Add Listing
Property Lookup
    Property Lookup
    • 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
    Property profile & analytics

    128 Southland Dr Lexington, KY 40503-1949

    • Office buildings
    • 2,778 SF
    • 0.31 lot acres
    OFF-MARKET
    Last Sale
    May 07, 2025
    $840,000
    Value Estimations
    $720,000
    Show details
    Cap Rate Potential
    5.5%
    Office buildings
    Location Intelligence
    Property ID
    US34-0633904
    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

    • Dr. Gregory T. Snider, MD / Medical Clinic
    • Sarah Bumgardner / Physician
    • Redpoint Medical, PSC / Medical Clinic

    Property Details for 128 Southland Dr

    Year built
    1955
    Lot size
    0.31 lot acres
    Property size
    2,778 SF
    Zone code
    B-1
    Property type
    Office buildings
    APN
    14640700
    APU
    14640700

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $710,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $655,000
      6.5%
      $605,000
      7%
      $560,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $656,000
      Market price range: $272k - $657k
      AI Estimate
      $656,000
      Market price range: $272k - $657k

    • Alternative Use

      Use
      Estimation
      AUTO REPAIR, GARAGE
      $1,015,000
      COMMERCIAL (GENERAL)
      $615,000
      MEDICAL BUILDING
      $570,000
      RETAIL STORES
      $540,000
      WAREHOUSE, STORAGE
      $485,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Lexington
    County
    Fayette
    State
    Kentucky
    Longitude
    -84.5186
    Latitude
    38.0116
    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
    $7,296
    $0.00
    $0.00
    $590,000
    -
    $0.00
    $0.00
    $590,000

    Comparable in this City

    • Value Estimation
      $1,305,000
      7,260 SF

      2130 Nicholasville Rd

      OFFICE BUILDING • 7,260 SF
      2130 Nicholasville Rd, Lexington, KY 40503-2520
      View Details
    • Value Estimation
      $13,775,000
      58,266 SF

      1802 Nicholasville Rd, Unit 1808

      OFFICE BUILDING • 58,266 SF
      1802 Nicholasville Rd, Lexington, KY 40503-1406
      View Details
    • Value Estimation
      $695,000
      7,095 SF

      287 Southland Dr

      OFFICE BUILDING • 7,095 SF
      287 Southland Dr, Lexington, KY 40503-1934
      View Details
    • Value Estimation
      $1,715,000
      10,544 SF

      351 Burley Ave

      OFFICE BUILDING • 10,544 SF
      351 Burley Ave, Lexington, KY 40503-1011
      View Details
    • Value Estimation
      $645,000
      5,000 SF

      160 Burt Rd

      OFFICE BUILDING • 5,000 SF
      160 Burt Rd, Lexington, KY 40503-2411
      View Details
    • Value Estimation
      $550,000
      5,000 SF

      169 Burt Rd

      OFFICE BUILDING • 5,000 SF
      169 Burt Rd, Lexington, KY 40503-2455
      View Details

    Similar Nearby for Sale

    • $871,000

      Regency Circle Professional Office Buildings

      Two multi-tenant office buildings for sale in Lexington, Kentucky.
      261-265 Regency Cir, Lexington, KY 40503
      View Details
    • New
      $1,200,000
      9,880 SF

      Lexington Office Building For Sale

      Two-story office building with flexible layout and investment potential.
      2425 Regency Rd, Lexington, KY 40503
      View Details
    • $871,000

      Multi-Tenant Office Buildings For Sale

      Two recently renovated multi-tenant office buildings in Lexington, KY.
      261-265 Regency Cir, Lexington, KY 40503
      View Details
    • Contact for pricing

      Lexington Office Building Near Nicholasville

      25,000 SF office building in South Lexington for lease.
      2401-2409 Regency Rd, Lexington, KY 40503
      View Details

    Similar Nearby for Lease

    • $26 SF/Yr
      2,811 SF

      Former Bank Branch on Harrodsburg

      2,811 SF Lexington property suitable for bank or professional use.
      3098 Harrodsburg Rd, Lexington, KY 40503
      View Details
    • $16 SF/Yr
      2,563 SF

      Office Space in Lexington Corridor

      Office suite with private entrance in a prime location.
      2355 Huguenard Dr, Lexington, KY 40503
      View Details
    • $10 SF/Yr
      104,974 SF

      Keithshire Place: Lexington Office Space

      Prime Lexington Office & Retail Center
      3320 Partner Pl, Lexington, KY 40503
      View Details
    • $900 /Mo
      150 SF

      Office Space in Lexington, KY

      Individual offices for lease in Lewis Hargett Business Center.
      444 Lewis Hargett Cir, Lexington, KY 40503
      View Details
    • $23 SF/Yr
      8,848 SF

      High-End Office Space Available

      Premium office space with excellent visibility in Lexington, Kentucky.
      3090 Harrodsburg Rd, Lexington, KY 40503
      View Details
    • $13 SF/Yr
      21,960 SF

      Lexington Retail/Office Space For Lease

      Prime location, flexible suites, 560-4200 sq ft.
      160 Moore Dr, Lexington, KY 40503
      View Details
    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.
    128 Southland Dr
    Lexington, KY 40503-1949
    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

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!