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    Nicholasville Commercial Property for Lease Title is generated by Realmo AI

    500 Memorial Drive, Nicholasville, KY 40356

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    For Lease
    $5 SF/Yr $81,716/Mo (calc)

    COMMERCIAL - Nicholasville, KY

    Property size:
    196,119 SF
    Lot size:
    13.56 Acres
    Added:
    Jan 21, 2026
    Days on Market:
    119
    Last Refresh:
    May 20 at 2:06 pm

    Property Features for 500 Memorial Drive

    General Information

    Property type
    Commercial Lease
    Property subtype
    Other
    Standard status
    Active
    APN
    046-00-00-020.00
    Size
    196,119 SF
    Lot size
    13.56 Acres

    Building Details

    Year built
    1980

    We can help!

    Listing Contact
    Peter Barr
    Peter Barr

    Listing agent Peter Barr License #208972

    Listing office Block + Lot Real Estate 133 W Short St, Lexington, KY

    Listing date Jan 21, 2026

    MLS# 26001522

    Copyright © 2026 ImagineMLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Up to 196,000 SF of industrial space available across 4 buildings.
    • Significant outside storage potential with +/- 5 acres of additional land.
    • Below market NNN operating expenses (est. $0.65/SF).
    • Features 17 docks and full coverage wet sprinkler system.
    • Clear height ranging from 18' to 28'.
    • Located just off US 27, 16 miles south of Lexington.

    Overview

    Located just off US 27 in Nicholasville, KY, 16 miles south of downtown Lexington, this commercial property offers flexible leasing options. The property includes four buildings with available space ranging from approximately 29,000 to 196,000 square feet. It features potential for outside storage and trailer parking, with approximately 5 acres of additional land available. Industrial features include 17 docks, full coverage wet sprinkler system, and clear heights ranging from 18 to 28 feet. The property has below-market NNN operating expenses, estimated at $0.65 per square foot. The property is situated on 13.559 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

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

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

    Similar Places Nearby

    • ABC Storage $16 — 481 Virginia Ln, Nicholasville, KY 40356
    • Safe Storage — 251 etter dr, nicholasville, ky 40356
    • rp trailer parking — 816 Wilmore Rd, Nicholasville, KY 40356
    • Prime Storage — 251 Etter Dr, Nicholasville, KY 40356
    • 1st storage — 521 Virginia Ln, Nicholasville, KY 40356

    Location Insight

    • Map
    • Local Demand
    City
    Nicholasville
    County
    Jessamine
    State
    Kentucky
    Longitude
    -84.583892
    Latitude
    37.884

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    FAQs

    What type of property is this?
    Warehouse - Available space: 29,000 - 196,000 SF in Nicholasville, KY.
    Where is this warehouse located?
    The property is located at 500 Memorial Drive Nicholasville, KY.
    What is the lease rate?
    The lease rate is $5 SF/Yr.
    What are key features of this property?
    This property features: Up to 196,000 SF of industrial space available across 4 buildings.; Significant outside storage potential with +/- 5 acres of additional land.; Below market NNN operating expenses (est. $0.65/SF).
    (859) 351-7924
    We can help!
    Listing Contact
    Peter Barr
    Peter Barr
    Real Estate License ID: 208972
    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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