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Property profile & analytics
FOR LEASE
Strip malls

2860 Richmond Rd Lexington, KY 40509

24,880 SF 5.09 ac lot Built 2019
Entity Owned 4-yr Hold ~ Est. High Equity
Property ID
US34-0594678
Property summary
AI-generated overview

Patchen Square, a recently constructed retail center in Lexington, Kentucky's Richmond Road Corridor, offers a unique opportunity for businesses seeking high-visibility locations. This Class B property, built in 2020, boasts a total of 36,000 square feet across two single-story buildings situated on a 5-acre lot. The center is strategically located on Richmond Road, between Patchen Drive and Mt. Tabor Road, providing excellent access and high traffic counts. Currently, the center houses a diverse mix of established tenants including KPot Korean BBQ, Cyclebar, Club Pilates, My Salon Suites, Stretch Lab, and Sugaring. A drive-thru option is available, adding further appeal to potential tenants. Individual spaces are available, with a minimum divisible space of 1,400 square feet and a maximum contiguous space of 1,400 square feet. The property is zoned B-3 and features convenient access via Richmond Road. The property's address is 2860 Richmond Road, Lexington, KY 40509, and its APN is 11300550. This vibrant retail center presents an exceptional opportunity for businesses seeking a thriving location in a rapidly growing area of Lexington. The property's proximity to other successful businesses, including Andy's/First Watch and Skyline Chili, further enhances its appeal and potential for success. The absence of elevators is noted.

Property profile
Verified
Property type Strip malls
Use group SHOPPING CENTER, STRIP CENTER
Year built 2019
Total area 24,880 SF
Lot 5.09 ac (221,546 SF)
Zoning code B-3
APN 11300550
UPID US34-0594678
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
  • CoolBlue Lex Spa & Massage Center Alternative Medicine Practice
  • Hometown Pharmacy Pharmacy
  • Cyclebar Patchen Square Cycling Facility Gym & Fitness Center
  • Amazon Hub Counter - Hometown Pharmacy Courier Service Postal Service
  • The Float Loft (Lexington) Spa & Massage Center Gym & Fitness Center
Value estimations
Realmo proprietary · 4 methods
AI Approach AI
by Request
CAP Approach CAP
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Comparable Approach Comparable
by Request
Blend (final) Blend
by Request
Owner & transaction history
C & R Asphalt Land Acquisition Co L · 4 yrs held
C & R Asphalt Land Acquisition Co L
since 2022
3 recorded transactions
2022
Price N/A
2020
Price N/A
2018
Price N/A
Zoning & alternative use
B-3 · Lexington, KY
Permitted uses
Permitted uses
Allowed · conditional · prohibited
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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