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    1800 Rice Rd Morehead, KY 40351
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    Property profile & analytics

    1800 Rice Rd, Morehead, KY 40351

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    • Commercial real estate
    Off-Market
    Property ID
    US34-1058446
    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
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Commercial real estate

    Property Details for 1800 Rice Rd

    Property type
    Commercial real estate

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Jan 25, 2023 $180,000 Jde Properties LLC H & M Investments LLC Deed —

    Description

    This exceptional 24+ acre property presents a unique development opportunity in Rowan County, Kentucky. Located approximately two miles from Interstate 64 (Exit 133), this land boasts unparalleled accessibility, situated conveniently halfway between Lexington and Ashland, Kentucky. The strategic location offers easy access to major transportation routes, making it an ideal site for various commercial or residential ventures. The property's central position between two thriving cities provides access to a robust workforce and consumer base, promising significant growth potential. This expansive parcel is ready for immediate development, presenting a rare chance to capitalize on the burgeoning growth in this rapidly developing region of Kentucky. The address is 1800 Rice Road, Morehead, KY 40351, and the asking price is $269,900. This land offers a compelling investment opportunity for those seeking to establish a presence in a dynamic and strategically important location within Kentucky. The property is zoned for residential use.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Morehead
    County
    Rowan
    State
    Kentucky
    Longitude
    -83.5320033
    Latitude
    38.1739075

    Comparable in this City

    • $12,535,000

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      Operating Convenience Store with Apartments

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      Turnkey Short-Term Rental on Acreage

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    • $450,000
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      Prime Commercial Land Opportunity

      High-traffic commercial land near I-64 in Morehead, Kentucky.
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    • $350,000
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      Commercial Land Near I-64 Corridor

      Prime commercial land with high visibility and accessibility.
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    Similar Nearby for Sale

    • $575,000
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      Operating Convenience Store with Apartments

      Profitable convenience store with restaurant, apartments, and outdoor patio.
      9335 Cranston Rd, Morehead, KY 40351
      View Details
    • $1,300,000
      18.74 Acres

      Turnkey Short-Term Rental on Acreage

      Fully furnished short-term rental property on 18.742 acres near Cave Run Lake.
      2385 Ky Highway 801, Morehead, KY 40351
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    • $12,535,000

      Student Housing Community Near MSU

      Stabilized student housing community near Morehead State University.
      101 Lois Ln, Morehead, KY 40351
      View Details
    • $3,500,000
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      48-Unit Multifamily Investment Opportunity

      Multifamily property with stable demand and peaceful natural setting.
      300 Pine Ridge Dr, Morehead, KY 40351
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    • Contact for pricing

      Prime Commercial Land I-64 Corridor

      Commercial lots with high visibility and accessibility on I-64.
      2703 Ky Highway 801 N, Morehead, KY 40351
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    • $1,300,000
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      Prime Downtown Morehead Vacant Lot

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    Similar Nearby for Lease

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      Retail Development Lots For Lease

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      Regional Center with Highway Access

      Dominant regional center with excellent visibility and access.
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    • $3,900 /Mo
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      Morehead Office Space For Lease

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    Morehead, KY 40351
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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.

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