Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Prime Commercial Corner Lot Title is generated by Realmo AI

    501 E Second Avenue, Central City, KY 42330

    View on Map
    Claim this Listing
    For Sale
    $169,900

    COMMERCIAL - Central City, KY

    Property size:
    1,000 SF
    Lot size:
    2.71 Acres
    Price / SF:
    $169/SF
    Added:
    Mar 2, 2026
    Days on Market:
    72
    Last Refresh:
    May 13 at 10:06 am

    Property Features for 501 E Second Avenue

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Parking features
    Open
    Standard status
    Active
    APN
    142-01-09-015.000
    Size
    1,000 SF
    Lot size
    2.71 Acres

    Utilities

    Utilities
    Cable Available
    Sewer type
    Public Sewer

    Building Details

    Year built
    2002
    Floors in Building
    1
    Building materials
    Block, Concrete
    Roof type
    Flat, Tar/Gravel

    We can help!

    Listing Contact
    Joseph H Blyzes
    Joseph H Blyzes

    Listing agent Joseph H Blyzes License #247708

    Listing office Sovereign Estates Real Estate Brokerage Firm 613 Westover Ave, Richmond, KY

    Listing date Mar 2, 2026

    MLS# 26003816

    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

    • Prime commercial corner lot on West Everly Brothers Parkway.
    • High traffic count of 8,265 +/- AADT.
    • Proximity to 35+ major businesses within a one‑mile radius.
    • Easy access to Western Kentucky Parkway via nearby interchange (1 mile +/-).
    • Existing concrete block building, fenced stone yard, and established driveway.
    • Utilities available: electric, water, sewer, and cable.

    Overview

    This commercial corner lot and building are located in Central City, KY. The 2.71-acre property includes electric, water, and sewer services. Situated within 0.3 miles of the approximate center of Central City, the lot features 166 feet of road frontage on West Everly Brothers Parkway, a main road with a traffic count of 8,265 AADT. Over 35 well-known businesses are located within a one-mile radius, and the property is approximately one mile from a cloverleaf interchange of the Western Kentucky Parkway. The property includes a concrete block building in serviceable condition, along with a fenced, hardstand stone yard and an established driveway for street access. A fire hydrant is located at the curb near the center of the lot. The land gently slopes down from the main road, levels out, and then elevates slightly upward. The property is adjacent to a smaller commercial lot and backs up to a wooded area. The property is potentially optimal for commerce.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Crossing Holiness Church Church

    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.

    Location Insight

    • Map
    • Local Demand
    City
    Central City
    County
    Muhlenberg
    State
    Kentucky
    Longitude
    -87.124234
    Latitude
    37.287662

    Nearby Similar for Sale

    • $396,000

      Mixed-Use Property in Central City

      Commercial and residential income property in Central City, Kentucky.
      615 S 2nd Street, Central City, KY 42330
      View Details
    • $80,000

      Highway Commercial Opportunity in Central City

      Affordable commercial building on a busy highway near county line.
      4100 Highway 431, Central City, KY 42330
      View Details
    • $499,900

      6-Acre Commercial Parcel in Central City

      6-acre commercial land with dual road frontage in Central City.
      620 S Second St., Central City, KY 42330
      View Details
    • $1,350,000
      1,929 SF

      Central City Motel For Sale

      Motel with on-site amenities in a growing industrial area.
      606 S 2nd Street, Central City, KY 42330
      View Details
    • $115,000
      2,500 SF

      Adaptable Church Property For Sale

      Versatile 2,500 SF church suitable for various commercial uses.
      610 E Reservoir st., Central City, KY 42330
      View Details
    • $35,000

      Central City Commercial Development Opportunity

      0.75 acre commercial lot with road frontage.
      401 E Second Avenue, Central City, KY 42330
      View Details
    • $79,900

      Central City Commercial Building For Sale

      Commercial building with potential, located off N Second Street.
      314 N Second Street, Central City, KY 42330
      View Details
    • $40,000

      Central City Acreage For Sale

      7.2 acre land parcel in Central City, Kentucky.
      0 Duncan Lane, Central City, KY 42330
      View Details
    • $20,000

      Land with Scenic Hillside Views

      2.79 acres of versatile land in Central City, KY.
      0 Morgan Rickard Ln, Central City, KY 42330
      View Details
    • $80,000

      Commercial Lots Near Western Parkway

      Three commercial lots with highway access and utility connections.
      647 South 2nd Street, Central City, KY 42330
      View Details
    • $1,200,000

      Central City Multifamily Investment Property

      27-unit multifamily property generating approximately $174,000 gross annually.
      1213 W Reservoir Avenue, Central City, KY 42330
      View Details
    • $59,900

      Central City Land For Sale

      Over 4 acres with road frontage in Central City.
      1904 KY-81, Central City, KY 42330
      View Details

    FAQs

    What type of property is this?
    Commercial land - Commercial lot in Central City, KY with high traffic.
    Where is this commercial land located?
    The property is located at 501 E Second Avenue Central City, KY.
    What is the asking price?
    The asking price for this property is $169,900.
    What are key features of this property?
    This property features: Prime commercial corner lot on West Everly Brothers Parkway.; High traffic count of 8,265 +/- AADT.; Proximity to 35+ major businesses within a one‑mile radius.
    (859) 806-9988
    We can help!
    Listing Contact
    Joseph H Blyzes
    Joseph H Blyzes
    Real Estate License ID: 247708
    Learn More
    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
    501 E Second Avenue, Central City, KY 42330
    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!