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    Established Storage Business with Apartment Title is generated by Realmo AI

    5689 State Hwy 290, Mc Kee, KY 40447

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    For Sale
    $695,000

    COMMERCIAL - McKee, KY

    Property size:
    704 SF
    Lot size:
    5.50 Acres
    Price / SF:
    $987/SF
    Added:
    Jun 15, 2024
    Days on Market:
    699
    Last Refresh:
    May 14 at 10:06 pm

    Property Features for 5689 State Hwy 290

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Parking
    20
    Standard status
    Active
    APN
    70-71
    Size
    704 SF
    Lot size
    5.50 Acres

    Utilities

    Sewer type
    Septic Tank

    Building Details

    Year built
    1979
    Floors in Building
    1
    Building materials
    Block, Brick, Concrete
    Roof type
    Metal

    We can help!

    Listing Contact
    Robert L Linville
    Robert L Linville

    Listing agent Robert L Linville License #265585

    Listing office Keller Williams Commonwealth 1908 Bryant Rd Suite 250, Lexington, KY

    Listing date Jun 15, 2024

    MLS# 24012293

    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

    • Established storage business with 94% occupancy rate
    • 52 storage units of varying sizes, including a large 14'x30' unit
    • Includes a 2‑bedroom, 2‑bathroom apartment attached to a 36' x 60' garage
    • 5.5 acres with room to add more storage units, apartments, or houses
    • Security system with 8 cameras included
    • Multiple buildings including a large wooden barn (3744 sq ft) and a 72'x84' red building with potential for RV storage

    Overview

    This fully operational and established storage business features 52 storage units with 94% occupancy. Unit sizes include: 4 units at 8'x9', 2 units at 8'x10', 24 units at 10'x10', 12 units at 10'x12', 9 units at 8.5'x14', and 1 unit at 14'x30'. A wooden barn provides 3744 square feet of space with 3 driveways and 3 storage bins on one side, built on a block and concrete foundation. The property also includes a 32' x 22' apartment with 2 bedrooms and 2 bathrooms, attached to a 36' x 60' garage. The apartment features double insulation in the ceiling and walls. Additionally, there is a 72'x 84' red building/barn with a 14'x36' storage unit currently used for personnel storage by the owner; this building can also accommodate approximately 5 RV units. A security system with 8 cameras is installed and will convey with the sale. The property, accessible via a blacktop and gravel driveway, spans approximately 5.50 acres. The 704 square foot property has room to add more storage units, apartments or houses. Located in McKee, Kentucky, the buyer can take possession of the rental property at closing.
    Location Intelligence

    Current Use by Public Records

    Self storage facilities

    Map

    City
    Mc Kee
    County
    Jackson
    State
    Kentucky
    Longitude
    -83.974666
    Latitude
    37.361363

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    FAQs

    What type of property is this?
    Self storage facility - Fully operational storage business with apartment on 5.5 acres.
    Where is this self storage facility located?
    The property is located at 5689 State Hwy 290 Mc Kee, KY.
    What is the asking price?
    The asking price for this property is $695,000.
    What are key features of this property?
    This property features: Established storage business with 94% occupancy rate; **52 storage units of varying sizes, including a large 14'x30' unit**; Includes a 2‑bedroom, 2‑bathroom apartment attached to a 36' x 60' garage
    (859) 582-3936
    We can help!
    Listing Contact
    Robert L Linville
    Robert L Linville
    Real Estate License ID: 265585
    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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