Your AI Navigator in Commercial Real Estate
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
    Property profile & analytics

    240 Eastern Pass Richmond, KY 40475

    • Turn key restaurants
    • 9,075 SF
    • 2.17 lot acres
    For Sale
    View listing
    $4,400,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US34-2021946
    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

    • Casa Fiesta Mexican Grill / Mexican Restaurant

    Property Details for 240 Eastern Pass

    Lot size
    2.17 lot acres
    Property size
    9,075 SF
    Property type
    Turn key restaurants
    APN
    R002-0005-0010
    APU
    R00200050010

    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
    -84.318
    Latitude
    37.7357
    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
    $18,770
    $0.00
    $0.00
    $1,935,000
    -
    $0.00
    $0.00
    $1,935,000

    Comparable in this City

    • Value Estimation by Request
      1.73 Acres

      1006 Amberley Way

      RESTAURANT • 1.73 Acres
      1006 Amberley Way, Richmond, KY 40475-8846
      View Details
    • Value Estimation by Request
      3,075 SF

      1059 Berea Rd

      RESTAURANT • 3,075 SF
      1059 Berea Rd, Richmond, KY 40475-3401
      View Details
    • Value Estimation by Request
      6,404 SF

      828 Eastern Byp

      RESTAURANT • 6,404 SF
      828 Eastern Byp, Richmond, KY 40475-2512
      View Details
    • Value Estimation
      $2,540,000
      16,775 SF

      5044 Atwood Dr

      RESTAURANT • 16,775 SF
      5044 Atwood Dr, Richmond, KY 40475-8898
      View Details
    • Value Estimation by Request
      3,520 SF

      851 Eastern Byp

      RESTAURANT • 3,520 SF
      851 Eastern Byp, Richmond, KY 40475-2569
      View Details
    • Value Estimation by Request
      1,500 SF

      220 Eastern Byp

      RESTAURANT • 1,500 SF
      220 Eastern Byp, Richmond, KY 40475-2331
      View Details

    Similar Nearby for Sale

    • $4,400,000
      8,849 SF

      Profitable Restaurant Investment Opportunity

      Turnkey restaurant for sale in a high-traffic Richmond location.
      240 Eastern Pass, Richmond, KY 40475
      View Details
    • $385,000
      1,784 SF

      Richmond Commercial Opportunity Near Downtown

      Former bar near downtown Richmond with commercial potential and expansion.
      525 E Irvine St, Richmond, KY 40475
      View Details
    • Contact for pricing
      0.64 Acres

      Richmond Commercial Opportunity For Sale

      Former bar near downtown Richmond with commercial potential.
      Richmond, KY 40475
      View Details
    • New
      $450,000
      11,970 SF

      Richmond Landmark Entertainment Venue

      Iconic 11,900+ sq ft Richmond venue for sale.
      124 S 1St St, Richmond, KY 40475
      View Details
    • New
      $750,000
      1.69 Acres

      Prime Commercial Land on Highway

      1.69 acres of B-3 zoned commercial land on highly traveled highway.
      9999 Highway Dr, Richmond, KY 40475
      View Details
    • $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

    Similar Nearby for Lease

    • 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
    • New
      $2,700 /Mo
      2,650 SF

      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
    • $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
    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.
    240 Eastern Pass
    Richmond, KY 40475
    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.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.