Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    1963 Irvine Rd Richmond, KY 40475

    Sponsored
    Picture of Commercial land at Irvine Rd 1963, Richmond, KY
    For Sale
    $699,000

    LAND - Richmond, KY

    Lot size:
    3.48 Acres
    Days on Market:
    1
    Last Refresh:
    Jan 29 at 5:06 pm

    Property Features for 1963 Irvine Rd

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    APN
    0068-0000-0018-1A
    Lot size
    3.48 Acres

    Utilities

    Utilities
    Water Available

    We can help!

    Listing Contact
    John L Foley

    Jack Foley Real Estate Service 2214080

    Listing agent John L Foley (859) 221-4080

    Listing date Jan 29, 2026

    MLS# 24022175 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

    Property Insight Report

    Overview

    Richmond, KY Commercial Corner Lot

    This 3.48+/- acre commercial corner lot is located in Richmond, KY, near the intersection of Robert Martin By-Pass and Irvine Rd.(U S 52). The property is positioned at the entrance to a large residential development that includes single-family homes, condominiums, and a large apartment complex. The location is suitable for various business uses, including a dollar store, fast food restaurant, car sales, retail strip mall, auto parts store, auto service center, or professional/medical office space. The area benefits from a daily traffic count exceeding 20,000 vehicles. Note that prior to closing, the seller will record a Declaration of Restriction document prohibiting the sale of gasoline and/or package liquor on the property; these restrictions shall run with the land. Richmond is home to Eastern Kentucky University, with approximately 15,000 students.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

    Realty agency Restaurant Law Firm Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Clothing Store Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Richmond
    County
    Madison
    State
    Kentucky
    Longitude
    -84.257058
    Latitude
    37.744733

    Nearby Similar for Sale

    • $4,400,000
      8,849 SF

      Profitable Restaurant Investment Opportunity

      Turnkey restaurant for sale in a high-traffic Richmond location.
      240 Eastern Pass, Richmond, KY 40475
      View Details
    • $289,000
      Pending

      Richmond Commercial Property with Updates

      Updated commercial property featuring spacious rooms and a park-like backyard.
      454 Big Hill Ave, Richmond, KY 40475
      View Details
    • $875,000
      5,100 SF

      Mixed-Use Property with Loft Living

      Income-producing mixed-use property with upscale loft, offices, and apartment.
      105 E St, Richmond, KY 40475
      View Details
    • $315,000
      1,231 SF

      Richmond Flex Space with Workshop

      Unique property with office/workshop near Downtown Richmond.
      314 N 2Nd St, Richmond, KY 40475
      View Details
    • New
      $329,900
      Pending

      Richmond Kentucky Fourplex For Sale

      Well-kept fourplex in Richmond, near EKU, with income potential.
      228 Magnolia Dr, Richmond, KY 40475
      View Details
    • $185,000
      Pending

      Remodeled Office Building in Richmond

      Remodeled office space in downtown Richmond with high visibility.
      825 E Main St, Richmond, KY 40475
      View Details
    • $280,000
      3,000 SF

      Income-Producing Fourplex in Richmond, KY

      Fourplex in good condition with long-term tenants and recent updates.
      403 Turpin Dr, Richmond, KY 40475
      View Details
    • $450,000
      Pending

      Richmond, KY Multi-Use Investment

      Multi-use property in Richmond, KY with income potential.
      301 Steep St, Richmond, KY 40475
      View Details
    • $299,900
      2,824 SF

      Richmond Duplex with Downtown Location

      Large duplex in downtown Richmond, convenient to amenities and EKU.
      512 W Main St, Richmond, KY 40475
      View Details
    • $875,000
      1,629 SF

      Versatile Commercial Property, Richmond, KY

      Commercial property with office, garage, and development potential in Richmond.
      1603 E Main St, Richmond, KY 40475
      View Details
    • $559,000
      Pending

      High-Visibility Commercial Property, Richmond, KY

      High-traffic location near Richmond Bypass, ideal for various uses.
      1055 Berea Rd, Richmond, KY 40475
      View Details
    • $319,900
      1,100 SF

      Versatile Commercial Warehouse/Office Building

      2,240 sq ft Richmond commercial property with warehouse and office space.
      1028 Golden Leaf Blvd, Richmond, KY 40475
      View Details

    FAQs

    What type of property is this?
    Commercial land - 3.48+/- acre corner lot suitable for retail or office development.
    Where is this commercial land located?
    The property is located at 1963 Irvine Rd Richmond, KY.
    What is the asking price?
    The asking price for this property is $699,000.
    What are key features of this property?
    This property features: - High traffic location: Boasting over 20,000 daily traffic count.; - Prime corner lot: 3.48+\/- acre commercial corner lot.; - Located near Eastern Kentucky University: Home to +\/- 15,000 students.
    (859) 221-4080
    Request Owner's contact information
    1963 Irvine Rd Richmond, KY 40475
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1963 Irvine Rd
    Richmond, KY 40475
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    1963 Irvine Rd Richmond, KY 40475
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    John L Foley
    (859) 221-4080
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.