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

    2348 Nicholasville Rd Lexington, KY 40503-3034

    • Retail space
    • 8,208 SF
    • 1.21 lot acres
    OFF-MARKET
    Value Estimations
    $2,440,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US34-0534406
    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

    • LasikPlus: Dr. Mike Parsons / Lasik Surgeon
    • LasikPlus: Dr. Paul A. Frascella / Lasik Surgeon / Ophthalmologist
    • LasikPlus / Optometrist / Ophthalmologist
    • Verizon / Cell Phone Store / Electronics Store
    • Bank of America ATM / Atm

    Property Details for 2348 Nicholasville Rd

    Year built
    2006
    Lot size
    1.21 lot acres
    Property size
    8,208 SF
    Zone code
    B-1
    Property type
    Retail space
    APN
    25562700
    APU
    25562700

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $2,447,000
      Market price range: $887k - $2.45M
      AI Estimate
      $2,432,000
      Market price range: $887k - $2.43M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $1,595,000
      Current use
      AUTO REPAIR, GARAGE
      $3,000,000
      Change: +88% Conversion: Difficult
      RESTAURANT
      $2,680,000
      Change: +68% Conversion: Easy
      COMMERCIAL (GENERAL)
      $1,820,000
      Change: +14% Conversion: Easy
      APARTMENT HOUSE (5+ UNITS)
      $1,815,000
      Change: +14% Conversion: Difficult
      MEDICAL BUILDING
      $1,690,000
      Change: +6% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Lexington
    County
    Fayette
    State
    Kentucky
    Longitude
    -84.5184
    Latitude
    38.0044
    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
    $28,429
    $0.00
    $0.00
    $2,299,000
    -
    $0.00
    $0.00
    $2,299,000

    Comparable in this City

    • Value Estimation by Request
      765 SF

      347 Southland Dr

      RETAIL STORES (PERSONAL SERVICES) • 765 SF
      347 Southland Dr, Lexington, KY 40503-1824
      View Details
    • Value Estimation
      $4,310,000
      14,504 SF

      2290 Nicholasville Rd

      RETAIL STORES (PERSONAL SERVICES) • 14,504 SF
      2290 Nicholasville Rd, Lexington, KY 40503-2418
      View Details
    • Value Estimation
      $3,120,000
      15,374 SF

      2535 Nicholasville Rd

      RETAIL STORES (PERSONAL SERVICES) • 15,374 SF
      2535 Nicholasville Rd, Lexington, KY 40503-3364
      View Details
    • Value Estimation
      $1,035,000
      7,920 SF

      2020 Regency Rd

      RETAIL STORES (PERSONAL SERVICES) • 7,920 SF
      2020 Regency Rd, Lexington, KY 40503-2309
      View Details
    • Value Estimation
      $1,165,000
      8,925 SF

      2617 Regency Rd

      RETAIL STORES (PERSONAL SERVICES) • 8,925 SF
      2617 Regency Rd, Lexington, KY 40503-2993
      View Details
    • Value Estimation
      $3,110,000
      28,750 SF

      2551 Regency Rd

      RETAIL STORES (PERSONAL SERVICES) • 28,750 SF
      2551 Regency Rd, Lexington, KY 40503-2963
      View Details

    Similar Nearby for Sale

    • $269,000
      771 SF

      Prime Commercial Suite on Nicholasville Road

      771 sq ft suite in high-traffic Lexington corridor.
      2121 Nicholasville Rd Unit, Lexington, KY 40503
      View Details
    • New
      $2,475,000
      Pending

      Retail/Flex Building on Regency Road

      14,400 SF retail/flex building for sale in Lexington, KY.
      2550 Regency Rd, Lexington, KY 40503
      View Details
    • Contact for pricing

      Retail Space Near Fayette Mall

      Retail spaces for sale near Fayette Mall in Lexington, KY.
      3851 Mall Rd, Lexington, KY 40503
      View Details
    • Contact for pricing

      Keithshire Place Office Suites

      Office/retail center in Lexington with suites available for lease.
      3330 Delzan Pl, Lexington, KY 40503
      View Details
    • Contact for pricing
      21,960 SF

      Retail and Office Suites For Sale

      Retail and office suites available in Lexington, Kentucky.
      160 Moore Dr, Lexington, KY 40503
      View Details
    • Contact for pricing

      Retail Center Near University of Kentucky

      Retail spaces for lease near the University of Kentucky campus.
      1080 South Broadway, Lexington, KY 40503
      View Details

    Similar Nearby for Lease

    • $10 SF/Yr
      104,974 SF

      Keithshire Place: Lexington Office Space

      Prime Lexington Office & Retail Center
      3320 Partner Pl, Lexington, KY 40503
      View Details
    • $22 SF/Yr
      18,394 SF

      Lexington Retail Suite For Lease

      High-visibility retail space in prime Lexington location.
      220 Ruccio Way, Lexington, KY 40503
      View Details
    • Contact for pricing
      5,000 SF

      Lexington Retail Outparcel Opportunity

      5,000 SF Retail Pad, Prime Location
      3865 Mall Rd, Lexington, KY 40503
      View Details
    • $2,500 /Mo
      771 SF

      Prime Commercial Suite on Nicholasville

      Move-in ready 771 sq ft suite in Continental Tower.
      2121 Nicholasville Rd Unit, Lexington, KY 40503
      View Details
    • $26 SF/Yr
      12,000 SF

      West Zandale Plaza: Office Suites for Lease

      Lexington Office Space: Prime Location, Flexible Sizes
      151 Zandale Dr, Lexington, KY 40503
      View Details
    • $20 SF/Yr
      944 SF

      Retail Space Available For Rent

      944 square feet retail space available for lease.
      171 W Lowry Ln, Lexington, KY 40503
      View Details
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    2348 Nicholasville Rd
    Lexington, KY 40503-3034
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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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