205 Geri Ln - Office/Residential FOR SALE


Richmond, KY 40475
$595,000 USD
859-624-1440
205 Geri Ln, Richmond, KY for Sale
$595,000 USD
Office/Residential - FOR SALE
1/21
null | Request Cap Rate

205 Geri Ln
Richmond, KY 40475


HIGHLIGHTS

  • Multi Use Office Building with 2-1st floor Office Spaces plus 4 - 1 Bedroom 1 Ba Apartments close to EKU both with great parking.

OVERVIEW

Looking for excellent investment property near EKU which includes both apartments and commercial space? This well maintained Office Building for sale in desirable high density commercial area very close to the Eastern Bypass, EKU, Barnes Mill Rd residential areas, I75 Exit 87. 5,140sf 2 story building with more than ample parking. Zoned B-3 with 6 units including 1st floor 2 office spaces currently leased below market value;-current tenant occupying both units pays 1820/mo plus electric.Current lease extended to 03/01/2026 & under current lease with current owner lease can be extended 1 more year at that time. 1st floor 3- 1/2 bathrooms, 3 examining rooms, office, lobby, 2 reception areas, 2 addtl offices, good storage. 1st floor presently leased to Eye Car Center and this lease expires on 03/01/2027. Luxury LVT flooring in entrance/baths/utility closet. 4 upstairs 1 bedroom, 1 bath Apartments w/, kitchen/den, 5 back building parking spaces & entrance with shared hallway & separate circuit breakers & heat pump/water heaters. Tenant's pay own electric. Each unit & hall painted 11/24, new carpet summer 24 & kitchen cabinets/ appliances/ counters replaced 4 yrs ago approx. Landlord pays water, sewer, trash removal. Front has ample parking & all exterior brick painted 11/24, side wall installed 2022, side alley belongs to this property, Priced to sell at appraised value. Excellent opportunity to own Richmond KY investment property. Upgrades were made and reflective in 2023 expenses.. Additional information: Sewer pipe was relined, all downstairs relined cast iron pipes, downstairs bathrooms have pvc, rubber roof. Morgan Heating and Air services the building. 1st floor 1 heat pump replaced 2024, 1 in 2022. Presently4 apt.s rented on mo. to mo basis at $500 plus electric. Bathroom fixtures & lighting stay, 2 apt. water heaters new in 2022 Side alley driveway is on this property. Phone system and all eye care equipment on 1st floor is owned by 1st floor tenant and does not convey. Can only be shown by appointment with 24 hours notice to seller and showings can only take place after business hours after 5pm Monday through Friday and Saturday. Preapproval required to view. Lines on pictures approximate.

FOR SALE DETAILS

PRICE

$595,000 USD

PRICE/SF

$116 USD /SF

CAP RATE

Request Cap Rate

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Office

PROPERTY SUBTYPE

Office/Residential

TOTAL BUILDING SIZE

-

STORIES

2

BUILDING CLASS

C

YEAR BUILT

1970

SPRINKLERS

-

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.21 AC

LAND SF

9,030 SF

ZONING

B-3

APN/PARCEL ID

R002-0011-0001

ASK ABOUT THIS PROPERTY

Stacey KellyCentury 21 Advantage RealtyMore Info
859-624-1440

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Stacey KellyCentury 21 Advantage RealtyMore Info
859-624-1440

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.