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

    517 Blue Sky Pkwy Lexington, KY 40509-9456

    • Industrial properties
    • 2,432 SF
    • 0.57 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US34-0638900
    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

    • Renner & Sons Stone Contractors / General Contractor / Construction Company

    Property Details for 517 Blue Sky Pkwy

    Year built
    1987
    Lot size
    0.57 lot acres
    Property size
    2,432 SF
    Zone code
    I-1
    Property type
    Industrial properties
    Property subtype
    Industrial live-work properties
    APN
    20542294
    APU
    20542294

    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
    -84.3722
    Latitude
    37.9625
    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
    $1,870
    $0.00
    $0.00
    $175,000
    -
    $0.00
    $0.00
    $175,000

    Comparable in this City

    • Value Estimation
      $5,440,000
      40,500 SF

      1740 Fortune Ct

      MIXED USE (COMMERCIAL/INDUSTRIAL) • 40,500 SF
      1740 Fortune Ct, Lexington, KY 40509-4123
      View Details
    • Value Estimation
      $9,780,000
      56,912 SF

      2320 Fortune Dr

      MIXED USE (COMMERCIAL/INDUSTRIAL) • 56,912 SF
      2320 Fortune Dr, Lexington, KY 40509-4118
      View Details
    • Value Estimation
      $1,600,000
      10,704 SF

      500 Codell Dr, Unit 504

      MIXED USE (COMMERCIAL/INDUSTRIAL) • 10,704 SF
      500 Codell Dr, Lexington, KY 40509-1016
      View Details
    • Value Estimation
      $1,665,000
      16,658 SF

      518 Codell Dr

      MIXED USE (COMMERCIAL/INDUSTRIAL) • 16,658 SF
      518 Codell Dr, Lexington, KY 40509-1016
      View Details
    • Value Estimation
      $1,660,000
      8,923 SF

      975 Beasley St

      MIXED USE (COMMERCIAL/INDUSTRIAL) • 8,923 SF
      975 Beasley St, Lexington, KY 40509-4101
      View Details
    • Value Estimation
      $2,615,000
      12,312 SF

      345 Blue Sky Pkwy

      MIXED USE (COMMERCIAL/INDUSTRIAL) • 12,312 SF
      345 Blue Sky Pkwy, Lexington, KY 40509-9444
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      French Quarter Square Mixed-Use Center

      Mixed-use retail and office space with strong location dynamics.
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      Functional Industrial Facility For Sale

      16,850 SF industrial facility with income security.
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    • $6,306,524
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      Lexington Retail Center Investment

      Prime Lexington retail, 100% occupied, strong tenants.
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      Lexington Development Land for Sale

      12.54 AC development land in Lexington, Kentucky.
      451 Chilesburg Rd, Lexington, KY 40509
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    • $100,000
      1.30 Acres

      Prime Retail/Restaurant Outlot Opportunity

      1.3-acre outlot ideal for retail or restaurant with high visibility.
      2887 Richmond Rd, Lexington, KY 40509
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    • Contact for pricing

      Retail Space in Hamburg Place

      Retail spaces available in regional shopping center near I-75.
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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
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    • $8 SF/Yr
      4,772 SF

      Lexington Flex Space Available

      Flex/industrial space with office and warehouse components for lease.
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    • $9 SF/Yr
      3,882 SF

      Lexington Flex Space Available

      Versatile flex space with office and warehouse components for lease.
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    • 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
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    • 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
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    Lexington, KY 40509-9456
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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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