masterkey logo
3555 Keene Rd
Nicholasville, KY

3555 Keene Rd

$11,495,000
4 bd • 4 ba • 4,300 sf

This analysis was generated by artificial intelligence on 1/24/2025. It is for entertainment purposes only and should not be considered as real estate or investment advice.

List Price

$11,495,000

Price/Sq.Ft

$2673

Year Built

AI Property Analysis

A comprehensive evaluation of this property's features, market position, and investment potential.

The Good

Cave Spring Farm is an exceptional 744-acre property with unparalleled size and potential in the current market. Its considerable road frontage along Keene & Clear Creek Roads enhances accessibility and potential for future development. The farm's prime location near newly developed neighborhoods and amenities significantly boosts its value and versatility. The property offers diverse income potential, currently utilized for horses, cropland, and cattle. The equestrian facilities are extensive, including 18 paddocks with plank fencing and automatic waterers, five converted tobacco barns providing 61 stalls, an equisizer, outdoor arena, and round pen. These features position the property well for continued or expanded equestrian operations. The historic main residence, with its original stone portion dating from the 1790s, adds significant character and historical value. An additional employee home increases the property's functionality and rental potential. The property's flood risk score of 1/10 is exceptionally low, reducing insurance costs and future climate-related risks. At $15,450 per acre ($11,495,000 / 744 acres), the price is competitive for large-scale farm properties in the region, especially considering the extensive improvements and prime location. The property has shown resilience in value, with only a modest 11.2% price reduction since its initial listing in April 2023, indicating strong market positioning.

The Bad

The property's high price point of $11,495,000 limits the pool of potential buyers, which may contribute to its extended time on the market (277 days). The price per square foot of $2,673.26 for the main residence is significantly above average for the area, though this metric is less relevant for a property of this nature. The lack of detailed information about the condition and specific features of the residences and outbuildings may create uncertainty for potential buyers. The age of the historic home, while adding charm, could potentially require significant maintenance or renovation costs. The property's size and diverse uses may require specialized management and operational knowledge, which could deter some buyers. The transition from its current use (horses, cropland, cattle) to other potential uses might require significant investment and planning.

The Ugly

The most significant concern is the high annual insurance cost, estimated at $41,382. This substantial expense could impact the property's overall financial viability for potential buyers. The property's size and diverse operations may lead to complex and costly maintenance requirements. The extensive equestrian facilities, while valuable, could become a financial burden if not fully utilized or if the local equestrian market declines. The moderate fire risk (3/10) and wind risk (3/10) could lead to higher insurance premiums and potential damage costs in the future. The moderate heat risk (4/10) with 7 hot days per year could affect crop yields and livestock management, potentially impacting the farm's productivity. The property's large size and current use may face challenges with changing agricultural policies, environmental regulations, or shifts in local zoning laws. Any future development plans would likely require extensive permitting and potential rezoning, which could be time-consuming and costly.

Who is this property for?

These details are presented solely for entertainment purposes and are not meant to steer or limit any prospective buyer.

Best For

This property is best suited for: 1. High-net-worth individuals or families seeking a legacy estate with significant acreage and historical value. 2. Experienced farm operators or equestrian enthusiasts with the financial capacity to manage a large-scale, diverse agricultural operation. 3. Investors or developers with long-term vision for potential subdivision or mixed-use development, given the property's location near growing neighborhoods. 4. Conservation-minded buyers interested in preserving large tracts of Kentucky farmland. 5. Equestrian business operators looking to establish or expand a significant horse breeding or training facility. 6. Agricultural corporations seeking to diversify their land holdings with a property that offers multiple use potentials (crops, livestock, equestrian). Ideal buyers should have a household income well over $1,000,000 annually to comfortably manage the purchase price and ongoing operational costs.

Not For

This property is not suitable for: 1. First-time homebuyers or those with limited financial resources, given the high purchase price and ongoing maintenance costs. 2. Investors seeking quick returns or flip opportunities, as the property's value lies in its long-term potential and current operational use. 3. Buyers without experience in farm or large estate management, as the property requires specialized knowledge and significant time investment. 4. Those seeking a typical residential property with modern amenities and low maintenance requirements. 5. Buyers uncomfortable with the responsibilities of owning and preserving a historic structure. 6. Individuals or families looking for a property primarily for personal residential use without interest in agricultural or equestrian operations. 7. Investors not prepared for the potential complexities of future development in a rapidly growing area.
Demographics
Area Median Income

$64,799

Price Prediction Challenge

Think you know what 3555 Keene Rd will sell for? Put your market expertise to the test!

Be the first to predict

Your local insight could help set the benchmark for other buyers.

No predictions yet

Kick off the challenge by making your guess. You'll help other buyers get a feel for this property’s value—and you might just claim the top spot when it sells.

Unlock Premium Features

Supercharge Your Property Analysis

Get unlimited AI-powered insights and analysis to make confident decisions about any property you're interested in.

Best for serious buyers
  • Unlimited AI analysis
  • Unlimited AI chat
  • Advanced tools & insights
$24.92/mo
Billed yearlySave 17% ($60/year)
Cancel anytime • 30-day money-back guarantee

Risk Assessment

Climate Risks

heatMODERATE

7 extreme heat days per year

98th percentile: 102°F

fireMODERATE

Insurance: Recommended

windMODERATE

Insurance: Recommended

floodMINIMAL

FEMA Zone: X_UNSHADED

Insurance: Optional

airMINIMAL

0 bad air quality days per year

Risk Analysis

1. Market Volatility: The high-end farm and estate market can be subject to economic fluctuations. A downturn could significantly impact resale value or make the property difficult to sell quickly if needed. 2. Operational Costs: Managing 744 acres with diverse uses (crops, livestock, equestrian facilities) requires substantial ongoing investment. Annual operational costs could easily exceed $500,000, considering labor, equipment, feed, and maintenance. 3. Regulatory Changes: Agricultural and zoning regulations may change, potentially affecting the property's use or value. For example, changes in environmental policies could restrict certain farming practices or require costly adaptations. 4. Climate Risks: While flood risk is minimal, the moderate fire (3/10) and wind (3/10) risks could lead to crop damage or increased insurance costs. The heat risk (4/10) may necessitate additional investments in livestock care and crop management. 5. Infrastructure Maintenance: The historic main house (dating to the 1790s) likely requires specialized, costly maintenance. The extensive equestrian facilities (61 stalls, paddocks, etc.) also represent significant ongoing maintenance costs. 6. Market Dependencies: The property's value is partly tied to the equestrian and agricultural markets. A downturn in either could impact the property's income potential and overall value. 7. Development Pressures: The property's location near growing neighborhoods could lead to conflicts with new residents or pressure to sell portions for development, potentially affecting the farm's operations or character. 8. Water Rights and Access: Ensure all water rights are clearly documented, as access to sufficient water is crucial for agricultural and livestock operations of this scale. 9. Environmental Liabilities: Given the long history of agricultural use, there may be unknown environmental issues (e.g., soil contamination from past farming practices) that could become costly liabilities. 10. Succession Planning: The property's size and complexity may present challenges for estate planning and future ownership transitions.
Insurance
Annual Cost

$41,382

$3,449 per month

Financials

Monthly Costs

Price History

Property Taxes

$10,664
2020 Tax Assessment
18.6%from previous year
Assessed Value$4,775,000
Tax Rate0.22%

Location & Comparables

Subject Property
Comparable Sales
View on Zillow

Stats in the Area

Average Price

$167,367

-98.5% below list price

Median Price

$159,900

Based on 6 recent sales

Price per Sq.Ft

$118

Comparable Properties

550 Cave Springs Drive, Nicholasville, KY 40356
Price: $440,000
Sq.Ft: 3,722
Beds/Baths: 4/4
$/Sq.Ft:
$11895.6%
Sale Date: 8/24/2024
578 Chandamere Way, Nicholasville, KY 40356
Price: $159,900
Sq.Ft:
Beds/Baths: /
$/Sq.Ft: N/A
Sale Date: 11/16/2024
601 Chandamere Way, Nicholasville, KY 40356
Price: $159,900
Sq.Ft:
Beds/Baths: /
$/Sq.Ft: N/A
Sale Date: 11/16/2024
521 Cave Spring Drive, Nicholasville, KY 40356
Price: $99,900
Sq.Ft:
Beds/Baths: /
$/Sq.Ft: N/A
Sale Date: 11/16/2024
0 Keene-troy Parkway, Nicholasville, KY
Price: $24,500
Sq.Ft:
Beds/Baths: /
$/Sq.Ft: N/A
Sale Date: 11/13/2024
688 Chandamere, Nicholasville, KY 40356
Price: $120,000
Sq.Ft:
Beds/Baths: /
$/Sq.Ft: N/A
Sale Date: 11/11/2024

Frequently Asked Questions

Property Discussion

Start the Conversation

Share your insights on this property—did you visit the open house? Know of any hidden pros or cons? Your street-level knowledge could be exactly what another buyer needs.

You
Potential Savings

$344,850

Analyze Any Property for Free

Get instant insights and potential savings on any Zillow® listing.

Free Analysis
AI-Powered Insights
Instant Results