2290 Nicholasville RdLexington, KY 40503

Property Details for 2290 Nicholasville Rd

Year built

2006

Lot size

1.34 AC

Property size (Sq ft)

14,504 SF

Zone code

B-3

Property type

Retail properties

Property subtype

Retail space

APN

38081750

APU

38081750

Description

This exceptional investment opportunity presents a 14,504 square foot Walgreens located at 2290 Nicholasville Road, Lexington, KY 40503. The property, built in 2006, sits on a 1.34-acre lot and boasts a strong 6.50% cap rate with a Net Operating Income (NOI) of $402,243. The single-tenant, net lease (NNN) with Walgreens, a publicly traded company, extends until August 28, 2031, ensuring long-term stability and predictable cash flow. The property enjoys a prime location within a major retail corridor in Lexington, benefiting from high traffic counts exceeding 36,078 vehicles per day on Nicholasville Road. Its strategic position at a signalized intersection with Lowry Lane, coupled with proximity to other prominent retailers such as Kroger, Panera Bread, and Trader Joe's, further enhances its desirability. The area's dense population (over 129,104 people within a 3-mile radius) and proximity to Baptist Health Hospital and the University of Kentucky Hospital contribute to a robust and consistent customer base. This 100% occupied property offers a compelling investment opportunity with significant potential for long-term growth and return. The asking price is $6,188,000.

• CAP approach

  CAP return

  Valuation

  6%

  $3,490,750

  6.5%

  $3,222,231

  7%

  $2,992,072

• Comparable approach

  Method

  Valuation

  Relative Method

  $3,068,082

  Geo Method

  $3,146,231

• Alternative Use

  Use

  Valuation

  Residential

  $2,718,072

  Hospitality

  $2,489,740

  Educational

  $2,071,434

  Medical

  $2,142,674

  Retail

  $3,222,231

Location Insight

City

Lexington

County

Fayette

State

Kentucky

Latitude

38.006

Longitude

-84.5176

CBSA code

30460

CBSA name

LEXINGTON-FAYETTE, KY METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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