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    Retail Building on Walden Drive Title is generated by Realmo AI

    3605 Walden Drive, Lexington, KY 40517

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    For Lease
    $21 SF/Yr $19,505/Mo (calc)

    Single-story retail building in southeast Lexington available for lease.

    Type:Retail - Street Retail
    Property size:
    10,887 SF
    Lot size:
    0.83 Acres
    Added:
    May 17, 2026
    Days on Market:
    14
    Last Refresh:
    May 17 at 9:29 pm

    Property Features for 3605 Walden Drive

    General Information

    Standard status
    Active
    Size
    10,887 SF
    Lot size
    0.83 Acres
    Property subtype
    Retail - Street Retail

    Spaces For Lease

    at 3605 Walden Drive Contact us

    We can help!

    Listing Contact
    Gordy Hoagland, CCIM

    Listing agent Gordy Hoagland, CCIM

    Listing office White Oak Commercial Real Estate

    Listing date May 17, 2026

    Source Commercialcafe

    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 White Oak Commercial Real Estate

    HighLights

    • High traffic location: Positioned at the intersection of Walden Drive and Tates Creek Road.
    • Dense residential base: Located within one mile of over 9,414 households.
    • Excellent accessibility: Features 190 feet of frontage along Walden Drive with two curb cuts.
    • Substantial building size: 10,887 SF single‑story retail building.
    • Ample parking: Includes 22 parking spaces.
    • B1 Zoning: Suitable for a variety of business purposes.

    Overview

    Located at the intersection of Walden Drive and Tates Creek Road in southeast Lexington, the property at 3605 Walden Drive is a single-story retail building available for lease. The B1 zoned property is situated on a 0.83-acre lot and features a 10,887 square feet building constructed in 1996. Formerly occupied by CVS Pharmacy, the building is configured as a single-tenant retail drug store. The location benefits from its position on Tates Creek Road, which carries approximately 45,000 vehicles per day near the Redding Road intersection. Redding Road generates over 8,384 vehicles per day. The property draws from a dense, established residential base with over 9,414 households and a population of approximately 19,902 within one mile. The building features masonry construction and includes 190 feet of frontage along Walden Drive with two curb cuts, providing access for customers, including 22 parking spaces.
    Location Intelligence

    Current Use by Public Records

    CVS Photo (Bike/Boat/Book/etc) Store CVS Pharmacy Pharmacy CVS Pharmacy Frances Reed Pharmacy MoneyGram Bank

    Suggested Use

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

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

    Similar Places Nearby

    • Walgreens Pharmacy — 4101 Tates Creek Centre Dr Ste 156, Lexington, KY 40517
    • CVS Pharmacy — 3605 Walden Dr, Lexington, KY 40517
    • Mansour Ahmad, PharmD — 4101 Tates Creek Rd, Lexington, KY 40517
    • Next Level Sports Nutrition — 4101 Tates Creek Centre Dr #128, Lexington, KY 40517
    • Kroger Pharmacy — 4101 Tates Creek Centre Dr, Lexington, KY 40517

    Location Insight

    • Map
    • Local Demand
    City
    Lexington
    County
    Fayette
    State
    Kentucky
    Longitude
    -84.498514
    Latitude
    37.980844

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    FAQs

    What type of property is this?
    Drug store - Single-story retail building in southeast Lexington available for lease.
    Where is this drug store located?
    The property is located at 3605 Walden Drive Lexington, KY.
    What is the lease rate?
    The lease rate is $21 SF/Yr.
    What are key features of this property?
    This property features: High traffic location: Positioned at the intersection of Walden Drive and Tates Creek Road.; Dense residential base: Located within one mile of over 9,414 households.; Excellent accessibility: Features 190 feet of frontage along Walden Drive with two curb cuts.
    We can help!
    Listing Contact
    Gordy Hoagland, CCIM
    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.

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