204-206 S 3rd Street,Richmond, KY 40475
Richmond, KY 40475
Description
Strategic mixed-use acquisition opportunity in Downtown Richmond, Kentucky, combining stabilized commercial tenancy with significant residential upside. Positioned along the active South 3rd Street corridor, the property offers immediate cash flow from two occupied street-level commercial suites, including an established bar and retail tenant, while presenting investors with the opportunity to reposition the upper-level residential component. The asset currently generates approximately $44,400 in annual commercial income and includes five apartment units with the potential for renovation and future lease-up. The combination of in-place income and residential redevelopment potential creates a compelling opportunity for investors seeking to increase long-term NOI within a walkable downtown environment. The property benefits from strong visibility, pedestrian traffic, and proximity to Eastern Kentucky University, downtown dining, retail, and continued investment throughout Downtown Richmond. With limited mixed-use inventory available in the market, 204-206 S 3rd Street offers a unique opportunity to acquire a flexible urban asset with multiple revenue streams and long-term appreciation potential. Investment Highlights: Downtown mixed-use acquisition opportunity Approximately $44,400 in current annual income Two occupied commercial suites including bar and retail tenancy Five upper-level apartment units with future income potential Opportunity to reposition residential component and improve overall asset performance Strong storefront visibility and pedestrian exposure Walkable location within Downtown Richmond Multiple income streams with commercial and residential components Proximity to EKU, restaurants, retail, and entertainment destinations Ideal for investors seeking urban mixed-use assets in growing secondary markets 204-206 S 3rd Street presents the opportunity to acquire a centrally located mixed-use property with existing commercial cash flow and future residential expansion potential in one of Central Kentucky's most active downtown corridors.
Details
| MLS # | 26002971 |
|---|---|
| Listing Type | For Sale |
| Style | Mixed Use |
| Sub-Type | Resale |
| Status | Pending |
| Year | 1980 |
| Days On Site | 227 |
| Listing Provided By | Epique Realty | Julie G Thompson |
Features
| SQ Feet | 9,763 |
|---|---|
| Building(s) | 3 |
| Zoning | Other |
| Acreage | 0.19 |
Area Information
| State | KY |
|---|---|
| County | Madison |
| City | Richmond |
| Zip Code | 40475 |
| Area | 008 Madison County |
| Subarea | Madison County |
| Community Name | Commercial |
| Listing VS Median (in Commercial) | |
Price: $579,000 low | high Med: $40,000 sqft: 9,763 low | high Med: 1,000 $ / sqft: $59 low | high Med: $40 On site: 227 low | high Med: 97 | |
Market Activity 40475
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Learn More About This Property
| State | KY |
|---|---|
| County | Madison |
| City | Richmond |
| Zip Code | 40475 |
| Area | 008 Madison County |
| Subarea | Madison County |
| Community Name | Commercial |
| Listing VS Median (in Commercial) | |
Price: $579,000 low | high Med: $40,000 sqft: 9,763 low | high Med: 1,000 $ / sqft: $59 low | high Med: $40 On site: 227 low | high Med: 97 | |
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