Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    10216 Sherwood Lakes Dr Florence, KY 41042

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    13.59 Acres, Multifamily Zoning, I-75 Access

    Property Features for 10216 Sherwood Lakes Dr

    General Information

    Property type
    Land
    Lot Size
    591,980 SF

    We can help!

    Listing Contact
    Laurence Bergman
    Laurence Bergman

    Listing Agency: NAI Bergman Listing Agent: Laurence Bergman

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

    Learn more

    Overview

    This exceptional 13.59-acre parcel presents a remarkable development opportunity in Florence, Kentucky. Located at 10216 Sherwood Lake Dr NE, Boone County, zip code 41042 (latitude 38.9495172, longitude -84.6294878), this property is uniquely positioned for significant growth. The land is zoned for multifamily use, offering considerable flexibility for various residential projects. Pre-approved plans allow for the construction of up to 200 multifamily units, 120 ranch-style condos, or 36 units of special needs housing. This represents a rare chance to capitalize on the strong demand for housing in this area. The site's adjacency to the Sherwood Lakes Apartment Community provides a built-in advantage, leveraging existing infrastructure and community presence. Furthermore, its excellent access to I-75 ensures convenient connectivity to major transportation routes, enhancing its appeal to potential residents and investors. This is the last remaining parcel available for development in this prime location, making it a truly exclusive investment opportunity. Don't miss this chance to acquire a substantial land holding with pre-approved plans, ready for immediate development.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Florence
    County
    Boone
    State
    Kentucky
    Longitude
    -84.6294878
    Latitude
    38.9495172

    Nearby Similar for Sale

    • $350,000
      Pending

      Medical Office Space For Sale

      Medical office space with ample parking and convenient highway access.
      7276 Burlington Pike, Florence, KY 41042
      View Details
    • $152,000
      950 SF

      Renovated Office Unit in Florence

      Completely renovated ground floor office unit with modern amenities.
      6900 Houston Rd, Florence, KY 41042
      View Details
    • $129,500
      Pending

      Functional Office Suite in Florence

      Office suite with reception, private office, and conference room.
      6900 Houston Rd, Florence, KY 41042
      View Details
    • $4,999,000
      19,040 SF

      Iconic Building on Burlington Pike

      Prestigious commercial building with high visibility and spa amenities.
      7535 Burlington Pike, Florence, KY 41042
      View Details
    • $1,115,000
      Pending

      Commercial Building in Florence, KY

      Turnkey commercial building with ample parking near I-75.
      10510 Norbotten Dr, Florence, KY 41042
      View Details
    • $430,000
      Pending

      Dixie Hwy Mixed-Use Property

      Remodeled mixed-use property with apartment and garage bays.
      6603 Dixie Hwy, Florence, KY 41042
      View Details
    • $1,100,000
      7,991 SF

      Florence Commercial Building For Sale

      Commercial building in Florence, KY with multiple tenants and parking.
      256 Main St, Florence, KY 41042
      View Details
    • $4,999,999
      19,000 SF

      Salon and Spa Ready Property

      Large salon and spa buildout with parking and newer roof.
      7535 Burlington Pike, Florence, KY 41042
      View Details
    • Contact for pricing
      3,297 SF

      Former Bank Building on Dixie

      Former bank building for sale in Florence, Kentucky.
      6890 Dixie Hwy, Florence, KY 41042
      View Details
    • Contact for pricing
      3,625 SF

      Established Eye Care Center

      High-visibility eye care center in Florence, Kentucky for sale.
      6903-6909 Burlington Pike, Florence, KY 41042
      View Details
    • Contact for pricing
      270,000 SF

      270,000 SF Industrial Facility

      270,000 SF industrial building with heavy power and cranes.
      7375 Industrial Rd, Florence, KY 41042
      View Details
    • Contact for pricing
      123,769 SF

      Amazon Distribution Facility For Sale

      Modern distribution center leased to Amazon in logistics hub.
      7435 Industrial Rd, Florence, KY 41042
      View Details

    FAQs

    What type of property is this?
    Land - 13.59 Acres, Multifamily Zoning, I-75 Access
    Where is this land located?
    The property is located at 10216 Sherwood Lakes Dr Florence, KY.
    What are key features of this property?
    This property features: 13.59-acre site.; 200-unit multifamily development approved.; 120-unit ranch-style condo development approved.
    (513) 322-6307 Call to check price and availability
    Request Owner's contact information
    10216 Sherwood Lakes Dr Florence, KY 41042
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    10216 Sherwood Lakes Dr
    Florence, KY 41042
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    10216 Sherwood Lakes Dr Florence, KY 41042
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Laurence Bergman
    Laurence Bergman
    Real Estate License ID: #BRKP.0000348029
    (513) 322-6307 (513) 515-5488 (513) 769-1700
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!