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    3401 Nicholasville Rd Lexington, KY 40503
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    3401 Nicholasville Rd, Lexington, KY 40503

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    • Super regional malls
    • 318,370 SF
    • 17.79 lot acres
    For Lease
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    Open-Air Lifestyle Center Space For Lease
    Contact for pricing

    Open-Air Lifestyle Center Space

    Retail, restaurant, and entertainment spaces available in Lexington, KY.

    3401 Nicholasville Road, Lexington, KY 40503
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    Property ID
    US34-0613651
    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

    • Go! Calendars / (Bike/Boat/Book/etc) Store
    • Missy's Hallmark / (Bike/Boat/Book/etc) Store
    • Dippin' Dots / Grocery & Convenience Store / Specialty Food Shop
    • I-Repair / Auto Repair Shop
    • Ashcroft & Oak® Jewelers / (Bike/Boat/Book/etc) Store

    Property Details for 3401 Nicholasville Rd

    Year built
    1971
    Lot size
    17.79 lot acres
    Zone code
    B-6P
    Property type
    Super regional malls
    Property subtype
    Shopping centers
    APN
    13863175
    APU
    13863175

    Description

    The Plaza at Fayette offers exceptional office space within a vibrant, open-air lifestyle center adjacent to Fayette Mall in Lexington, Kentucky. Two available suites range from 3,999 to 7,200 square feet, ideal for various office needs, including executive, medical, coworking, creative, and traditional office setups. This 215,745 square foot property benefits from a strong location within a thriving retail and entertainment hub, featuring restaurants and a 16-screen Cinemark movie theatre. Lexington's robust economy, fueled by major corporations like Toyota, Amazon, and IBM, and a high household income of nearly $68,000, ensures a strong tenant base. The area boasts a highly educated workforce, ranking among the nation's best places to live and work, further enhancing the property's appeal. The proximity to the University of Kentucky, with over 30,000 students, provides a large potential customer base. This prime location, combined with the diverse amenities and strong economic indicators, makes The Plaza at Fayette an unparalleled opportunity for businesses seeking a prestigious and convenient office space in a dynamic market. The property is situated in Fayette County and offers multiple tenancy options.

    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
    Lexington
    County
    Fayette
    State
    Kentucky
    Longitude
    -84.5288
    Latitude
    37.9909
    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
    $979,466
    $0.00
    $0.00
    $79,206,400
    -
    $0.00
    $0.00
    $79,206,400

    Comparable in this City

    • Value Estimation by Request
      278,400 SF

      3301 Nicholasville Rd

      REGIONAL SHOPPING CENTER, MALL
      3301 Nicholasville Rd, Lexington, KY 40503-3603
      View Details
    • Value Estimation by Request
      117,064 SF

      3401 Nicholasville Rd Ste, Unit 116

      REGIONAL SHOPPING CENTER, MALL
      3401 Nicholasville Rd Ste, Lexington, KY 40503-3621
      View Details
    • Value Estimation by Request
      238,393 SF

      3615 Nicholasville Rd

      REGIONAL SHOPPING CENTER, MALL
      3615 Nicholasville Rd, Lexington, KY 40503-4409
      View Details
    • Value Estimation by Request
      186,952 SF

      3625 Nicholasville Rd

      REGIONAL SHOPPING CENTER, MALL
      3625 Nicholasville Rd, Lexington, KY 40503-4439
      View Details
    • Value Estimation by Request
      144,866 SF

      3555 Nicholasville Rd

      REGIONAL SHOPPING CENTER, MALL
      3555 Nicholasville Rd, Lexington, KY 40503-3634
      View Details
    • Value Estimation by Request
      196,147 SF

      4051 Nicholasville Rd

      SHOPPING CENTER, STRIP CENTER
      4051 Nicholasville Rd, Lexington, KY 40503-4447
      View Details

    Similar Nearby for Sale

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      Retail Center on Nicholasville Road

      Retail spaces available in a high-traffic shopping center.
      3220 Nicholasville Rd, Lexington, KY 40503
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      West Zandale Plaza Retail/Office Center

      Retail/office center on 1.29 acres near hospitals and universities.
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      New Retail Space at Venue

      New retail space in Lexington's high-traffic retail corridor.
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    • New
      $185,000
      Pending

      Versatile Commercial Suite on Nicholasville Road

      771 sq ft suite suitable for various professional uses.
      2121 Nicholasville Rd, Lexington, KY 40503
      View Details
    • Contact for pricing

      Retail and Office Suites For Sale

      Retail and office suites available in Lexington, Kentucky.
      160 Moore Dr, Lexington, KY 40503
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    Similar Nearby for Lease

    • Contact for pricing

      Retail Space in Regency Centre

      Retail space strategically located between Fayette Mall and University of Kentucky.
      2325 Nicholasville Rd, Lexington, KY 40503
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      12,325 SF

      Retail Space in Fayette Place

      Retail space available within a shopping center.
      127 W Tiverton Way, Lexington, KY 40503
      View Details
    • $21 SF/Yr
      12,325 SF

      Retail Space in Lexington, KY

      Retail space for lease in a high-traffic Lexington location.
      120 W Tiverton Way, Lexington, KY 40503
      View Details
    • Contact for pricing

      Open-Air Lifestyle Center Space

      Retail, restaurant, and entertainment spaces available in Lexington, KY.
      3401 Nicholasville Rd, Lexington, KY 40503
      View Details
    • Contact for pricing

      Premier Shopping Center Retail Space

      Retail space available in Fayette Mall, Lexington, Kentucky.
      3401 Nicholasville Rd, Lexington, KY 40503
      View Details
    • Contact for pricing

      Zandale Shopping Center Office Space

      8000 SF vacant space in established shopping center.
      2220 Nicholasville Rd, Lexington, KY 40503
      View Details
    View Listing
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    Lexington, KY 40503
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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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