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    115 Lee Ave Pikeville, KY 41501

    Sponsored
    For Sale
    $3,813,333

    High-traffic, 2-tenant shopping center in KY.

    Property size:
    8,500 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    391
    This exceptional investment opportunity presents a two-tenant, 8,500 square foot shopping center situated on a 1.55-acre lot in Pikeville, Kentucky. Built in 2018, the property boasts 100% occupancy with long-term leases featuring rental escalations. Fast Pace Urgent Care, a major US operator with over 280 clinics, and Sleep Outfitters, an established retailer with approximately 100 locations, are the tenants. Fast Pace's lease expires January 31, 2035, and Sleep Outfitters' lease expires October 31, 2028, both with 10% escalations every five years. The property benefits from corporate guarantees and is strategically located as an outparcel to the #3 ranked Walmart Supercenter in Kentucky, a high-traffic area with over 3.2 million annual visitors (per Placer.ai). Additional nearby retailers, including Pikeville Commons, further enhance the property's visibility and desirability. The asking price is $3,813,333, representing a 7.17% cap rate and a Net Operating Income (NOI) of $273,350. The property's location on State Route 460 (N. Mayo Trail) sees over 33,212 vehicles daily. Pikeville's robust economy, anchored by the Pikeville Medical Center—a 340-bed facility—and the challenging topography of the region create a high barrier to entry for new development, making this a highly desirable retail location. The average household income within a one-mile radius exceeds $100,000.

    Property Features for 115 Lee Ave

    General Information

    Property type
    Lifestyle centers
    Square Feet
    8,500 SF
    Lot Size
    67,518 SF

    Building Details

    Year Built
    2018

    HighLights

    • 8,500 SF, two‑tenant retail center on 1.55 acres in Pikeville, KY, adjacent to a top‑performing Walmart Supercenter.
    • Long‑term leases with 10% rent escalations every five years; Fast Pace Urgent Care lease expires 1/31/2035, Sleep Outfitters lease expires 10/31/2028.
    • Corporate guarantees from Fast Pace Health (major US urgent care operator) and Sleep Outfitters (established 1983).
    • High barrier to entry due to challenging regional development, creating a highly desirable retail corridor.
    • Exceptional Placer.ai data showing high traffic counts for surrounding retailers, including Walmart, Pikeville Commons, and several national restaurant chains.
    • High‑traffic location on State Route 460 (N. Mayo Trail), with 33,212+ vehicles per day.
    Property Profile Location Intelligence

    Current Use by Public Records

    BRITTANY TACKETT Nurse Practitioner Sleep Outfitters Mattress Store April Estep Nurse Practitioner First Care Urgent ... Medical Clinic

    Suggested Use

    HVAC Service

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

    Location Insight

    • Map
    • Local Demand
    City
    Pikeville
    County
    Pike
    State
    Kentucky
    Longitude
    -82.5346463
    Latitude
    37.5023955

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    FAQs

    What type of property is this?
    Lifestyle center - High-traffic, 2-tenant shopping center in KY.
    Where is this lifestyle center located?
    The property is located at 115 Lee Ave Pikeville, KY.
    What is the asking price?
    The asking price for this property is $3,813,333.
    What are key features of this property?
    This property features: 8,500 SF, two-tenant retail center on 1.55 acres in Pikeville, KY, adjacent to a top-performing Walmart Supercenter.; Long-term leases with 10% rent escalations every five years; Fast Pace Urgent Care lease expires 1/31/2035, Sleep Outfitters lease expires 10/31/2028.; Corporate guarantees from Fast Pace Health (major US urgent care operator) and Sleep Outfitters (established 1983).
    Request Owner's contact information
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    Realmo Value Estimation

    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.

    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.

    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
    115 Lee Ave Pikeville, KY 41501
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