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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    2345 Palumbo Dr Lexington, KY 40509-1010

    • Industrial properties
    • 4,080 SF
    • 3.89 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US34-0588494
    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

    • 84 Lumber / Building Materials Supplier / Building Materials Store

    Property Details for 2345 Palumbo Dr

    Year built
    1970
    Lot size
    3.89 lot acres
    Property size
    4,080 SF
    Zone code
    I-1
    Property type
    Industrial properties
    APN
    11872450
    APU
    11872450

    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
    Lexington
    County
    Fayette
    State
    Kentucky
    Longitude
    -84.4517
    Latitude
    38.0231
    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
    $15,875
    $0.00
    $0.00
    $1,283,800
    -
    $0.00
    $0.00
    $1,283,800

    Comparable in this City

    • Value Estimation
      $9,380,000
      77,475 SF

      5030 Jo Marrs St

      MIXED USE (COMMERCIAL/INDUSTRIAL) • 77,475 SF
      5030 Jo Marrs St, Lexington, KY 40509-9493
      View Details
    • Value Estimation by Request
      6,000 SF

      280 Blue Sky Pkwy

      LUMBERYARD, BUILDING MATERIALS • 6,000 SF
      280 Blue Sky Pkwy, Lexington, KY 40509-9419
      View Details
    • Value Estimation by Request
      11,000 SF

      284 Blue Sky Pkwy

      LUMBERYARD, BUILDING MATERIALS • 11,000 SF
      284 Blue Sky Pkwy, Lexington, KY 40509-9419
      View Details
    • Value Estimation
      $2,070,000
      28,640 SF

      2592 Palumbo Dr

      INDUSTRIAL (GENERAL) • 28,640 SF
      2592 Palumbo Dr, Lexington, KY 40509-1203
      View Details
    • Value Estimation
      $4,580,000
      32,790 SF

      1721 Fortune Ct

      MIXED USE (COMMERCIAL/INDUSTRIAL) • 32,790 SF
      1721 Fortune Ct, Lexington, KY 40509-9015
      View Details
    • Value Estimation
      $1,945,000
      13,680 SF

      532 Codell Dr, Unit 533

      MIXED USE (COMMERCIAL/INDUSTRIAL) • 13,680 SF
      532 Codell Dr, Lexington, KY 40509-1016
      View Details

    Similar Nearby for Sale

    • $1,950,000

      Functional Industrial Facility For Sale

      16,850 SF industrial facility with income security.
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      27,516 SF

      Hamburg Place Office Leasing Opportunity

      Office space for lease in Lexington's Hamburg Place.
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    • $125,000
      1.38 Acres

      Lexington Land with Development Potential

      1.38 acre Lexington land parcel near I-75 and stadium.
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    • $210,000
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      Lexington Office Space For Sale

      Office space in prime location near Hamburg, Richmond Road, I-75.
      519 Darby Creek Rd, Lexington, KY 40509
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      9,000 SF

      9,000 SF Lexington Industrial Facility

      9,000 SF industrial facility with convenient highway access.
      345 Blue Sky Pkwy, Lexington, KY 40509
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    • $489,000

      Lexington Retail/Office Building For Sale

      4,336 SF retail/office building with high visibility.
      2100 Liberty Rd, Lexington, KY 40509
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    Similar Nearby for Lease

    • Contact for pricing
      102,400 SF

      Class A Warehouse - 102,400 SF

      Modern Warehouse, Ready for Occupancy
      2425 Palumbo Dr, Lexington, KY 40509
      View Details
    • $6 SF/Yr
      9,000 SF

      Lexington Industrial Warehouse For Lease

      9,000 SF Warehouse - I-1 Zoning
      345 Blue Sky Pkwy, Lexington, KY 40509
      View Details
    • $9 SF/Yr
      3,882 SF

      Lexington Flex Space Available

      Versatile flex space with office and warehouse components for lease.
      2428 Palumbo Dr, Lexington, KY 40509
      View Details
    • $8 SF/Yr
      4,772 SF

      Lexington Flex Space Available

      Flex/industrial space with office and warehouse components for lease.
      2560 Palumbo Dr, Lexington, KY 40509
      View Details
    • Contact for pricing
      3,196 SF

      Prime Fayette County Retail Space

      Drive-Thru Ready, 3196 sq ft, 2009 Build
      6409 Polo Club Ln, Lexington, KY 40509
      View Details
    • Contact for pricing
      4,600 SF

      Lexington Retail Endcap Opportunity

      High-traffic location, 2,303 SF available.
      2320 Elkhorn Rd, Lexington, KY 40509
      View Details

    Property Visit Statistics

    • Visits by month
      2.0k
    • Visitors by month
      647
    • Avg Time on site
      103 min
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    2345 Palumbo Dr
    Lexington, KY 40509-1010
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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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