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

    3480 Richmond Rd Lexington, KY 40509-1815

    • Retail space
    • 3,195 SF
    • 0.37 lot acres
    OFF-MARKET
    Value Estimations
    $775,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US34-0594728
    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

    • Bluegrass Cleaners / (Bike/Boat/Book/etc) Store

    Property Details for 3480 Richmond Rd

    Year built
    1999
    Lot size
    0.37 lot acres
    Property size
    3,195 SF
    Zone code
    B-3
    Property type
    Retail space
    APN
    38033420
    APU
    38033420

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $775,000
      Market price range: $345k - $953k
      AI Estimate
      $772,000
      Market price range: $345k - $947k

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $620,000
      Current use
      AUTO REPAIR, GARAGE
      $1,170,000
      Change: +88% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $710,000
      Change: +14% Conversion: Easy
      MEDICAL BUILDING
      $655,000
      Change: +6% Conversion: Difficult
      OFFICE BUILDING
      $630,000
      Change: +1% Conversion: Easy
      WAREHOUSE, STORAGE
      $560,000
      Change: -10% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Lexington
    County
    Fayette
    State
    Kentucky
    Longitude
    -84.4404
    Latitude
    37.9949
    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
    $6,367
    $0.00
    $0.00
    $514,900
    -
    $0.00
    $0.00
    $514,900

    Comparable in this City

    • Value Estimation
      $1,920,000
      12,264 SF

      3158 Mapleleaf Dr

      RETAIL STORES (PERSONAL SERVICES) • 12,264 SF
      3158 Mapleleaf Dr, Lexington, KY 40509-1240
      View Details
    • Value Estimation
      $4,310,000
      14,504 SF

      3001 Pink Pigeon Pkwy

      RETAIL STORES (PERSONAL SERVICES) • 14,504 SF
      3001 Pink Pigeon Pkwy, Lexington, KY 40509-8000
      View Details
    • Value Estimation
      $9,900,000
      43,152 SF

      1750 Bryant Rd

      RETAIL STORES (PERSONAL SERVICES) • 43,152 SF
      1750 Bryant Rd, Lexington, KY 40509-9422
      View Details
    • Value Estimation
      $3,340,000
      15,755 SF

      1800 Alysheba Way

      RETAIL STORES (PERSONAL SERVICES) • 15,755 SF
      1800 Alysheba Way, Lexington, KY 40509-2208
      View Details
    • Value Estimation
      $3,180,000
      10,695 SF

      1973 Bryant Rd

      RETAIL STORES (PERSONAL SERVICES) • 10,695 SF
      1973 Bryant Rd, Lexington, KY 40509-9448
      View Details
    • Value Estimation
      $1,080,000
      10,000 SF

      3130 Mapleleaf Dr Ste, Unit 110

      RETAIL STORES (PERSONAL SERVICES) • 10,000 SF
      3130 Mapleleaf Dr Ste, Lexington, KY 40509-1339
      View Details

    Similar Nearby for Sale

    • $100,000
      1.30 Acres

      Prime Retail/Restaurant Outlot Opportunity

      1.3-acre outlot ideal for retail or restaurant with high visibility.
      2887 Richmond Rd, Lexington, KY 40509
      View Details
    • $6,306,524
      7,755 SF

      Lexington Retail Center Investment

      Prime Lexington retail, 100% occupied, strong tenants.
      2887 Richmond Rd, Lexington, KY 40509
      View Details
    • $1,200,000
      1.30 Acres

      Richmond Rd Retail Outlot

      1.3-acre prime retail land, Lexington, KY
      2891 Richmond Rd, Lexington, KY 40509
      View Details
    • Contact for pricing

      Community Shopping Center For Sale

      Community shopping center with high traffic and multiple access points.
      1505-1557 E New Circle Rd, Lexington, KY 40509
      View Details
    • Contact for pricing

      Retail Space in Hamburg Place

      Retail spaces available in regional shopping center near I-75.
      2321 Sir Barton Way, Lexington, KY 40509
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      30,418 SF

      Lexington Retail Center Opportunity

      Three buildings, 5,152 SF vacant.
      3090 Old Todds Rd, Lexington, KY 40509
      View Details
    • Contact for pricing
      476 SF

      Meijer In-Store Retail Space

      Lexington, KY Retail Space Available
      2155 Paul Jones Way, Lexington, KY 40509
      View Details
    • Contact for pricing
      4,600 SF

      Lexington Retail Endcap Opportunity

      High-traffic location, 2,303 SF available.
      2320 Elkhorn Rd, Lexington, KY 40509
      View Details
    • $20 SF/Yr
      37,500 SF

      French Quarter Square Retail Spaces

      Lexington Retail Center: Multiple spaces available.
      2573 Richmond Rd, Lexington, KY 40509
      View Details
    • $25 SF/Yr
      35,460 SF

      Lexington Retail Space: Liberty Rd

      Prime Retail/Office Space, Lexington, KY
      2985 Liberty Rd, Lexington, KY 40509
      View Details
    • $25 SF/Yr
      1,877 SF

      Retail Space in Lexington Shoppes

      First-floor retail space in Pleasant Ridge Shoppes, Lexington, KY.
      1908 Bryant Rd, Lexington, KY 40509
      View Details

    Property Visit Statistics

    • Visits by month
      36.6k
    • Visitors by month
      21.2k
    • Avg Time on site
      7 min
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    Lexington, KY 40509-1815
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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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