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    Downtown Richmond Mixed-Use Opportunity Title is generated by Realmo AI

    204-206 S 3rd Street, Richmond, KY 40475

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    For Sale
    $579,000

    COMMERCIAL - Richmond, KY

    Property size:
    9,763 SF
    Lot size:
    0.19 Acres
    Price / SF:
    $59/SF
    Added:
    Feb 19, 2026
    Days on Market:
    78
    Last Refresh:
    May 8 at 8:06 pm

    Property Features for 204-206 S 3rd Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    APN
    r008-0009-0008 r008-0009-0007
    Size
    9,763 SF
    Lot size
    0.19 Acres

    Building Details

    Year built
    1980
    Floors in Building
    2

    We can help!

    Listing Contact
    Julie G Thompson

    Listing agent Julie G Thompson

    Listing office Epique Realty 217 W Spring St, Louisville, KY

    Listing date Feb 19, 2026

    MLS# 26002971

    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

    • Immediate cash flow from two occupied commercial suites generating approximately $44,400 annually.
    • Opportunity to reposition five upper‑level apartment units for increased residential income.
    • Strategic downtown location with strong visibility and pedestrian traffic.
    • Mixed‑use property with multiple income streams (commercial and residential).
    • Proximity to Eastern Kentucky University (EKU), restaurants, retail, and entertainment.
    • Limited mixed‑use inventory in the market, offering a unique acquisition opportunity.

    Overview

    Located in Downtown Richmond, Kentucky, this mixed-use property offers a strategic acquisition opportunity. Positioned along the South 3rd Street corridor, the property provides immediate cash flow from two occupied street-level commercial suites, which include an established bar and a retail tenant. There are also five apartment units with the potential for renovation and future lease-up. The asset currently generates approximately $44,400 in annual commercial income. The combination of in-place income and residential redevelopment potential creates an opportunity for investors seeking to increase long-term net operating income within a walkable downtown environment. The property benefits from strong visibility, pedestrian traffic, and proximity to Eastern Kentucky University, downtown dining, retail, and continued investment throughout Downtown Richmond. The property size is 9,763 square feet on a lot of 0.19 acres. This centrally located mixed-use property has existing commercial cash flow and future residential expansion potential in one of Central Kentucky's most active downtown corridors. It is ideal for investors seeking urban mixed-use assets in growing secondary markets.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Retail space

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Richmond
    County
    Madison
    State
    Kentucky
    Longitude
    -84.29685
    Latitude
    37.746889

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    FAQs

    What type of property is this?
    Mixed-use property - Mixed-use property with commercial income and residential upside.
    Where is this mixed-use property located?
    The property is located at 204-206 S 3rd Street Richmond, KY.
    What is the asking price?
    The asking price for this property is $579,000.
    What are key features of this property?
    This property features: Immediate cash flow from two occupied commercial suites generating approximately $44,400 annually.; Opportunity to reposition five upper‑level apartment units for increased residential income.; Strategic downtown location with strong visibility and pedestrian traffic.
    (859) 227-8509
    We can help!
    Listing Contact
    Julie G Thompson
    Learn More
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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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