Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Berea Commercial Land Development Opportunity Title is generated by Realmo AI

    511 Estill Street, Berea, KY 40403

    View on Map
    Claim this Listing
    For Sale
    $1,750,000

    LAND - Berea, KY

    Lot size:
    13.77 Acres
    Added:
    Aug 18, 2025
    Days on Market:
    278
    Last Refresh:
    May 22 at 7:06 pm

    Property Features for 511 Estill Street

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    APN
    B009-0007-0005
    Lot size
    13.77 Acres

    We can help!

    Listing Contact
    Adam Boardman
    Adam Boardman

    Listing agent Adam Boardman License #72655

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

    Listing date Aug 18, 2025

    MLS# 25018262 Listing URL

    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 B‑2 Zoned Commercial Land: Nearly 14 acres suitable for diverse business uses.
    • Exceptional Location: Highly visible in Berea's premier commercial corridor, off Richmond Road.
    • Premier Access & Visibility: Easy access to I‑75 (Exits 76/77) and visibility from major roads.
    • Development Opportunity: Primed for success in Berea's expanding economic landscape.
    • Proximity to Key Areas: Short drive to historic downtown, newer commercial developments, and residential neighborhoods.
    • Local Connector Road Visibility: Benefits from visibility along the Estill Street corridor.

    Overview

    Located in Berea's premier B-2 commercial corridor, 511 Estill Street offers nearly 14 acres of commercially zoned land. The property is situated off Richmond Road, with proximity to I-75 Exits 76 and 77. The B-2 zoning is designed to accommodate a variety of business uses. The location provides visibility to local residents and travelers. The property benefits from local connector road visibility and proximity to both residential neighborhoods and commercial hubs. It is a short drive to historic downtown Berea and newer commercial developments along Chestnut Street (US-25) and Berea Bypass (KY-595).
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial land

    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.

    Location Insight

    • Map
    • Local Demand
    City
    Berea
    County
    Madison
    State
    Kentucky
    Longitude
    -84.279299
    Latitude
    37.583759

    Nearby Similar for Sale

    • $649,900
      1,560 SF

      Berea Commercial Property For Sale

      Versatile commercial property with income potential in Berea, Kentucky.
      1031 Highway 1016, Berea, KY 40403
      View Details
    • $395,000
      7,660 SF

      Berea Commercial Warehouse and Office

      7,660 SF warehouse and office space in Berea, KY.
      207 N Broadway Street, Berea, KY 40403
      View Details
    • $590,000
      4,512 SF

      Berea Fourplex with Recent Updates

      Well-maintained fourplex in Berea with recent capital improvements.
      907 Weeping Willow Drive, Berea, KY 40403
      View Details
    • $590,000
      4,660 SF

      Berea Fourplex with Recent Upgrades

      Investor-friendly fourplex in Berea with consistent interior upgrades.
      913 Weeping Willow Drive, Berea, KY 40403
      View Details
    • $299,999
      2,880 SF

      Berea Multifamily Investment Opportunity

      Three-bedroom investment property near I-75 in Berea, Kentucky.
      821 Ridgewood Drive, Berea, KY 40403
      View Details
    • $325,000
      3,200 SF

      Berea Commercial Investment Opportunity

      Multi-unit commercial building in high-traffic area, suitable for various businesses.
      404 KY-1016, Berea, KY 40403
      View Details
    • $329,000
      3,416 SF

      Updated Quadruplex with Strong Occupancy

      Turnkey investment property with updated units and income potential.
      118 Salter Road, Berea, KY 40403
      View Details
    • $320,000

      Berea Land with Charming Home

      Secluded 4.35-acre property with a four-bedroom home in Berea.
      4961 Battlefield Memorial Highway, Berea, KY 40403
      View Details
    • $329,000
      3,294 SF

      Berea Quadplex Investment Opportunity

      Well-maintained quadplex with income potential in Berea, Kentucky.
      116 Salter Road, Berea, KY 40403
      View Details
    • $253,000
      2,160 SF

      Berea Duplex: Turn-Key Investment

      Turn-key Berea duplex, ideal for investors, with recent improvements.
      705 Candlewood Drive, Berea, KY 40403
      View Details
    • $289,900
      2,248 SF

      Turnkey Duplex in Berea, KY

      Fully occupied duplex generating immediate cash flow near Berea College.
      118 Central Avenue, Berea, KY 40403
      View Details
    • $649,000

      Land Approved for Apartment Building

      5.11 acres approved for 62-unit apartment complex.
      320 Rash Road, Berea, KY 40403
      View Details

    FAQs

    What type of property is this?
    Commercial land - Nearly 14 acres of B-2 zoned commercial land for sale.
    Where is this commercial land located?
    The property is located at 511 Estill Street Berea, KY.
    What is the asking price?
    The asking price for this property is $1,750,000.
    What are key features of this property?
    This property features: Prime B‑2 Zoned Commercial Land: Nearly 14 acres suitable for diverse business uses.; Exceptional Location: Highly visible in Berea's premier commercial corridor, off Richmond Road.; Premier Access & Visibility: Easy access to I‑75 (Exits 76/77) and visibility from major roads.
    (859) 338-8243
    We can help!
    Listing Contact
    Adam Boardman
    Adam Boardman
    Real Estate License ID: 72655
    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
    511 Estill Street, Berea, KY 40403
    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!