Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    2048 Merrick Dr Richmond, KY 40475-8133

    • Retail space
    • 5,041 SF
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US34-1810095
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Shell / Gas Station
    • Derby Liquor / (Bike/Boat/Book/etc) Store / Wine and Liquor Store
    • ATM / Atm
    • ATM (Merrick Shell) / Atm
    • Byte Federal Bitcoin ATM (Merrick Shell Food Mart) / Atm

    Property Details for 2048 Merrick Dr

    Property size
    5,041 SF
    Property type
    Retail space
    APN
    0068-008A-0005
    APU
    0068008A0005

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Richmond
    County
    Madison
    State
    Kentucky
    Longitude
    -84.2702
    Latitude
    37.7546
    CBSA code
    40080
    CBSA name
    RICHMOND-BEREA, KY MICROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $14,550
    $0.00
    $0.00
    $1,500,000
    -
    $0.00
    $0.00
    $1,500,000

    Comparable in this City

    • Value Estimation by Request
      4,500 SF

      517 Eastern Byp

      RETAIL STORES (PERSONAL SERVICES) • 4,500 SF
      517 Eastern Byp, Richmond, KY 40475-2327
      View Details
    • Value Estimation by Request
      2,184 SF

      217 Irvine St

      RETAIL STORES (PERSONAL SERVICES) • 2,184 SF
      217 Irvine St, Richmond, KY 40475-1523
      View Details
    • Value Estimation by Request
      1,666 SF

      112 Keeneland Dr

      RETAIL STORES (PERSONAL SERVICES) • 1,666 SF
      112 Keeneland Dr, Richmond, KY 40475-8686
      View Details
    • Value Estimation by Request
      3,024 SF

      200 Eastern Byp

      RETAIL STORES (PERSONAL SERVICES) • 3,024 SF
      200 Eastern Byp, Richmond, KY 40475-2331
      View Details
    • Value Estimation by Request

      429 Elm St

      RETAIL STORES (PERSONAL SERVICES)
      429 Elm St, Richmond, KY 40475-1505
      View Details
    • Value Estimation by Request
      13.19 Acres

      292 Jacks Crk Rd

      RETAIL STORES (PERSONAL SERVICES) • 13.19 Acres
      292 Jacks Crk Rd, Richmond, KY 40475-8454
      View Details

    Similar Nearby for Sale

    • $875,000
      1,629 SF

      Versatile Commercial Property, Richmond, KY

      Commercial property with office, garage, and development potential in Richmond.
      1603 E Main St, Richmond, KY 40475
      View Details
    • $675,000
      0.90 Acres

      Richmond, KY Development Opportunity

      0.9 acre commercial land with high visibility in Richmond, KY.
      932 Commercial Dr, Richmond, KY 40475
      View Details
    • $450,000
      Pending

      Richmond, KY Multi-Use Investment

      Multi-use property in Richmond, KY with income potential.
      301 Steep St, Richmond, KY 40475
      View Details
    • $420,000
      1,875 SF

      Richmond Commercial Building For Sale

      Commercial building with open space, kitchen, and office in Richmond.
      1065 Berea Rd, Richmond, KY 40475
      View Details
    • $885,000

      Renovated Office/Retail Historic Home

      Highly visible, renovated office or boutique retail location in Richmond, KY.
      1419 Lexington Rd, Richmond, KY 40475
      View Details
    • New
      $699,000
      3.48 Acres

      Richmond, KY Commercial Corner Lot

      3.48+/- acre corner lot suitable for retail or office development.
      1963 Irvine Rd, Richmond, KY 40475
      View Details

    Similar Nearby for Lease

    • $14 SF/Yr
      11,644 SF

      Versatile Commercial Building in Richmond, KY

      Prime retail/commercial space with high visibility and accessibility in Richmond.
      1090 Lancaster Rd, Richmond, KY 40475
      View Details
    • $1,800 /Mo
      1,950 SF

      Retail Space in Richmond, KY

      Retail property available for lease in Richmond, Kentucky.
      309 Steep St, Richmond, KY 40475
      View Details
    • $1,000 /Mo
      1,000 SF

      Richmond, KY Commercial Space

      Commercial space suitable for retail or office use in Richmond.
      105 S 3Rd St, Richmond, KY 40475
      View Details
    • $2,700 /Mo
      Pending

      Richmond Commercial Property For Rent

      Commercial property in Richmond, KY with recent updates and ample space.
      454 Big Hill Ave, Richmond, KY 40475
      View Details
    • Contact for pricing
      685,000 SF

      Richmond Centre Retail Space

      Prime KY Retail Space, Multiple Units Available
      & I-75 Barnes Mill Rd, Richmond, KY 40475
      View Details
    • Contact for pricing
      609 SF

      Meijer In-Store Retail Space

      609 SF Retail Space in Madison County
      2013 Lantern Ridge Dr, Richmond, KY 40475
      View Details

    Property Visit Statistics

    • Visits by month
      17.2k
    • Visitors by month
      10.8k
    • Avg Time on site
      8 min
    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.
    2048 Merrick Dr
    Richmond, KY 40475-8133
    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

    Google sign-in failed. Please try again or use another login method.