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    3220 Nicholasville Rd Lexington, KY 40503

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    For Sale
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    Retail spaces available in a high-traffic shopping center.

    Added:
    Nov 21, 2025
    Days on Market:
    133
    Last Refresh:
    Apr 1 at 11:04 pm

    Property Features for 3220 Nicholasville Rd

    General Information

    Standard status
    Active

    Properties For Sale

    at 3220 Nicholasville Rd Contact us

    We can help!

    Listing Contact
    Jamie Adams, SIOR, CCIM

    Listing agent Jamie Adams, SIOR, CCIM License #KY #216464

    Listing office

    Listing date Nov 21, 2025

    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 Jamie Adams, SIOR, CCIM

    Overview

    Retail Center on Nicholasville Road

    Located at the intersection of New Circle Road and Nicholasville Road, South Park Shopping Center is a retail center with approximately 216,235 square feet. Anchors include Academy Sports, Best Buy, Burlington, and Value City Furniture. The property is located in south Lexington, just off Nicholasville Road, offering convenient access to Interstates 75/64, New Circle Road, Blue Grass Airport, and downtown Lexington. The location provides quick access to the major arteries serving the Lexington region. There are three spaces available for lease behind the shopping center, accessible via Canary Road and Loch Ness Drive. Suite 161 includes a 9'x9' roll-up garage door. Ample parking is available in the rear of the shopping center. The property is in close proximity to Fayette Mall, The Summit at Fritz Farm, Lexington Green, The Plaza at Fayette Mall, restaurants, banks, shopping, and services. Traffic counts are approximately 69,662 vehicles per day on Nicholasville Road and approximately 68,026 vehicles per day on New Circle Road.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Geek Squad Tech Support Center Magnolia Electronics & Wireless Store Burlington Clothing Store CDReload - Online Bitcoin ... Crypto Atm South Park Shopping ... Shopping Center & Mall

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Dental Office Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Hair Salon Hotel & Motel

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

    Similar Places Nearby

    • Tiverton Center — 152 W Tiverton Way, Lexington, KY 40503
    • Fayette Plaza — 3801 Mall Rd #195, Lexington, KY 40503
    • Fayette Place Shopping Center — 4001 Nicholasville Rd, Lexington, KY 40501
    • Coin Cloud Bitcoin ATM — 130 W Tiverton Way Suite 165, Lexington, KY 40503
    • Tiverton Crossing — 130 W Tiverton Way, Lexington, KY 40503

    Location Insight

    • Map
    • Local Demand
    City
    Lexington
    County
    Fayette
    State
    Kentucky
    Longitude
    -84.5205
    Latitude
    37.9932

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    FAQs

    What type of property is this?
    Shopping center - Retail spaces available in a high-traffic shopping center.
    Where is this shopping center located?
    The property is located at 3220 Nicholasville Rd 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: High‑traffic location at the intersection of New Circle Road and Nicholasville Road (69,662 & 68,026 VPD); Anchored by major retailers: Academy Sports, Best Buy, Burlington, and Value City Furniture; Close proximity to Fayette Mall, The Summit at Fritz Farm, Lexington Green, and The Plaza at Fayette Mall
    (859) 422-4413
    We can help!
    Listing Contact
    Jamie Adams, SIOR, CCIM
    Real Estate License ID: KY #216464
    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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