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    Property profile & analytics

    3094 Richmond Rd, Unit 170 Lexington, KY 40509

    • Retail space
    • 10,893 SF
    • 1.54 lot acres
    For Lease
    View listing
    $1,917 /Mo
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US34-0654747
    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

    • Pizza Hut / Pizza Delivery / Chicken Wings Restaurant
    • Lex Liquor / Liquor Store
    • We Fix It Phone Repair / Mobile Phone Repair Shop / Electronics Repair Shop
    • Magic Vapor Shop LLC / Vaporizer Store
    • Batteries Plus / Car Battery Store / Battery Store

    Property Details for 3094 Richmond Rd

    Year built
    1988
    Lot size
    1.54 lot acres
    Property size
    10,893 SF
    Zone code
    B-3
    Property type
    Retail space
    APN
    10031930
    APU
    10031930

    Description

    This exceptional 12,000 square foot retail strip center, located at 3094 Richmond Rd in Lexington, Kentucky, presents a fantastic investment opportunity. Built in 1988, the property is zoned B-6P PLANNED SHOPPING CENTER, ensuring flexibility for a variety of retail uses. Currently, there is one available space totaling 1,150 square feet, ideal for a smaller business seeking high visibility. The property's prime location in Fayette County, with easy access and high traffic counts, guarantees significant foot traffic and potential for strong returns. The property's APN is 10031930. This multi-tenant building offers a strong foundation for growth and success in a thriving retail market. The property's strategic location within Lexington, coupled with its ample square footage and flexible zoning, makes it an attractive option for both established businesses and new ventures. The available space provides an excellent opportunity to establish a presence in a busy commercial area. This is a rare chance to acquire a well-situated retail property in a desirable Kentucky location. The property's age and established presence contribute to its value and potential for long-term success. The 40509 zip code boasts a strong demographic profile, further enhancing the property's appeal to potential tenants.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $3,247,000
      Market price range: $1.18M - $3.25M
      AI Estimate
      $3,228,000
      Market price range: $1.18M - $3.23M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $2,115,000
      Current use
      AUTO REPAIR, GARAGE
      $3,980,000
      Change: +88% Conversion: Difficult
      RESTAURANT
      $3,555,000
      Change: +68% Conversion: Easy
      COMMERCIAL (GENERAL)
      $2,415,000
      Change: +14% Conversion: Easy
      APARTMENT HOUSE (5+ UNITS)
      $2,405,000
      Change: +14% Conversion: Difficult
      MEDICAL BUILDING
      $2,240,000
      Change: +6% Conversion: Difficult
      OFFICE BUILDING
      $2,145,000
      Change: +1% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Lexington
    County
    Fayette
    State
    Kentucky
    Longitude
    -84.4495
    Latitude
    38.003
    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
    $30,028
    $0.00
    $0.00
    $2,428,300
    -
    $0.00
    $0.00
    $2,428,300

    Comparable in this City

    • Value Estimation by Request
      476 SF

      2155 Paul Jones Way

      Individual retail properties • 476 SF
      2155 Paul Jones Way, Lexington, KY 40509
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    • Value Estimation
      $26,595,000
      235,969 SF

      2145 Sir Barton Way

      RETAIL STORES (PERSONAL SERVICES) • 235,969 SF
      2145 Sir Barton Way, Lexington, KY 40509-2203
      View Details
    • Value Estimation by Request
      1,971 SF

      2313 Woodhill Dr

      RETAIL STORES (PERSONAL SERVICES) • 1,971 SF
      2313 Woodhill Dr, Lexington, KY 40509-1023
      View Details
    • Value Estimation
      $7,960,000
      35,100 SF

      5921 Athens Boonesboro Rd

      RETAIL STORES (PERSONAL SERVICES) • 35,100 SF
      5921 Athens Boonesboro Rd, Lexington, KY 40509-9450
      View Details
    • Value Estimation
      $2,175,000
      12,528 SF

      3146 Mapleleaf Dr

      RETAIL STORES (PERSONAL SERVICES) • 12,528 SF
      3146 Mapleleaf Dr, Lexington, KY 40509-1258
      View Details
    • Value Estimation
      $9,235,000
      40,326 SF

      2721 Old Rosebud Rd

      RETAIL STORES (PERSONAL SERVICES) • 40,326 SF
      2721 Old Rosebud Rd, Lexington, KY 40509-7003
      View Details

    Similar Nearby for Sale

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      Richmond Rd Retail Outlot

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      Lexington Retail Center Investment

      Prime Lexington retail, 100% occupied, strong tenants.
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      Prime Retail/Restaurant Outlot Opportunity

      1.3-acre outlot ideal for retail or restaurant with high visibility.
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      Retail Space in Hamburg Place

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    Similar Nearby for Lease

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      French Quarter Square Retail Spaces

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      Lexington Retail Space For Rent

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      Lexington Retail Space: Liberty Rd

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    3094 Richmond Rd, Unit 170
    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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