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    3101 Richmond Rd Lexington, KY 40509

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    For Lease
    Contact for pricing

    High-traffic retail space, 5 units available.

    Lot size:
    211,072 SF

    Property Features for 3101 Richmond Rd

    General Information

    Property type
    Power centers
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    211,072 SF
    Class
    A
    Total Rate
    386965.33

    Spaces For Lease

    at 3101 Richmond Rd, Lexington, KY 40509 Contact us
    Unit 3063 Richmond Rd, Suite C (Space 49)

    $28 /Mo

    Size
    754 SF
    Contact us
    Unit 115 N Locust Hill, Suite 114

    $22 /Mo

    Size
    1,000 SF
    Contact us
    Unit 3101 Richmond Rd, Suite 311B (Space 35B)

    $22 /Mo

    Size
    1,100 SF
    Contact us
    Unit 3101 Richmond Rd, Suite 304

    $24 /Mo

    Size
    1,400 SF
    Contact us
    Unit 3101 Richmond Rd, Suite 307

    $22 /Mo

    Size
    2,100 SF
    Contact us
    Show more

    We can help!

    Listing Contact
    Jason Taylor
    Jason Taylor

    Listing Agency: Equity Management Group Inc Listing Agent: Jason Taylor

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    This exceptional Class A power center, located at 3101 Richmond Road in Lexington, Kentucky, offers 211,072 square feet of retail space. Currently, there are five available units, with a minimum divisible space of 754 square feet and a maximum contiguous space of 7,000 square feet. A total of 11,404 square feet is currently vacant, presenting a significant opportunity for expansion or new tenancy. The property sits on a substantial 25.48-acre lot and boasts ample parking with 1,257 spaces available for customers and employees. Its prime location in Fayette County, easily accessible from Richmond Road, ensures high visibility and significant foot traffic. The property is categorized as a multi-tenant retail space, ideal for a variety of businesses seeking a high-profile location in a thriving market. The property's size and amenities make it suitable for a range of retail concepts. This is a rare opportunity to secure space in a well-established, high-performing retail center in Lexington, Kentucky. The zip code is 40509.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Bryon Elkins: Allstate ... Insurance Agency Edible Arrangements Take-out & Catering Crush 24/7 Gym & Fitness Center Golden Wok Restaurant Kroger Fuel Center Gas Station

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

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

    Location Insight

    • Map
    • Local Demand
    City
    Lexington
    County
    Fayette
    State
    Kentucky
    Longitude
    -84.4449492
    Latitude
    38.0032506

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    FAQs

    What type of property is this?
    Power center - High-traffic retail space, 5 units available.
    Where is this power center located?
    The property is located at 3101 Richmond Rd Lexington, KY.
    What is the lease rate?
    The lease rate is $22-$28 SF/Yr.
    What are key features of this property?
    This property features: Kroger Marketplace anchored center.; 25.48-acre site.; 211,072 square feet of gross leasable area (GLA).
    (859) 266-1414 Call to check price and availability
    Request Owner's contact information
    3101 Richmond Rd Lexington, KY 40509
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    Lexington, KY 40509
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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
    3101 Richmond Rd Lexington, KY 40509
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    Contact for Pricing
    Please call us for current price
    and status of this listing Jason Taylor
    Jason Taylor
    Real Estate License ID: 72700
    (859) 266-1414 (502) 472-7546
    Learn more
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