204-206 S 3rd Street, Richmond, KY 40475 (MLS# 26002971)

204-206 S 3rd Street, Richmond, KY 40475

$579,000

Property Type: Commercial Sale Square Footage: 9,763 Lot Size (sq. ft.): 8,276 Status: Active

Current Price: $579,000 List Date: 2/19/2026 Last Modified: 5/08/2026

Overview

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 Rich ... (Read more) 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.

Listing Details MLS# 26002971

Listing Information

Comp Sale YN: No
Property Sub Type: Mixed Use

Status Change Information

Price Change Timestamp: 2026-05-08T22:34:13Z
Status Change Timestamp: 2026-02-19

Address

County: Madison
Street Number: 204-206
Street Direction Prefix: S
Street Name: 3rd
Street Suffix: Street
State: KY
Zip Code: 40475
Parcel Number: r008-0009-0008 r008-0009-0007

Contract

Original List Price: 650000
Start Showing Date: 2026-02-19
Listing Contract Date: 2026-02-19
Listing Agreement: Exclusive Right To Sell
Office Exclusive YN: No
List Price/SqFt: 59.31

Tax Legal

MLS Area Major: 008 - Madison County
Subdivision Name: Commercial

Interior

Living Area Units: Square Feet
Building Area Total: 9763
Building Area Source: Assessor
Building Area Units: Square Feet

More Information

Building

Year Built: 1980
Stories Total: 2
Accessibility Features YN: No

Lot

Lot Size Acres: 0.19
Lot Size Square Feet: 8276.4

Remarks

Public Remarks: 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.

Tax & Legal

Tax Rate: 0.01
Zoning: Other
Zoning Description: Commercial, Retail, Multi-family, bar
Directions: From Eastern Kentucky University Head toward McGregor Alley Turn left onto S Wellington Ct Turn right onto S 3rd St Destination will be on the right 413 ft 204 S 3rd St

Association/Community

Number Of Buildings: 3

Listing Terms

1031 Exchange: Yes
Cash: Yes
Conventional: Yes

Possession

Close Of Escrow: Yes

Business Type

Commercial: Yes
Food & Beverage: Yes
Mixed: Yes
Retail: Yes
Other: Yes

Sale Includes

Building(s): Yes
Leases: Yes

Showing Requirements

Call Listing Agent: Yes

Property Features

Business Type: Commercial; Food & Beverage; Mixed; Retail; Other Listing Terms: 1031 Exchange; Cash; Conventional Possession: Close Of Escrow Sale Includes: Building(s); Leases Showing Requirements: Call Listing Agent

Listing Office: Epique Realty

Last Updated: May - 08 - 2026

Information deemed reliable but not guaranteed.