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    Kentucky River Acreage with Improvements Title is generated by Realmo AI

    5980 KY-389, Turners Station, KY 40075

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    Unzoned acreage with hatchery, barn, rental units, fishing lakes.

    Type:Land
    Property size:
    15,000 SF
    Lot size:
    263.00 Acres
    Price / SF:
    $120/SF
    Added:
    Aug 15, 2022
    Days on Market:
    1390
    Last Refresh:
    May 12 at 8:34 pm

    Property Features for 5980 KY-389

    General Information

    Standard status
    Active
    Size
    15,000 SF
    Lot size
    263.00 Acres
    Property subtype
    Land

    We can help!

    Listing Contact
    Greg Friend
    Greg Friend

    Listing agent Greg Friend License #KY

    Listing office Sperry Real Estate

    Listing date Aug 15, 2022

    Source Crexi

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    All listing content including descriptions, pricing, images are the copyrighted material of Sperry Real Estate

    HighLights

    • Substantial acreage (~263 acres) including ~98 acres along the Kentucky River with stocked fishing lakes and ~165 acres of wooded hills, springs, and trails.
    • Large 15,000 sq ft hatchery with equipment suitable for fish farming or other agricultural uses.
    • Multiple income‑generating opportunities with 3 residential rental units already in place.
    • Significant improvements including a ~5,000 sq ft secure barn and various sheds.
    • Unzoned acreage provides flexibility for various uses.
    • Convenient location 2.8 miles south of I‑71 (exit 43) for easy access.

    Overview

    This property features unzoned acreage and improvements situated along the Kentucky River, approximately 2.8 miles south of I-71 (exit 43). Historically, the property has been utilized as a sportsmen's camp, fish hatchery, and residential rental location for several decades. Improvements include a 15,000 square foot hatchery equipped with pumps, heaters, troughs, and related equipment, along with an adjoining outdoor feeder pond. Additionally, there is a roughly 5,000 square foot secure barn, various sheds, and three residential rental units. The property is divided by Hwy 389. On the eastern side, there are approximately 98 acres bordering the Kentucky River, featuring several stocked man-made fishing lakes. The western side of Hwy 389 includes around 165 acres of wooded hills, springs, and trails. The property's improvements are located along Hwy 389 within the remaining cleared acreage.

    Local Financial Insights For Apartment 5plus

    Simulate Cap Rate and NOI

    NOI Build-Up
    Vacancy
    income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
    EGI (Effective Gross Income)
    gross rent minus vacancy losses — the realistic income before paying operating costs.
    OpEx (Operating Expenses)
    recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
    NOI (Net Operating Income)
    income a property generates after operating costs but before financing and taxes.

    Component $ $/SF
    Gross rent $261.0k $17.40
    − Vacancy −$14.4k −$0.96
    EGI $246.6k $16.44
    − OpEx −$111.0k −$7.40
    NOI $135.7k $9.04
    15,000 SF · lease $17.40/SF/yr · vacancy 5.50% · expense 45.00%

    Alternative Uses

    Best Use
    Apartment 5plus
    $1.94M
    $1.70M – $2.26M (±1% cap)
    NOI $135,655 @ 7.0% cap · market cap 7.54%
    Second Best
    —
    —
    no second resolved use
    Theoretical Best
    Office A
    $3.16M
    $2.77M – $3.69M (±1% cap)
    NOI $221,357 @ 7.0% cap · market cap 12.30%
    Zoning and permitted uses should be independently verified with local authorities.
    Location Intelligence

    Current Use by Public Records

    Land

    Map

    City
    Turners Station
    County
    Henry
    State
    Kentucky
    Longitude
    -85.1305
    Latitude
    38.5552

    Nearby Similar for Sale

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    • $800,000

      91.4 Acres Kentucky River Frontage

      91.4 acres with 2,160 feet of Kentucky River frontage.
      91 Hwy 389, Turners Station, KY 40075
      View Details
    • $25,000

      Land in Turners Station, KY

      3-acre wooded land with mature timber and wildlife.
      Switcher Hill Rd, Turners Station, KY 40075
      View Details

    FAQs

    What type of property is this?
    Land - Unzoned acreage with hatchery, barn, rental units, fishing lakes.
    Where is this land located?
    The property is located at 5980 KY-389 Turners Station, KY.
    What is the asking price?
    The asking price for this property is $1,800,000.
    What are key features of this property?
    This property features: Substantial acreage (~263 acres) including ~98 acres along the Kentucky River with stocked fishing lakes and ~165 acres of wooded hills, springs, and trails.; Large 15,000 sq ft hatchery with equipment suitable for fish farming or other agricultural uses.; Multiple income‑generating opportunities with 3 residential rental units already in place.
    (502) 797-8828 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Greg Friend
    Greg Friend
    Real Estate License ID: KY
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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.

    More about this property
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