Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Richmond, KY Multi-Use Investment Title is generated by Realmo AI

    301 Steep Street, Richmond, KY 40475

    View on Map
    Claim this Listing
    Pending
    $450,000

    COMMERCIAL - Richmond, KY

    Property size:
    4,406 SF
    Lot size:
    0.47 Acres
    Added:
    Aug 13, 2025
    Days on Market:
    277
    Last Refresh:
    May 16 at 1:06 am

    Property Features for 301 Steep Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Parking
    35
    Standard status
    Pending
    APN
    R011-0003-0001
    Size
    4,406 SF
    Lot size
    0.47 Acres

    Utilities

    Sewer type
    Public Sewer

    Building Details

    Year built
    1996
    Floors in Building
    2
    Building materials
    Block, Brick, Vinyl Siding
    Roof type
    Shingle

    We can help!

    Listing Contact
    Bill Adams

    Listing agent Bill Adams

    Listing office Century 21 Pinnacle 632 Chestnut St, Berea, KY

    Listing date Aug 13, 2025

    MLS# 25017945

    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

    • High‑visibility location with easy access to shopping, dining, and major roadways.
    • Versatile 3,036 SF main building suitable for retail, office, showroom, service‑based business, or mixed‑use operations.
    • Three potential rental income streams: main building, one‑bedroom apartment, and two‑car garage.
    • Located inside Richmond, KY city limits with excellent investment potential.
    • Zoned for a variety of commercial uses.
    • Ready for immediate occupancy and income generation.

    Overview

    This multi-use property is located inside the city limits of Richmond, KY, and offers investment potential. The property is currently vacant and ready for immediate occupancy and income generation. The rear portion of the property includes a one-bedroom apartment and a two-car garage, presenting opportunities for rental income. The main building provides 3036 square feet of space that is suitable for retail, office, showroom, service-based business, or mixed-use operations. The total property size is 4406 square feet on a 0.47-acre lot. The property is located in a high-visibility area with access to shopping, dining, and major roadways. It is zoned for a variety of commercial uses, making it suitable for investors, entrepreneurs, or owner-operators seeking a strategic location with income potential.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Freedom Full Gospel ... Church Premium Pets & Exotics ... (Bike/Boat/Book/etc) Store

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center 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
    -84.282051
    Latitude
    37.739957

    Nearby Similar for Sale

    • $2,700,000
      6,622 SF

      Richmond, KY Commercial Opportunity

      Commercial property with service bays, ideal for automotive businesses.
      1500 E Main Street, Richmond, KY 40475
      View Details
    • $475,000
      5,571 SF

      Versatile Mixed-Use Property, Richmond, KY

      Mixed-use property with commercial space and residential apartment.
      1305 Lancaster Road, Richmond, KY 40475
      View Details
    • $559,000
      1,750 SF

      High-Visibility Commercial Property, Richmond, KY

      High-traffic location near Richmond Bypass, ideal for various uses.
      1055 Berea Road, Richmond, KY 40475
      View Details
    • $545,000
      3,731 SF

      Richmond Multifamily Investment Opportunity

      Portfolio of three properties with five total rental units.
      249 Evansdale Avenue, Richmond, KY 40475
      View Details
    • $579,000
      9,763 SF

      Downtown Richmond Mixed-Use Opportunity

      Mixed-use property with commercial income and residential upside.
      204-206 S 3rd Street, Richmond, KY 40475
      View Details
    • $199,000
      2,025 SF

      Richmond, KY Commercial Space

      Multi-use commercial space ideal for retail or food service.
      805 Kirksville Road, Richmond, KY 40475
      View Details
    • $239,900
      1,800 SF

      Income-Producing Duplex in Richmond, KY

      Fully occupied duplex near Richmond Bypass with strong rental demand.
      216 Valley Street, Richmond, KY 40475
      View Details
    • $239,900
      1,800 SF

      Income-Producing Duplex in Richmond, KY

      Fully occupied duplex with value-add potential in Richmond, Kentucky.
      214 Valley Street, Richmond, KY 40475
      View Details
    • $799,500
      5,100 SF

      Converted Warehouse with Income Potential

      Mixed-use property in downtown Richmond with residential and commercial spaces.
      105 E Street, Richmond, KY 40475
      View Details
    • $330,000
      2,652 SF

      Richmond, KY Duplex For Sale

      Duplex with income potential near I-75, shopping, and EKU.
      1096 Merrick Drive, Richmond, KY 40475
      View Details
    • $1,500,000
      11,200 SF

      Leased Commercial Investment Opportunity

      Fully leased commercial property with five units in Richmond, KY.
      1024 Golden Leaf Boulevard, Richmond, KY 40475
      View Details
    • $885,000
      4,256 SF

      Renovated Office/Retail Historic Home

      Highly visible, renovated historic home ideal for office or retail.
      1419 Lexington Road, Richmond, KY 40475
      View Details

    FAQs

    What type of property is this?
    Mixed-use property - Multi-use property in Richmond, KY with income potential.
    Where is this mixed-use property located?
    The property is located at 301 Steep Street Richmond, KY.
    What is the asking price?
    The asking price for this property is $450,000.
    What are key features of this property?
    This property features: High‑visibility location with easy access to shopping, dining, and major roadways.; Versatile 3,036 SF main building suitable for retail, office, showroom, service‑based business, or mixed‑use operations.; Three potential rental income streams: main building, one‑bedroom apartment, and two‑car garage.
    (859) 302-7878
    We can help!
    Listing Contact
    Bill Adams
    Learn More
    Request Owner's contact information
    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.
    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
    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

    Thank You for Inquiry
    301 Steep Street, Richmond, KY 40475
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!