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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    2860 Richmond Rd Lexington, KY 40509

    • Strip malls
    • 24,880 SF
    • 5.09 lot acres
    For Lease
    View listing
    $25 SF/Yr
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US34-0594678
    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

    • 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

    Property Details for 2860 Richmond Rd

    Year built
    2019
    Lot size
    5.09 lot acres
    Property size
    24,880 SF
    Zone code
    B-3
    Property type
    Strip malls
    Property subtype
    Neighborhood centers
    APN
    11300550
    APU
    11300550

    Description

    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.

    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
    Lexington
    County
    Fayette
    State
    Kentucky
    Longitude
    -84.4537
    Latitude
    38.0063
    CBSA code
    30460
    CBSA name
    LEXINGTON-FAYETTE, KY METROPOLITAN 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
    $79,097
    $0.00
    $0.00
    $6,396,300
    -
    $0.00
    $0.00
    $6,396,300

    Comparable in this City

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      1916 Justice Dr

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      2335 Woodhill Dr

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      4,600 SF

      2320 Elkhorn Rd

      SHOPPING CENTER, STRIP CENTER • 4,600 SF
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      Lexington Retail Center Investment

      Prime Lexington retail, 100% occupied, strong tenants.
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      Retail Strip Center in Lexington

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      Lexington Retail/Office Building For Sale

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    Similar Nearby for Lease

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      Richmond Rd Retail Outlot

      Lexington, KY: Prime Retail Opportunity
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      Retail Center in Lexington

      Recently constructed retail center on Richmond Road in Lexington, KY.
      2860 Richmond Rd, Lexington, KY 40509
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      Retail Space in Pleasant Ridge

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      Lexington Power Center - Richmond Rd

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    2860 Richmond Rd
    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
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