Back to Search
Property profile & analytics
FOR LEASE
Drive through restaurants
3101 Richmond Rd Lexington, KY 40509
Entity Owned
4-yr Hold
Absentee Owner
~
Est. High Equity
Property ID
US34-0531330
For Lease
1 / 11
$22 SF/Yr
3101 Richmond Rd, Lexington, KY 40509
View Listing →
Property summary
AI-generated overview
This exceptional Class A power center, located at 3101 Richmond Road in Lexington, Kentucky, offers 211,072 square feet of retail space. Currently, there are five available units, with a minimum divisible space of 754 square feet and a maximum contiguous space of 7,000 square feet. A total of 11,404 square feet is currently vacant, presenting a significant opportunity for expansion or new tenancy. The property sits on a substantial 25.48-acre lot and boasts ample parking with 1,257 spaces available for customers and employees. Its prime location in Fayette County, easily accessible from Richmond Road, ensures high visibility and significant foot traffic. The property is categorized as a multi-tenant retail space, ideal for a variety of businesses seeking a high-profile location in a thriving market. The property's size and amenities make it suitable for a range of retail concepts. This is a rare opportunity to secure space in a well-established, high-performing retail center in Lexington, Kentucky. The zip code is 40509.
Property profile
Verified
Property type
Drive through restaurants
Use group
DRIVE-THRU RESTAURANT, FAST FOOD
Year built
2015
Total area
4,154 SF
Lot
16.42 ac (715,429 SF)
Zoning code
B-6P
APN
20008040
UPID
US34-0531330
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
-
Bryon Elkins: Allstate Insurance Insurance Agency
-
Edible Arrangements Take-out & Catering Catering Service
-
Crush 24/7 Gym & Fitness Center
-
Golden Wok Restaurant
-
Kroger Fuel Center Gas Station
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$2.11M
Blend (final)
Blend
$2.11M
Owner & transaction history
Man O War Place LLC · 4 yrs held
Man O War Place LLC
since 2021
1 recorded transaction
Zoning & alternative use
B-6P · Lexington, KY
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Auto repair, garage
$1.5M
+12.0%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Lexington submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Lexington submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
RESTAURANT
$1,355,000
Current use
AUTO REPAIR, GARAGE
$1,520,000
Change: +12% · Conversion: Difficult
Blend value · Realmo final
$2.11M
Range $1.90M – $2.32M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$508 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$231,863
Tax year 2023
Assessed value
$18,750,000
Assessed 2023
Previous assessed
$18,750,000
+0.0% YoY
Effective rate
1.24%
On assessed value
Total market value
$18,750,000
Applied tax rate
1.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Drive through restaurants
Use group
DRIVE-THRU RESTAURANT, FAST FOOD
Status
For Lease
Year built
2015
Heating
FORCED AIR
Buildings
2
Stories
1
Total area
4,154 SF
Lot
16.42 ac (715,429 SF)
Zoning code
B-6P
APN
20008040
UPID
US34-0531330
Jurisdiction
FAYETTE
Zoning & alternative use
B-6P · Lexington, KY
Zoning B-6P · permitted uses
B-6P · Lexington, KY
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Lexington. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
RESTAURANT Current
Est. value
$1.4M
AUTO REPAIR, GARAGE
Est. value
$1.5M
RESTAURANT Current
AUTO REPAIR, GARAGE
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
2015
Heating
FORCED AIR
Stories
1
Buildings
2
Lot
16.42 ac
Current owner
From public records · entity-resolved
Man O War Place LLC
Entity
Mailing address
840 E HIGH ST, LEXINGTON, KY 40502-2107
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2021
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
1 recorded event · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Aug 10, 2021
—
Man O War Place LLC
—
Deed
related
$8,000,000 · American United Life Ins Co
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
Try Rey
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
Full reports are paid
Unlock the full Property Analytics report
Start free for 7 days — no card required. Full owner contacts, all 4 valuations with methodology, refine flow, comparable adjustments, foot-traffic deep dive, export to PDF / CSV.
