Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Residential Land in Morehead, KY Title is generated by Realmo AI

    Hickory Drive lot 37, Morehead, KY 40351

    View on Map
    Claim this Listing
    For Sale
    $30,500

    LAND - Morehead, KY

    Lot size:
    0.89 Acres
    Added:
    Feb 21, 2026
    Days on Market:
    94
    Last Refresh:
    May 26 at 7:06 pm

    Property Features for Hickory Drive lot 37

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    R-1
    Standard status
    Active
    APN
    029-00 00 015.33
    Lot size
    0.89 Acres

    Utilities

    Utilities
    Water Available

    We can help!

    Listing Contact
    Michelle Emrick White

    Listing agent Michelle Emrick White License #285693

    Listing office United Real Estate Bluegrass 424 Lewis Hargett Cir Ste 120, Lexington, KY

    Listing date Feb 21, 2026

    MLS# 26003413 Listing URL

    Copyright © 2026 ImagineMLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Located in a highly desirable and luxurious neighborhood in Morehead, Kentucky
    • Minutes from downtown, schools, shopping, dining, and I‑64
    • Utilities (Water) are readily available on the property
    • Larger lot size offers privacy
    • Low‑traffic street provides a peaceful and serene environment
    • Ideal for families, retirees, or anyone seeking to build their dream home

    Overview

    This 0.89-acre residential land is located in Morehead, Kentucky. Situated in one of the local most exclusive neighborhoods and desirable subdivisions, this property is ideal for building a dream home. The location offers both privacy with bigger lots and accessibility, being just minutes from downtown, schools, shopping, dining, and I-64. Set in the rolling hills on a low-traffic street, the property is suitable for families, retirees, or anyone seeking to build their dream home in a serene neighborhood. Utilities are readily available. This well-positioned property is located in a welcoming and established area.
    Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Map

    City
    Morehead
    County
    Rowan
    State
    Kentucky
    Longitude
    -83.501848
    Latitude
    38.234714

    Nearby Similar for Sale

    • $199,900
      1,008 SF

      Versatile Commercial Property in Morehead

      Adaptable commercial space with residential potential and high visibility.
      10 Rodburn Hollow Road, Morehead, KY 40351
      View Details
    • $1,250,000
      1,182 SF

      Established Commercial Property Near Cave Run

      Profitable commercial property with two established businesses near Cave Run.
      110 S KY-801, Morehead, KY 40351
      View Details
    • $575,000
      1,536 SF

      Operating Convenience Store with Apartments

      Profitable convenience store with restaurant, apartments, and outdoor patio.
      9335 Cranston Road, Morehead, KY 40351
      View Details
    • $498,000
      2,884 SF

      Downtown Morehead Commercial Property with Parking

      Versatile, fully outfitted commercial property in Downtown Morehead's Entertainment District.
      134 E Main Street, Morehead, KY 40351
      View Details
    • $1,250,000
      1,182 SF

      Cave Run Lake Turn-Key Business

      Established restaurant and liquor business near Cave Run Lake.
      110 S KY-801, Morehead, KY 40351
      View Details
    • $1,250,000
      1,182 SF

      Prime Commercial Land Near Cave Run

      2.5 acres of commercial land with high visibility and flexibility.
      110 S KY-801, Morehead, KY 40351
      View Details
    • $1,300,000

      Turnkey Short-Term Rental on Acreage

      Fully furnished short-term rental property on 18.742 acres near Cave Run Lake.
      2385 KY Hwy 801, Morehead, KY 40351
      View Details
    • $200,000

      Undeveloped Commercial Land in Morehead

      9.69-acre commercial land parcel in the heart of the city.
      Flemingsburg Rd, Morehead, KY 40351
      View Details
    • $300,000
      2,832 SF

      Unique Office Building in Morehead

      Distinctive 2,832 sq ft office in MMRC Industrial Park.
      100 Lake Park Drive, Morehead, KY 40351
      View Details
    • $3,500,000
      37,386 SF

      48-Unit Multifamily Investment Opportunity

      Multifamily property with stable demand and peaceful natural setting.
      300 Pine Ridge Drive, Morehead, KY 40351
      View Details
    • $675,000
      960 SF

      Versatile Commercial Property on Farmland

      Commercial building on 27.475 acres with highway frontage.
      7325 Flemingsburg Road, Morehead, KY 40351
      View Details
    • $350,000

      Commercial Land Near I-64 Corridor

      Prime commercial land with high visibility and accessibility.
      2701 KY Hwy 801, Morehead, KY 40351
      View Details

    FAQs

    What type of property is this?
    Residential land & home lot - Ideal lot for building a dream home near downtown.
    Where is this residential land & home lot located?
    The property is located at Hickory Drive lot 37 Morehead, KY.
    What is the asking price?
    The asking price for this property is $30,500.
    What are key features of this property?
    This property features: Located in a highly desirable and luxurious neighborhood in Morehead, Kentucky; Minutes from downtown, schools, shopping, dining, and I‑64; Utilities (Water) are readily available on the property
    (606) 207-2594
    We can help!
    Listing Contact
    Michelle Emrick White
    Real Estate License ID: 285693
    Learn More
    Request Owner's contact information
    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.
    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
    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

    Thank You for Inquiry
    Hickory Drive lot: 37, Morehead, KY 40351
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!