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    Platted Farm Tract with Dual Road Access Title is generated by Realmo AI

    Tract 2-A1 Lancaster Road, Richmond, KY 40475

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    Claim this Listing
    For Sale
    $849,900

    LAND - Richmond, KY

    Lot size:
    45.64 Acres
    Added:
    Nov 20, 2025
    Days on Market:
    196
    Last Refresh:
    Jun 4 at 8:06 am

    Property Features for Tract 2-A1 Lancaster Road

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    AR
    Standard status
    Active
    APN
    db 782 pg 699
    Lot size
    45.64 Acres

    We can help!

    Listing Contact
    Delma Peercy

    Listing agent Delma Peercy License #192717

    Listing office BlueHorse Realty 519 Hampton Way #9, Richmond, KY

    Listing date Nov 20, 2025

    MLS# 25506730 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.

    HighLights

    • 45.64‑acre farm land surveyed and platted for development
    • 600 ft road frontage on Lancaster Rd
    • 1,225 ft road frontage on the new Duncannon Rd addition
    • Property runs through open fields with wide open sky views and sunset views
    • Access to I‑75 is located just a couple miles away via a new connector road

    Overview

    This offering is for a surveyed and platted farm tract comprising 45.64 acres. The property is designated under AR zoning and is presented as land suited to future development planning, including the possibility of residential build-out in a shared area for family or relatives.

    The tract includes road frontage of approximately 600 ft on Lancaster Road and approximately 1,225 ft on a new road addition identified as Duncannon. The property runs through established fields, with open sky and sunset views described in the remarks. The seller also notes accessibility to I-75 just a couple miles away via the connector road.

    For buyers looking for land in Madison County, this combines a defined, surveyed layout with meaningful frontage on two roads, which can support practical site access and development coordination. The platted status may be helpful to parties evaluating phased planning, lot positioning, and a plan to build homes in the same area. The seller indicates the possibility of owner financing or part of sale, which may be relevant for qualified buyers seeking flexible terms.
    Property Profile Location Intelligence

    Current Use by Public Records

    Agricultural land / Farmland

    Suggested Use

    Building Supply Pharmacy Bar & Pub Daycare Center Carpet & Flooring Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Richmond
    County
    Madison
    State
    Kentucky
    Longitude
    -84.308754
    Latitude
    37.728828

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    FAQs

    What type of property is this?
    Agricultural land / Farmland - Platted 45.64-acre agricultural tract in AR zoning with 600 ft and 1,225 ft of road frontage.
    Where is this agricultural land / farmland located?
    The property is located at Tract 2-A1 Lancaster Road Richmond, KY.
    What is the asking price?
    The asking price for this property is $849,900.
    What are key features of this property?
    This property features: 45.64‑acre farm land surveyed and platted for development; 600 ft road frontage on Lancaster Rd; 1,225 ft road frontage on the new Duncannon Rd addition
    (859) 661-5117
    We can help!
    Listing Contact
    Delma Peercy
    Real Estate License ID: 192717
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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.

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