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    156 160 Richmond, KY 40475

    Sponsored
    For Sale
    $660,000

    MULTI_FAMILY - Richmond, KY

    Property size:
    2,400 SF
    Lot size:
    0.17 Acres
    Days on Market:
    16
    Last Refresh:
    Feb 20 at 4:06 pm

    Property Features for 156 160

    General Information

    Special listing conditions
    Standard
    Property type
    Residential Multi Family
    Property subtype
    Other
    TransactionType
    Standard
    Standard status
    Active
    Rooms
    Bathroom 6, Bathroom 12, Bedroom 13, Bedroom 17, Bathroom 11, Bathroom 5, Bedroom 1, Bedroom 11, Bathroom 7, Bedroom 6, Bathroom 8, Bedroom 8, Bedroom 12, Bedroom 18, Bathroom 1, Bedroom 9, Bathroom 9, Bedroom 16, Bedroom 2, Bedroom 10, Bathroom 3, Bedroom 4, Bathroom 2, Bedroom 3, Bedroom 15, Laundry Room, Bedroom 7, Bedroom 14, Bathroom 4, Bedroom 5, Bathroom 10
    Bedrooms
    18
    Bathrooms
    9
    APN
    0428-0001-0034 0428-0001-0033 0428-0001-0032
    Parking
    4
    Size
    2,400 SF
    Lot size
    0.17 Acres

    Utilities

    Heating system
    Electric (Heating), Heat Pump (Heating)
    Cooling system
    Central Air

    Building Details

    Year built
    1979
    Floors in Building
    3
    Number of units
    6
    Roof type
    Composition

    We can help!

    Listing Contact
    Sheila Mcbride

    Freedom Property Management, LLC (859) 200-0199

    Listing agent Sheila Mcbride (859) 200-0199

    Listing date Feb 5, 2026

    MLS# 25507462 Listing URL

    Copyright © 2026 ImagineMLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Richmond Multifamily Investment Opportunity

    This property presents a unique opportunity for investors seeking long-term growth and immediate cash flow. The offering includes three duplexes located at 156, 158, and 160 Hager Drive in Richmond, KY. Each unit features long-term renters, with some having resided there for 3 to 15 years. Each side of the duplexes averages $800 in rent, while Richmond market rents range from $1400 to $2100. Each side includes individual basements of 900 square feet, a main floor of 1200 square feet, and a bedroom level of 1200 square feet. Each unit has laundry hookups, three bedrooms, and 1.5 baths, along with rear decks. Tenants are responsible for paying their electric bills, while the landlord covers two out of three water bills (each unit has its own meter). The total property size is 2400 square feet, situated on a lot of 0.1722 acres.
    Location Intelligence

    Current Use by Public Records

    Multifamily properties

    Map

    City
    Richmond
    County
    Madison
    State
    Kentucky
    Longitude
    -84.343399
    Latitude
    37.730233

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    FAQs

    What type of property is this?
    Multifamily property - Three duplexes for sale, offering immediate cash flow potential.
    Where is this multifamily property located?
    The property is located at 156 160 Richmond, KY.
    What is the asking price?
    The asking price for this property is $660,000.
    What are key features of this property?
    This property features: - Unique investment opportunity: Three duplexes included in sale (156, 158, 160 Hager Drive).; - Immediate cash flow potential with long-term renters already in place.; - Significant rent increase potential: Current average rents $800 per side, while Richmond market rents range from $1400 to $2100.
    (859) 200-0199
    Request Owner's contact information
    156 160 Richmond, KY 40475
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    Richmond, KY 40475
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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
    156 160 Richmond, KY 40475
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    We can help!
    Listing Contact
    Sheila Mcbride
    Real Estate License ID: 245938
    (859) 200-0199 (859) 624-8700 (859) 624-5090
    Learn more
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