Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    12 Acres in Kentucky Mountains Title is generated by Realmo AI

    5449 S Ky 233, Gray, KY 40734

    View on Map
    Claim this Listing
    Picture of Residential land & home lots at 5449 S Ky 233, Gray, KY
    Pending
    $31,200

    LAND - Gray, KY

    Lot size:
    12.00 Acres
    Added:
    Apr 16, 2026
    Days on Market:
    31
    Last Refresh:
    May 16 at 7:06 am

    Property Features for 5449 S Ky 233

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    R-1
    Standard status
    Pending
    APN
    042-00-00-006.01
    Lot size
    12.00 Acres

    We can help!

    Listing Contact
    Sarah Richards

    Listing agent Sarah Richards License #326803

    Listing office RE/MAX Preferred Group 9032 Union Centre Blvd Ste 100, West Chester, KY

    Listing date Apr 16, 2026

    MLS# 26008324 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

    • Expansive 12‑acre property offers privacy and seclusion in the Kentucky mountains.
    • "Blank canvas" opportunity to build a custom home.
    • Potential cost savings from existing foundation.
    • Ideal for a weekend getaway or permanent mountain escape.
    • Large acreage provides ample space and quiet.
    • Located in Gray, Kentucky.

    Overview

    This 12-acre property is located in Gray, Kentucky, offering privacy and seclusion in a mountain setting. The land presents a "blank canvas" opportunity for a buyer to build a dream mountain cabin or a custom modern residence. The original home on the property was damaged by a fire. The existing site may still feature a solid foundation. This property offers space and silence, suitable for a weekend getaway or a permanent mountain escape.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Map

    City
    Gray
    County
    Knox
    State
    Kentucky
    Longitude
    -83.987462
    Latitude
    36.914895

    Nearby Similar for Sale

    • $36,000

      Residential Lot in Bentley Estates

      Nearly one acre lot in established neighborhood, ready to build.
      171 Higgins Road, Gray, KY 40734
      View Details
    • $175,000

      90+ Acre Wooded Land Parcel

      Large wooded acreage with utilities and recreational potential in Gray.
      1 Helton Branch Rd., Gray, KY 40734
      View Details
    • $399,000

      Land For Sale in Gray

      20-acre land ideal for commercial or residential use.
      N US Hwy 25E Road, Gray, KY 40734
      View Details
    • $95,000

      Versatile Land in Gray, Kentucky

      Two lots totaling 19.5 acres in Gray, Kentucky.
      9999 Ky 6, Gray, KY 40734
      View Details
    • $450,000
      3,200 SF

      Concrete Block Building on 5.5 Acres

      3200 sqft building with development potential near Cumberland Gap Parkway.
      106 Walnut Lane, Gray, KY 40734,
      View Details
    • $70,000

      Land Near Highway 25E

      18.68 acres of land between Corbin and Barbourville, Kentucky.
      3515 KY 1232, Gray, KY 40734
      View Details
    • $70,000

      42 Acres of Scenic Land

      Land for new home or development in Gray, Kentucky.
      1111 Arkle Road, Gray, KY 40734
      View Details
    • $139,900

      Prime Commercial/Residential Land on US-25E

      2.77-acre lot on US-25E, ideal for business or development.
      999 E 25 Highway, Gray, KY 40734
      View Details
    • $75,000

      2.65 Acres in Gray, KY

      2.65-acre tract with road frontage on N. KY 25E.
      N KY 25E, Gray, KY 40734
      View Details
    • $236,750

      Commercial Land on US 25E

      9.47 acre surveyed tract suitable for business location.
      9999 US 25-E, Gray, KY 40734
      View Details

    FAQs

    What type of property is this?
    Residential land & home lot - Secluded 12-acre property in Gray, Kentucky, ready for development.
    Where is this residential land & home lot located?
    The property is located at 5449 S Ky 233 Gray, KY.
    What is the asking price?
    The asking price for this property is $31,200.
    What are key features of this property?
    This property features: Expansive 12‑acre property offers privacy and seclusion in the Kentucky mountains.; "Blank canvas" opportunity to build a custom home.; Potential cost savings from existing foundation.
    (423) 585-7100
    We can help!
    Listing Contact
    Sarah Richards
    Real Estate License ID: 326803
    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
    5449 S Ky 233, Gray, KY 40734
    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!