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

    403 Chestnut St Murray, KY 42071-2047

    • Office buildings
    • 660 SF
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US34-2014841
    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

    • Hairspray Cafe / Spa / Hairdresser
    • Heather @Salon (Stylist) / Hair Salon

    Property Details for 403 Chestnut St

    Property size
    660 SF
    Property type
    Office buildings
    APN
    009-0-0009-00002
    APU
    90000900002

    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
    Murray
    County
    Calloway
    State
    Kentucky
    Longitude
    -88.3026
    Latitude
    36.6172
    CBSA code
    34660
    CBSA name
    MURRAY, 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
    $314
    $0.00
    $0.00
    $80,000
    -
    $0.00
    $0.00
    $80,000

    Comparable in this City

    • Value Estimation by Request
      5,200 SF

      608 Main St

      PROFESSIONAL BUILDING • 5,200 SF
      608 Main St, Murray, KY 42071-2678
      View Details
    • Value Estimation by Request
      8,800 SF

      301 Maple St

      OFFICE BUILDING • 8,800 SF
      301 Maple St, Murray, KY 42071-2565
      View Details
    • Value Estimation by Request
      3,608 SF

      304 Maple St

      OFFICE BUILDING • 3,608 SF
      304 Maple St, Murray, KY 42071-2526
      View Details
    • Value Estimation by Request
      3,844 SF

      206 Maple St

      OFFICE BUILDING • 3,844 SF
      206 Maple St, Murray, KY 42071-2537
      View Details
    • Value Estimation by Request
      2,948 SF

      700 Whitnell St

      PROFESSIONAL BUILDING • 2,948 SF
      700 Whitnell St, Murray, KY 42071-2966
      View Details
    • Value Estimation by Request
      1,617 SF

      607 Main St

      OFFICE BUILDING • 1,617 SF
      607 Main St, Murray, KY 42071-2034
      View Details

    Similar Nearby for Sale

    • $1,399,000

      Versatile Commercial Property in Murray

      Commercial property with office buildings, residential home, and vacant lot.
      1105 State Route 121 N, Murray, KY 42071
      View Details
    • $159,900

      Versatile Commercial Property with Rental Potential

      Commercial property with residential rental use, carport, and storage.
      625 S 4Th St, Murray, KY 42071
      View Details
    • $735,000

      Commercial Building Near University

      Commercial building in high-traffic location, adaptable for various uses.
      1301 Chestnut St, Murray, KY 42071
      View Details
    • $350,000
      0.32 Acres

      Prime Corner Lot Redevelopment Opportunity

      Corner lot on primary thoroughfare suitable for redevelopment or repurposing.
      117 S 12Th St, Murray, KY 42071
      View Details
    • $199,000
      2,300 SF

      Versatile Building in Convenient Location

      2,300 sq ft property ideal for various uses.
      1634 Main St, Murray, KY 42071
      View Details
    • $1,250,000
      1.00 Acre

      Murray KY Commercial Land - Will Subdivide

      Prime commercial land, high traffic area, owner will subdivide.
      000 Keepers Way, Murray, KY 42071
      View Details

    Similar Nearby for Lease

    • $825 /Mo

      Multi-Tenant Office Suites For Rent

      Multi-tenant office building with suites, shared amenities, and utilities included.
      109 S 15Th St, Murray, KY 42071
      View Details
    • $3,500 /Mo

      Downtown Murray Turn Key Office

      Turn key office space for lease in downtown Murray.
      118 S 5Th St, Murray, KY 42071
      View Details
    • $650 /Mo

      Multi-Tenant Office Suites For Rent

      Multi-tenant office building with suites, shared amenities, and utilities included.
      109 S 15Th St, Murray, KY 42071
      View Details
    • $650 /Mo

      Multi-Tenant Office Building with Suites

      Office suites with shared amenities and utilities included near university.
      109 S 15Th St, Murray, KY 42071
      View Details
    • $750 /Mo

      Multi-Tenant Office Suites in Murray

      Office suites with shared amenities and utilities included, near Murray State.
      109 S 15Th St, Murray, KY 42071
      View Details
    • $550 /Mo

      Multi-Tenant Office Building with Suites

      Office suites with shared amenities and utilities included near Murray State.
      109 S 15Th St, Murray, KY 42071
      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.
    403 Chestnut St
    Murray, KY 42071-2047
    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.