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    171 Prosperous Pl Lexington, KY 40509-1804

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    171 Prosperous Pl Lexington, KY 40509-1804

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    • Medical Office Space
    • 10,004 SF
    • 1.10 lot acres
    Off-Market
    Property ID
    US34-0635017
    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.
    Value Estimations
    $1,205,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Christy Harris - Berkshire Hathaway HomeServices, de Movellan Properties / Real Estate Agency
    • Eric Cole Realtor / Real Estate Agency
    • Berkshire Hathaway HomeServices de Movellan Properties / Real Estate Agency
    • Susie Rodes - REALTOR Berkshire Hathaway de Movellan Properties / Real Estate Agency
    • Suzanne Elliott / Real Estate Agency

    Property Details for 171 Prosperous Pl

    Year built
    1992
    Lot size
    1.10 lot acres
    Property size
    10,004 SF
    Zone code
    P-1
    Property type
    Medical Office Space
    Property subtype
    Medical centers
    APN
    10050810
    APU
    10050810

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,205,000
      Market price range: $1.21M - $2.84M
      AI Estimate
      $1,205,000
      Market price range: $1.21M - $2.84M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $1,970,000
      RETAIL STORES
      $1,945,000
      WAREHOUSE, STORAGE
      $1,745,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Lexington
    County
    Fayette
    State
    Kentucky
    Longitude
    -84.4412
    Latitude
    38.0035
    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
    $9,183
    $0.00
    $0.00
    $742,600
    -
    $0.00
    $0.00
    $742,600

    Comparable in this City

    • Value Estimation
      $6,945,000
      30,356 SF

      3480 Yorkshire Medical Park

      MEDICAL BUILDING • 30,356 SF
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      View Details
    • Value Estimation
      $5,375,000
      31,152 SF

      230 Fountain Ct

      MEDICAL BUILDING • 31,152 SF
      230 Fountain Ct, Lexington, KY 40509-1895
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    • Value Estimation
      $685,000
      3,090 SF

      3217 Smt Sq Pl Ste, Unit 100

      MEDICAL BUILDING • 3,090 SF
      3217 Smt Sq Pl Ste, Lexington, KY 40509-2642
      View Details
    • Value Estimation by Request
      2,130 SF

      3475 Richmond Rd Ste, Unit 110

      MEDICAL BUILDING • 2,130 SF
      3475 Richmond Rd Ste, Lexington, KY 40509-2501
      View Details
    • Value Estimation by Request
      1,910 SF

      3213 Smt Sq Pl Ste, Unit 175

      MEDICAL BUILDING • 1,910 SF
      3213 Smt Sq Pl Ste, Lexington, KY 40509-2666
      View Details
    • Value Estimation
      $4,145,000
      15,232 SF

      101 Eagle Crk Dr

      MEDICAL BUILDING • 15,232 SF
      101 Eagle Crk Dr, Lexington, KY 40509-1806
      View Details

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      Pending

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      Class B Office Building

      Class B office building with abundant parking in Lexington, KY.
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      Class A Office Condo

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      Lexington Office Condo For Sale

      Office condo for sale in Lexington, Kentucky.
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      Professional Office Space Available

      Professional office space near Man o War and Richmond Road.
      3290 Blazer Pkwy, Lexington, KY 40509
      View Details

    Similar Nearby for Lease

    • $20 SF/Yr
      1,000 SF

      Salon Space For Rent

      Renovated salon space with plumbing in Lexington, Kentucky.
      3128 Richmond Rd, Lexington, KY 40509
      View Details
    • $30 SF/Yr
      13,504 SF

      Professional Office Space For Rent

      Professional office space with high visibility near Richmond Road.
      101 N Eagle Creek Dr, Lexington, KY 40509
      View Details
    • $5,700 /Mo
      3,000 SF

      Luxury Office Space on Richmond

      High-traffic location, adaptable layout, ideal for medical or professional use.
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      View Details
    • Contact for pricing

      Hamburg Office Space For Lease

      4,105 SF office space in excellent location.
      2720 Old Rosebud Rd, Lexington, KY 40509
      View Details
    • $20 SF/Yr
      4,192 SF

      Class A Office Space Lexington

      Renovated office building near CHI St. Joseph medical campus.
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      View Details
    • $650 /Mo
      Pending

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      Premier office space with visibility on Man O' War.
      525 Darby Creek Rd, Lexington, KY 40509
      View Details
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    Lexington, KY 40509-1804
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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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    171 Prosperous Pl, Lexington, KY, 40509

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