Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    601 Richmond N Rd Berea, KY 40403-8788
    Back to Search
    Property profile & analytics

    601 Richmond N Rd Berea, KY 40403-8788

    View on Map
    • Hotels
    • 29,878 SF
    Off-Market
    Last Sale Sep 19, 2025
    Property ID
    US34-1785778
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Berea Health & Rehabilitation / Nursing Home

    Property Details for 601 Richmond N Rd

    Property size
    29,878 SF
    Property type
    Hotels
    Property subtype
    Motels
    APN
    B008-0003-0001
    APU
    B00800030001

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Berea
    County
    Madison
    State
    Kentucky
    Longitude
    -84.2842
    Latitude
    37.5938
    CBSA code
    40080
    CBSA name
    RICHMOND-BEREA, KY MICROPOLITAN 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
    $22,890
    $0.00
    $0.00
    $1,750,000
    -
    $0.00
    $0.00
    $1,750,000

    Comparable in this City

    • Value Estimation by Request
      5,916 SF

      Maple St 90th 96th Lewis St St

      HOTEL/MOTEL • 5,916 SF
      Maple St 90th 96th Lewis St St, Berea, KY 40403
      View Details
    • Value Estimation by Request
      41,418 SF

      1043 Brooklyn Blvd

      HOTEL/MOTEL • 41,418 SF
      1043 Brooklyn Blvd, Berea, KY 40403-1090
      View Details
    • Value Estimation by Request
      5,916 SF

      101 Burdette St

      HOTEL/MOTEL • 5,916 SF
      101 Burdette St, Berea, KY 40403-1491
      View Details
    • Value Estimation by Request
      1,272 SF

      1029 Cooper Dr

      HOTEL/MOTEL • 1,272 SF
      1029 Cooper Dr, Berea, KY 40403-9813
      View Details
    • Value Estimation by Request
      2.20 Acres

      227 Paint Lick Rd

      HOTEL/MOTEL • 2.20 Acres
      227 Paint Lick Rd, Berea, KY 40403-8078
      View Details
    • Value Estimation by Request
      2,576 SF

      176 Spg Cir Rd

      HOTEL/MOTEL • 2,576 SF
      176 Spg Cir Rd, Berea, KY 40403-8503
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Prime Commercial Land in Berea

      4 acres of commercial land with high visibility and accessibility.
      519 Walnut Meadow Rd, Berea, KY 40403
      View Details
    • Contact for pricing

      Commercial Lot Near I-75

      One-acre commercial lot near I-75 and local traffic.
      525 Walnut Meadow Rd, Berea, KY 40403
      View Details
    • Contact for pricing

      Industrial Spec Development in Berea

      Class A industrial spec development on 21.10 acres.
      500 Mayde Rd, Berea, KY 40403
      View Details
    • $2,500,000

      Berea Land Near I-75

      14.5 AC development land off I-75, Exit 77.
      351 Hotel Ct, Berea, KY 40403
      View Details
    • $199,900
      Pending

      Berea Home with Rental Potential

      Well-maintained home with a second residence for rental income.
      110 Baugh St, Berea, KY 40403
      View Details
    • $329,000
      Pending

      Updated Quadruplex with Strong Occupancy

      Turnkey investment property with updated units and income potential.
      118 Salter Rd, Berea, KY 40403
      View Details

    Similar Nearby for Lease

    • $1,000 /Mo
      1,000 SF

      Retail Space in Berea, KY

      Retail space suitable for salon or barber shop in Berea.
      109 76 Blvd, Berea, KY 40403
      View Details
    • $1,400 /Mo
      2,000 SF

      Versatile Commercial Space in Berea

      Adaptable commercial space suitable for office, retail, or wholesale.
      711 Chestnut St, Berea, KY 40403
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    601 Richmond N Rd
    Berea, KY 40403-8788
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    601 Richmond N Rd, Berea, KY, 40403
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!