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    Downtown Scottsville Retail Opportunity Title is generated by Realmo AI

    523 E Main St, Scottsville, KY 42164

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    Retail shopping center in downtown Scottsville, Kentucky.

    Type:Retail
    Property size:
    21,890 SF
    Lot size:
    1.65 Acres
    Added:
    Jun 13, 2022
    Days on Market:
    1457
    Last Refresh:
    May 19 at 9:02 pm

    Property Features for 523 E Main St

    General Information

    Standard status
    Active
    Size
    21,890 SF
    Lot size
    1.65 Acres
    Property subtype
    Retail

    Building Details

    Year Built
    1960

    We can help!

    Listing Contact
    Eric St. John

    Listing agent Eric St. John License #KY

    Listing office Neal Turner Realty

    Listing date Jun 13, 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 Neal Turner Realty

    HighLights

    • Prime downtown Scottsville location with high visibility and foot traffic.
    • 1.65‑acre site with 84 parking spaces, plus an additional 25 spaces in expansion area.
    • Located in the heart of a thriving commercial hub near Scottsville Square and Main Street Shops.
    • Positioned in Scottsville, KY, the county seat of Allen County (population 18,000).
    • Retail shopping center with two buildings facing each other.
    • Metal and masonry construction with a consistently maintained metal roof in excellent condition.

    Overview

    Located in downtown Scottsville, Kentucky, Jack's Shopping Center presents an opportunity for retail and strip center investors. The property is positioned in a hub of commercial activity, offering visibility and access, attracting foot traffic. Nearby points of interest such as Scottsville Square and Main Street Shops create a dynamic atmosphere. The shopping center is conveniently located on East Main Street. Scottsville is the county seat for Allen County, with a population of 18,000 in the county and approximately 4,700 in the city. Originally constructed in 1960, an addition was made to the east side in 1998. The property includes 1.65 acres in downtown Scottsville. The retail shopping center features two buildings facing each other with parking available between the retail sides. Two lanes of one-way traffic allow for access through the shopping area. The site includes 84 parking spaces and an additional 25 spaces in the 1-acre expansion area. The property is serviced by Scottsville Water Department, Tri-County Electric Membership Corporation, and Scottsville Gas Company. The construction is metal and masonry with a metal roof. The roof is consistently maintained by professional contractors.
    Location Intelligence

    Current Use by Public Records

    Shopping centers

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Skin Care Clinic Auto Repair Shop

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

    Location Insight

    • Map
    • Local Demand
    City
    Scottsville
    County
    Allen
    State
    Kentucky
    Longitude
    -86.179678
    Latitude
    36.752224

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    FAQs

    What type of property is this?
    Shopping center - Retail shopping center in downtown Scottsville, Kentucky.
    Where is this shopping center located?
    The property is located at 523 E Main St Scottsville, KY.
    What are key features of this property?
    This property features: Prime downtown Scottsville location with high visibility and foot traffic.; **1.65‑acre site with 84 parking spaces, plus an additional 25 spaces in expansion area.**; Located in the heart of a thriving commercial hub near Scottsville Square and Main Street Shops.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Eric St. John
    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.

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