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    Property profile & analytics

    685 Limestone Lexington, KY 40508

    • Retail space
    • 305,420 SF
    For Lease
    View listing
    $30 SF/Yr
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US34-0440171
    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

    • Bank of America ATM / Atm / Financial Consultant
    • Bad Ass Coffee of Hawaii / Cafe / Coffee Roasters
    • Which Wich Superior Sandwiches / Sandwich Shop
    • Hub Limestone / Student Housing Center / Apartment Complex
    • Which Wich The Hub / Sandwich Shop / Restaurant

    Property Details for 685 Limestone

    Year built
    2020
    Property size
    305,420 SF
    Property type
    Retail space
    Property subtype
    Storefront properties

    Description

    This exceptional retail opportunity is located within the HUB On Campus Lexington Limestone development, a vibrant 305,420 square foot complex built in 2020. Situated at 685 S Limestone, Lexington, KY 40508, and conveniently located near Virginia Avenue, this property offers a single available storefront space totaling 3,478 square feet. Ideal for a variety of retail uses, including restaurants, this space benefits from its prime location on the University of Kentucky campus, ensuring high foot traffic and visibility. The building itself is a modern, single-structure development, providing a contemporary setting for any business. The property's strategic placement within a bustling campus environment offers unparalleled access to a large and diverse customer base. This is a rare chance to establish a thriving business in a high-demand location with excellent visibility and accessibility. The space is ready for immediate occupancy, presenting a turnkey solution for businesses seeking a well-established and highly visible retail presence. Interested parties are encouraged to inquire for further details and to schedule a viewing.

    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
    -84.5084751
    Latitude
    38.0352838

    Comparable in this City

    • New
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      1,451 SF

      Retail Space in Lexington Innovation Community

      Retail/Restaurant space available in Lexington's Innovation Community with ample parking.
      405 S Limestone, Lexington, KY 40508
      View Details
    • New
      $30 SF/Yr
      349 SF

      Retail Space in Lexington Innovation Community

      Retail and restaurant spaces available in Lexington's Innovation Community.
      405 S Limestone, Lexington, KY 40508
      View Details
    • Contact for pricing
      3,150 SF

      Retail Space Near Kentucky University

      New mixed-use retail space near the University of Kentucky.
      665-693 S Limestone, Lexington, KY 40508
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      Pending

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      Lexington Office Space: The Commons

      Class A Office, 4,080 SF Available
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    • $19 SF/Yr
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      Downtown Lexington Creative Office Space

      Renovated historic building with modern amenities in downtown Lexington.
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    Similar Nearby for Lease

    • New
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      Retail Space in Lexington Innovation Community

      Retail and restaurant spaces available in Lexington's Innovation Community.
      405 S Limestone, Lexington, KY 40508
      View Details
    • New
      $25 SF/Yr
      1,451 SF

      Retail Space in Lexington Innovation Community

      Retail/Restaurant space available in Lexington's Innovation Community with ample parking.
      405 S Limestone, Lexington, KY 40508
      View Details
    • Contact for pricing
      3,150 SF

      Retail Space Near Kentucky University

      New mixed-use retail space near the University of Kentucky.
      665-693 S Limestone, Lexington, KY 40508
      View Details
    • $18 SF/Yr
      18,264 SF

      Lexington Office Space: The Commons

      Class A Office, 4,080 SF Available
      144 Turner Commons Way, Lexington, KY 40508
      View Details
    • $19 SF/Yr
      6,848 SF

      Downtown Lexington Creative Office Space

      Renovated historic building with modern amenities in downtown Lexington.
      146 E Third St, Lexington, KY 40508
      View Details
    • $8 SF/Yr
      Pending

      Renovated Flex/Industrial Space Available

      Newly renovated flex/industrial facility in premier mixed-use development.
      176 Turner Commons Way, Lexington, KY 40508
      View Details
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    685 Limestone
    Lexington, KY 40508
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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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