Sale
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    Neighborhood shopping center anchored by Save-A-Lot and Dollar General.

    Type:Retail
    Property size:
    70,217 SF
    Added:
    Jan 27, 2026
    Days on Market:
    67
    Last Refresh:
    Apr 1 at 11:06 pm

    Property Features for 208 Legends Lane

    General Information

    Standard status
    Active
    Size
    70,217 SF
    Property subtype
    Retail

    Properties For Sale

    at 208 Legends Lane Contact us

    We can help!

    Listing Contact
    Paul Ray Smith, Jr

    Listing agent Paul Ray Smith, Jr License #KY #183529

    Listing office

    Listing date Jan 27, 2026

    Source Naiglobal

    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 Paul Ray Smith, Jr

    Overview

    Anchored Neighborhood Shopping Center

    Northland Shopping Center is a neighborhood center with a size of approximately 70,217 square feet. It is anchored by a high-volume Save-A-Lot Grocery and Dollar General. The shopping center is adjacent to the Wild Health Field Ballpark, which can seat 9,000 fans and a maximum of 15,000 for events, and is home to the Lexington Legends, a Single A Minor League Baseball team. The property is located at Legends Lane and North Broadway, with an average daily traffic count of approximately 15,447 in 2019 near the site. Ample parking is available. The shopping center is less than 1 mile from downtown Lexington and provides easy access to New Circle Road and Interstates I-75/64. Approximately 10,500 employees work in Lexington's Central Business District.
    Location Intelligence

    Current Use by Public Records

    Boost Mobile Mobile Phone Store H&R Block Tax Preparation Lady Byrd's Hair ... Hair Salon Advanced Injury Rehab ... Medical Clinic Injury-Care Center: MDs ... Medical Clinic

    Suggested Use

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

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

    Similar Places Nearby

    • North Park Marketplace — 500 W New Cir Rd, Lexington, KY 40511
    • Coin Cloud Bitcoin ATM — 802 N Broadway, Lexington, KY 40508
    • Coin Cloud Bitcoin ATM — 435 NW New Circle Rd, Lexington, KY 40511, United States
    • Northland Shopping Center — 208 Legends Ln Suite 130, Lexington, KY 40505
    • Greyline Station — 101 W Loudon Ave, Lexington, KY 40508

    Location Insight

    • Map
    • Local Demand
    City
    Lexington
    County
    Fayette
    State
    Kentucky
    Longitude
    -84.4797
    Latitude
    38.0641

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    FAQs

    What type of property is this?
    Shopping center - Neighborhood shopping center anchored by Save-A-Lot and Dollar General.
    Where is this shopping center located?
    The property is located at 208 Legends Lane Lexington, KY.
    What is the asking price?
    The asking price for this property is Off market.
    What are key features of this property?
    This property features: Anchored by **high‑volume Save‑A‑Lot Grocery and Dollar General**, ensuring consistent customer traffic.; Located adjacent to **Wild Health Field Ballpark (9,000 seats, 15,000 event capacity)**, home of the Lexington Legends, offering significant exposure.; High traffic location at Legends Lane and North Broadway with +/-15,447 average daily traffic count.
    (859) 422-4401
    We can help!
    Listing Contact
    Paul Ray Smith, Jr
    Real Estate License ID: KY #183529
    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.

    More about this property
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