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    Property profile & analytics

    1510 Newtown Pike Lexington, KY 40511

    • Office buildings
    • 46,000 SF
    • 4.89 lot acres
    For Lease
    View listing
    $14 SF/Yr
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US34-0476182
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Agriculture Workforce Management / Business Management Consultant
    • Supreme Court-Bar Admissions / Government Office
    • DeBarLay Spa / Medical Spa
    • Leukemia & Lymphoma Society / Non-Profit Organization
    • Clint Conrad - State Farm Insurance Agent / Insurance Agency / Auto Insurance Agency

    Property Details for 1510 Newtown Pike

    Year built
    1990
    Lot size
    4.89 lot acres
    Property size
    46,000 SF
    Zone code
    B-1
    Property type
    Office buildings
    APN
    10026820
    APU
    10026820

    Description

    Griffin Gate Plaza offers 3,773 square feet of immediately available Class A office space in Lexington, Kentucky. Located at 1510 Newtown Pike, this single, two-story building boasts 44,574 total square feet, with suites ranging from 1,710 to 2,063 contiguous square feet. The property features ample free parking, providing convenient access for tenants and clients. Its B-1 zoning allows for a variety of business uses. Situated near the Marriott Griffin Gate Resort, this location offers excellent visibility and exposure on Newtown Pike, benefiting from proximity to Interstates 75/64 and a large daytime business population. First-floor suites include private exterior entrances, flexible floor plans, and 24-hour access. Full-length canopies enhance the building's exterior and provide ideal space for tenant signage. Enjoy scenic views of the resort and golf course from these first-class suites.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $5,688,000
      Market price range: $5.69M - $12.7M
      AI Estimate
      $5,688,000
      Market price range: $5.69M - $12.7M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $8,540,000
      Current use
      MEDICAL BUILDING
      $9,460,000
      Change: +11% Conversion: Easy
      RETAIL STORES
      $8,940,000
      Change: +5% Conversion: Moderate
      WAREHOUSE, STORAGE
      $8,030,000
      Change: -6% Conversion: Difficult

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Lexington
    County
    Fayette
    State
    Kentucky
    Longitude
    -84.4885
    Latitude
    38.0874
    CBSA code
    30460
    CBSA name
    LEXINGTON-FAYETTE, KY METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $40,931
    $0.00
    $0.00
    $3,310,000
    -
    $0.00
    $0.00
    $3,310,000

    Comparable in this City

    • Value Estimation
      $2,475,000
      8,968 SF

      4041 Iron Works Pkwy

      OFFICE BUILDING • 8,968 SF
      4041 Iron Works Pkwy, Lexington, KY 40511-1299
      View Details
    • Value Estimation
      $6,220,000
      50,304 SF

      1500 Leestown Rd

      OFFICE BUILDING • 50,304 SF
      1500 Leestown Rd, Lexington, KY 40511-2044
      View Details
    • Value Estimation
      $15,045,000
      54,525 SF

      1490 Bull Lea Rd

      OFFICE BUILDING • 54,525 SF
      1490 Bull Lea Rd, Lexington, KY 40511-1264
      View Details
    • Value Estimation
      $2,475,000
      20,000 SF

      1501 Bull Lea Rd

      OFFICE BUILDING • 20,000 SF
      1501 Bull Lea Rd, Lexington, KY 40511-1285
      View Details
    • Value Estimation
      $6,820,000
      47,602 SF

      2582 Research Park Dr

      OFFICE BUILDING • 47,602 SF
      2582 Research Park Dr, Lexington, KY 40511-8479
      View Details
    • Value Estimation
      $1,435,000
      9,972 SF

      2401 Merchant St

      OFFICE BUILDING • 9,972 SF
      2401 Merchant St, Lexington, KY 40511-2601
      View Details

    Similar Nearby for Sale

    • $25,000,000

      Class A Office Building

      100% occupied Lexington office building anchored by long-term tenants.
      1648 Mcgrathiana Pkwy, Lexington, KY 40511
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      Three-Story Office Building in Lexington

      123,432 SF office building near New Circle Road.
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      86,700 SF

      Mixed-Use Development Near Lexington Airport

      Four-building mixed-use property with office, retail, flex, and warehouse space.
      1051 Newtown Pike, Lexington, KY 40511
      View Details
    • Contact for pricing
      44,574 SF

      Office Suites at Griffin Gate

      Office suites for lease near Marriott's Griffin Gate Resort.
      1510 Newtown Pike, Lexington, KY 40511
      View Details
    • $1,650,000
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      Lexington Commercial Building For Sale

      10,175 SF I-1 Zoned building on 1.46 acres.
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    • $237,400

      Updated Condo with Rate Buy-Down

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    Similar Nearby for Lease

    • $12 SF/Yr
      2,200 SF

      Standalone Office Building Near Masterson

      Two-story office building with eight private offices and ample parking.
      2337 Sandersville Rd, Lexington, KY 40511
      View Details
    • $13 SF/Yr
      10,175 SF

      Westhampton Drive Flex Space

      10,175 SF Flex Space, I-1 Zoning
      112 Westhampton Dr, Lexington, KY 40511
      View Details
    • Contact for pricing
      16,290 SF

      Lexington Retail Space Available

      1,125 SF Office/Retail Suite in Lexington, KY
      1437-1441 Leestown Rd, Lexington, KY 40511
      View Details
    • Contact for pricing
      86,700 SF

      Lexington Flex Space Available

      86,700 SF Multi-Use Business Center
      1051 Newtown Pike, Lexington, KY 40511
      View Details
    • $22 SF/Yr
      7,700 SF

      Lexington Office Space For Rent

      First floor office space with convenient access and ample parking.
      1716 Sharkey Way, Lexington, KY 40511
      View Details
    • $14 SF/Yr
      5,875 SF

      Lexington Flex Space Available

      Endcap flex space in Lexington's industrial northwest corridor.
      1585 Mercer Rd, Lexington, KY 40511
      View Details
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    1510 Newtown Pike
    Lexington, KY 40511
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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.

    More about this property
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