Sign Up Successful!
You now have access to more from Realmo!
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

    2333 Somerset Rd London, KY 40741-9608

    • Auto shops
    • 5.14 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US34-1871708
    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

    • Lunsford's Auto Repair & Towing / Auto Repair Shop
    • Lunsford’s Auto / Auto Repair Shop

    Property Details for 2333 Somerset Rd

    Year built
    1988
    Construction
    STEEL FRAME
    Lot size
    5.14 lot acres
    Property type
    Auto shops
    APN
    048-00-00-008.00
    APU
    48000000800

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    London
    County
    Laurel
    State
    Kentucky
    Longitude
    -84.1625
    Latitude
    37.1501
    CBSA code
    30940
    CBSA name
    LONDON, KY MICROPOLITAN 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
    $1,740
    $0.00
    $0.00
    $220,000
    -
    $0.00
    $0.00
    $220,000

    Comparable in this City

    • Value Estimation by Request
      6.65 Acres

      1487 Laurel Rd

      AUTO REPAIR, GARAGE • 6.65 Acres
      1487 Laurel Rd, London, KY 40741-9079
      View Details
    • Value Estimation by Request
      1.86 Acres

      115 Liberty Cir

      AUTO REPAIR, GARAGE • 1.86 Acres
      115 Liberty Cir, London, KY 40741-9682
      View Details
    • Value Estimation by Request
      2,400 SF

      582 Kentucky Holw Rd

      AUTO REPAIR, GARAGE • 2,400 SF
      582 Kentucky Holw Rd, London, KY 40741-8078
      View Details
    • Value Estimation by Request
      1,680 SF

      1858 Laurel Rd

      AUTO REPAIR, GARAGE • 1,680 SF
      1858 Laurel Rd, London, KY 40741-6053
      View Details
    • Value Estimation by Request
      1,500 SF

      1469 Laurel Rd

      AUTO REPAIR, GARAGE • 1,500 SF
      1469 Laurel Rd, London, KY 40741-6857
      View Details
    • Value Estimation by Request
      3,500 SF

      167 Pne Top Rd

      AUTO REPAIR, GARAGE • 3,500 SF
      167 Pne Top Rd, London, KY 40741-9665
      View Details

    Similar Nearby for Sale

    • $240,000
      Pending

      Income-Producing Commercial Property in London, KY

      Well-maintained garage facility with immediate rental income, ideal for investors.
      1000 Somerset Rd, London, KY 40741
      View Details
    • $575,000
      13,056 SF

      Versatile Commercial Building in London, KY

      13,056 SF commercial building suitable for diverse business ventures.
      60 Bennett Cir, London, KY 40741
      View Details
    • $425,000
      8,465 SF

      Versatile Commercial Building in London, KY

      8465 sq ft commercial building in downtown London, Kentucky.
      90 Bennett Cir, London, KY 40741
      View Details
    • $485,000
      10,300 SF

      London Commercial Property For Sale

      Versatile 10,300 SF commercial building on 0.96 acres.
      506 E Laurel Rd, London, KY 40741
      View Details
    • Contact for pricing

      Prime Retail Space Available

      Retail space for lease with high visibility location.
      1752 Ky West, London, KY 40741
      View Details
    • $649,999
      6,800 SF

      Turn-Key Fabric Store and Home

      Commercial building and home for live/work or investment.
      2435 N Laurel Rd, London, KY 40741
      View Details

    Similar Nearby for Lease

    • $3,200 /Mo
      31,363 SF

      Prime Office Space For Lease

      High-visibility office/retail space near interstate and popular retailers.
      231 Jerrys Rd, London, KY 40741
      View Details
    • $60,000
      7,500 SF

      Two-Level Commercial Space in London

      7,500 SF commercial space with road frontage and I-75 visibility.
      430 Tom Jensen Hwy, London, KY 40741
      View Details
    • $2,900 /Mo
      2,885 SF

      Versatile Commercial Space in London

      High-traffic commercial space suitable for office, retail, or mixed-use.
      945 Ridgewood Rd, London, KY 40741
      View Details
    • $16 SF/Yr
      23,904 SF

      London, KY Retail End Cap

      Walmart-shadowed strip center; 2,000 sq ft available.
      120 Childers Dr, London, KY 40741
      View Details
    • $3,500 /Mo
      4,500 SF

      Versatile Commercial Property with Multiple Buildings

      Three buildings with road frontage suitable for office, storage, or retail.
      40 Glenview Rd, London, KY 40741
      View Details
    • $150,000
      150,000 SF

      London, KY Warehouse and Greenhouses

      150,000 sq ft warehouse and greenhouses for lease near I-75.
      420 Tobacco Rd, London, KY 40741
      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.
    2333 Somerset Rd
    London, KY 40741-9608
    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.