Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Renovated Industrial Property with Yard Title is generated by Realmo AI

    509 N 3rd St, Richmond, KY 40475

    View on Map
    Claim this Listing
    For Sale
    Contact for pricing

    43,000 SF Richmond industrial property with renovated features and yard.

    Type:Industrial
    Property size:
    43,000 SF
    Lot size:
    3.04 Acres
    Price / SF:
    $37/SF
    Added:
    Jun 27, 2024
    Days on Market:
    707
    Last Refresh:
    May 12 at 11:21 pm

    Property Features for 509 N 3rd St

    General Information

    Standard status
    Active
    Size
    43,000 SF
    Lot size
    3.04 Acres
    Property subtype
    Industrial

    We can help!

    Listing Contact
    Neal Metcalfe

    Listing agent Neal Metcalfe License #KY 217705

    Listing office SVN | Stone Commercial Real Estate

    Listing date Jun 27, 2024

    Source Crexi

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

    All listing content including descriptions, pricing, images are the copyrighted material of SVN | Stone Commercial Real Estate

    HighLights

    • 43,000 SF industrial property.
    • Recently renovated (completed September 2024) with new metal roof, gutters, walls, and large drive‑in door.
    • Includes an adjacent excess acre yard.
    • Features a dock.
    • Upgraded original structural steel.
    • Includes a small covered parking lot.

    Overview

    This is a 43,000 SF industrial property in Richmond. The property has undergone a complete renovation, finished in September 2024. Upgrades include original structural steel, a new metal roof, gutters, walls, a large drive-in door, and a dock. The property includes an adjacent excess acre yard and a small covered parking lot. The combined properties at 509, 601 N 3rd St, and 235 Broadway Avenue total 3.044 acres, including the building.
    Property Profile Location Intelligence

    Current Use by Public Records

    Industrial properties

    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
    -84.298287
    Latitude
    37.755886

    Nearby Similar for Sale

    • $2,500,000
      9,222 SF

      Signalized Intersection Mixed-Use Property

      Four-unit mixed-use commercial asset with gas station, convenience store, and leased health spa plus redevelopment and expansion potential.
      1696 Northgate Drive, Richmond, KY 40475
      View Details
    • $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
    • $249,900
      2,240 SF

      Versatile Flex Space in Richmond

      2,240 SF flex space with modern amenities and garage doors.
      1028 Golden Leaf Boulevard, 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
    • $329,900
      1,212 SF

      New Duplex in Downtown Richmond

      New construction duplex near EKU, shopping, dining, and entertainment.
      1011 Altamont Street, 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

    FAQs

    What type of property is this?
    Industrial property - 43,000 SF Richmond industrial property with renovated features and yard.
    Where is this industrial property located?
    The property is located at 509 N 3rd St Richmond, KY.
    What is the asking price?
    The asking price for this property is $1,600,000.
    What are key features of this property?
    This property features: 43,000 SF industrial property.; Recently renovated (completed September 2024) with new metal roof, gutters, walls, and large drive‑in door.; Includes an adjacent excess acre yard.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Neal Metcalfe
    Real Estate License ID: KY 217705
    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
    509 N 3rd St, 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!