240 Susan Drive, Richmond, KY 40475

$500,000
Property Type: Residential Income Bedrooms: 12 Baths: 5 Square Footage: 4,920 Lot Size (sq. ft.): 21,344 Status: Active
Current Price: $500,000 List Date: 11/17/2025 Last Modified: 5/13/2026

Description

Excellent Investment Opportunity in Richmond—Now at a Reduced Price! This 5 Unit Apartment Building (Three 2BR, 1BA Units and Two 3BR, 1BA Units; Four Units Have Their Own Detached Storage Unit) at 240 Susan Drive now offers even greater value with a recent price reduction. Strong potential for increased income remains—current leases are under market value, presenting an immediate value add opportunity for savvy investors. Conveniently located near shopping, dining, and Eastern Kentucky University, this well maintained property provides consistent occupancy and a solid rental history. With updated rents and the new, lower price, this property could deliver impressive returns in Richmond's growing rental market.

Supplements: ********

More Information MLS# 25506308

Listing Information

Comp Sale YN: No Property Sub Type: Apartment

Address

Directions: From Old Wilderness Trail Turn Left Onto Gilbert Drive, Turn Right Onto Pleasure Drive, Turn Left Onto Dee Dee Drive, Turn Left Onto Susan Drive, 240 Susan Drive is Last Building On the Left. Parcel Number: 054A-0002-0016 County: Madison Street Number: 240 Street Name: Susan Street Suffix: Drive State: KY Zip Code: 40475

Contract

Start Showing Date: 2025-11-17 Listing Agreement: Exclusive Right To Sell Occupant Type: Tenant Office Exclusive YN: No List Price/Acre: 1020408.16 List Price/SqFt: 101.63 Current Price: $500,000 Original List Price: 525000 Status: Active Listing Contract Date: 2025-11-17 List Price: $500,000

Tax & Legal

Elementary School: Glenn Marshall Middle Or Junior School: Michael Caudill High School: Madison Central Tax Rate: 0.9581 Zoning: Other

Association/Community

Number Of Buildings: 1 Number Of Units In Community: 5 Number Of Units Total: 5

Interior

Living Area: 4920 Living Area Source: Appraiser Bathrooms Half: 0 Bedrooms Total: 12 Bathrooms Total: 5 Bathrooms Full: 5

Parking Information

Parking Total: 9

Building

Stories Total: 3 Accessibility Features YN: No Year Built: 1990

Lot

Lot Size Acres: 0.49 Lot Size Square Feet: 21344.4

Utilities

Cooling YN: Yes Heating YN: Yes Cable Available: 1 Electricity Connected: 1 Natural Gas Connected: 1 Phone Available: 1 Sewer Not Available: 1 Water Connected: 1

Remarks

Public Remarks: Excellent Investment Opportunity in Richmond—Now at a Reduced Price! This 5 Unit Apartment Building (Three 2BR, 1BA Units and Two 3BR, 1BA Units; Four Units Have Their Own Detached Storage Unit) at 240 Susan Drive now offers even greater value with a recent price reduction. Strong potential for increased income remains—current leases are under market value, presenting an immediate value add opportunity for savvy investors. Conveniently located near shopping, dining, and Eastern Kentucky University, this well maintained property provides consistent occupancy and a solid rental history. With updated rents and the new, lower price, this property could deliver impressive returns in Richmond's growing rental market.

Cooling

Central Air: 1 Electric: 1 Heat Pump: 1

Heating

Electric: 1 Forced Air: 1 Heat Pump: 1 Natural Gas: 1

Laundry Features

Electric Dryer Hookup: 1 Washer Hookup: 1

Listing Terms

1031 Exchange: 1 Cash: 1 Conventional: 1

Parking Features

On Site: 1 Open: 1 Paved: 1

Possession

Close Of Escrow: 1 Negotiable: 1 Subject To Tenant Rights: 1

Roof

Shingle: 1

Showing Considerations

Minimal Exterior Lighting: 1

Structure Type

Multi Family: 1

Building and Property Details

Inground Tank YN: Yes

Income and Expenses

Electric Expense: 25 Personal Property Taxes: 2000 Real Estate Taxes: 2200 Trash Expense: 175 Utilities Expense: 25 Water Sewer Expense: 1800

Unit Details

Number Of Units Vacant: 3

Showing Requirements

Restricted Hours: 1 Showing Service: 1

Showing Information

Showing Instructions: Please Use ShowingTime to Schedule Showings. 24 Hour Notice Required. After Hours or for More Information, Call/Text Tom Thomas @859-559-6335. Seller to Accompany Showings.

Status Change Information

Price Change Timestamp: 2026-01-20T14:52:42Z Status Change Timestamp: 2025-11-17

Tax Legal

MLS Area Major: 008 - Madison County Subdivision Name: Hillcrest High School District: Madison County - 8

Property Features

Utilities: Cable Available; Electricity Connected; Natural Gas Connected; Phone Available; Sewer Not Available; Water Connected; Cable Available; Electricity Connected; Natural Gas Connected; Phone Available; Sewer Not Available; Water Connected Cooling: Central Air; Electric; Heat Pump Heating: Electric; Forced Air; Heat Pump; Natural Gas Laundry Features: Electric Dryer Hookup; Washer Hookup Listing Terms: 1031 Exchange; Cash; Conventional Parking Features: On Site; Open; Paved Possession: Close Of Escrow; Negotiable; Subject To Tenant Rights Roof: Shingle Showing Considerations: Minimal Exterior Lighting Structure Type: Multi Family Showing Requirements: Restricted Hours; Showing Service

Documents

Listing Office: The Real Estate Co.
Last Updated: May - 13 - 2026
Information deemed reliable but not guaranteed.
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