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    Retail Space Near UK Campus Title is generated by Realmo AI

    685 South Limestone, Lexington, KY 40508

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    Retail leasing opportunities in mixed-use complex near University of Kentucky.

    Property size:
    3,478 SF
    Added:
    Jan 27, 2026
    Days on Market:
    120
    Last Refresh:
    Apr 5 at 11:02 pm

    Property Features for 685 South Limestone

    General Information

    Standard status
    Active
    Size
    3,478 SF

    Properties For Sale

    at 685 South Limestone Contact us

    We can help!

    Listing Contact
    Zach Smith, CCIM

    Listing agent Zach Smith, CCIM

    Listing office

    Listing date Jan 27, 2026

    Source Naiglobal

    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 Zach Smith, CCIM

    HighLights

    • Directly across the street from the University of Kentucky campus and University of Kentucky Medical Center.
    • Located at a highly visible, signalized intersection with high vehicle and pedestrian traffic.
    • Part of HUB On Campus Lexington Limestone, a +/-305,420 SF mixed‑use retail and residential complex with 186 units and 568 beds.
    • Newest mixed‑use development (built in 2020) currently on the University of Kentucky Campus.
    • Ground floor retail space available: +/-1,525 - 3,478 SF.
    • Join established tenants such as Bank of America, Which Wich Superior Sandwiches, Cuts on Lime and Nazs Halal Food.

    Overview

    Located on the corner of South Limestone and Virginia Avenue on the University of Kentucky campus in Lexington, this mixed-use retail and residential complex offers retail leasing opportunities. Constructed in 2020, the HUB On Campus Lexington Limestone is a +/-305,420 SF development with 186 units and 568 beds. The ground floor provides a total of 12,195 SF of retail space with available spaces ranging from +/-1,525 to 3,478 SF. The site is positioned at the northwest corner of Limestone and Virginia Avenue, directly across the street from the University of Kentucky campus and University of Kentucky Medical Center. This location benefits from a highly visible signalized intersection with high vehicle and pedestrian traffic. Current tenants include Bank of America, Which Wich Superior Sandwiches, Cuts on Lime and Nazs Halal Food.
    Property Profile Location Intelligence

    Current Use by Public Records

    Bank of America ATM Atm Bad Ass Coffee ... Cafe & Coffee Shop Which Wich Superior ... Take-out & Catering Hub Limestone Student Housing Center Which Wich The Hub Take-out & Catering

    Suggested Use

    Real Estate Agency Restaurant Spa & Massage Center Dental Office Law Firm Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Lexington
    County
    Fayette
    State
    Kentucky
    Longitude
    -84.4846
    Latitude
    38.0555

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    FAQs

    What type of property is this?
    Retail space - Retail leasing opportunities in mixed-use complex near University of Kentucky.
    Where is this retail space located?
    The property is located at 685 South Limestone Lexington, KY.
    What are key features of this property?
    This property features: Directly across the street from the University of Kentucky campus and University of Kentucky Medical Center.; Located at a highly visible, signalized intersection with high vehicle and pedestrian traffic.; Part of HUB On Campus Lexington Limestone, a +/-305,420 SF mixed‑use retail and residential complex with 186 units and 568 beds.
    (859) 224-2000
    We can help!
    Listing Contact
    Zach Smith, CCIM
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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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