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

    3116 Harrodsburg Rd Lexington, KY 40503-2709

    • Medical offices
    • 10,900 SF
    • 0.66 lot acres
    OFF-MARKET
    Value Estimations
    $2,120,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US34-0517607
    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

    • Lexington Vein Institute: Fadi Bacha, MD / Internist / Medical Clinic
    • Slone Dental / Dentist / Cosmetic Dentist
    • Dr. Sarah Slone / Dentist / Practitioner Service Location
    • Anti-Aging Institute / Internist / Medical Spa
    • Fadi Bacha, MD / Internist / Medical Spa

    Property Details for 3116 Harrodsburg Rd

    Year built
    2016
    Lot size
    0.66 lot acres
    Property size
    10,900 SF
    Zone code
    P-1
    Property type
    Medical offices
    Property subtype
    Medical centers
    APN
    20976200
    APU
    20976200

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $2,119,000
      Market price range: $1.31M - $3.09M
      AI Estimate
      $2,119,000
      Market price range: $1.31M - $3.09M

    • Alternative Use

      Use
      Estimation
      MEDICAL BUILDING
      $2,240,000
      Current use
      COMMERCIAL (GENERAL)
      $2,420,000
      Change: +8% Conversion: Easy
      APARTMENT HOUSE (5+ UNITS)
      $2,405,000
      Change: +7% Conversion: Moderate
      RETAIL STORES
      $2,120,000
      Change: -6% Conversion: Difficult
      WAREHOUSE, STORAGE
      $1,900,000
      Change: -15% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Lexington
    County
    Fayette
    State
    Kentucky
    Longitude
    -84.559
    Latitude
    38.0103
    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
    $18,300
    $0.00
    $0.00
    $1,479,900
    -
    $0.00
    $0.00
    $1,479,900

    Comparable in this City

    • Value Estimation
      $10,570,000
      37,290 SF

      496 Southland Dr

      MEDICAL BUILDING • 37,290 SF
      496 Southland Dr, Lexington, KY 40503-1827
      View Details
    • Value Estimation by Request
      2,463 SF

      500 Southland Dr

      MEDICAL BUILDING • 2,463 SF
      500 Southland Dr, Lexington, KY 40503-1829
      View Details
    • Value Estimation by Request
      917 SF

      1517 Nicholasville Rd Ste, Unit 203

      MEDICAL BUILDING • 917 SF
      1517 Nicholasville Rd Ste, Lexington, KY 40503-1429
      View Details
    • Value Estimation by Request
      1,892 SF

      111 Dennis Dr

      MEDICAL BUILDING • 1,892 SF
      111 Dennis Dr, Lexington, KY 40503-2916
      View Details
    • Value Estimation
      $3,050,000
      14,175 SF

      2416 Regency Rd

      MEDICAL BUILDING • 14,175 SF
      2416 Regency Rd, Lexington, KY 40503-2954
      View Details
    • Value Estimation by Request
      1,844 SF

      1517 Nicholasville Rd Ste, Unit 101

      MEDICAL BUILDING • 1,844 SF
      1517 Nicholasville Rd Ste, Lexington, KY 40503-1429
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Renovated Office Suite For Sale

      Newly renovated office suite in a thriving Lexington community.
      261 Regency Cir, 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
    • $549,000

      Lexington Office Condo For Sale

      Office condo for sale in South Lexington near Nicholasville Road.
      185 Pasadena Dr, 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
    • $1,290,000
      11,903 SF

      Nicholasville Road Bank Branch

      11,903 SF bank branch on 1.05 AC for sale.
      2020 Nicholasville Rd, Lexington, KY 40503
      View Details
    • $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

    Similar Nearby for Lease

    • Contact for pricing
      215,745 SF

      The Plaza at Fayette Office Suites

      Lexington Lifestyle Center Office Space
      3401 Nicholasville Rd, Lexington, KY 40503
      View Details
    • Contact for pricing
      6,221 SF

      Lexington Medical Office Opportunity

      Prime Medical/Restaurant Space - Lease or Buy
      1713 Nicholasville Rd, Lexington, KY 40503
      View Details
    • $20 SF/Yr
      151,096 SF

      Lexington Green Office Space

      Class A Office Suites, Lexington, KY
      220-230 Lexington Green Cir, 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
    • $5 SF/Yr
      6,033 SF

      Lexington Office Space: HQ Lewis Hargett Circle

      Flexible Office Solutions in Lexington, KY
      424 Lewis Hargett Cir, Lexington, KY 40503
      View Details
    • $26 SF/Yr
      2,811 SF

      Former Bank Branch on Harrodsburg

      2,811 SF Lexington property suitable for bank or professional use.
      3098 Harrodsburg Rd, Lexington, KY 40503
      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.
    3116 Harrodsburg Rd
    Lexington, KY 40503-2709
    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.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.