Zumper
modified
Updated 5+ Days Ago

Highlights

  • Pet Friendly
  • Hvac systems
  • Flooring
  • Addition of in unit washers and dryers
  • Built in 1980

Location

241 N Madison Ave, Richmond, KY 40475, USA
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Tour Madison Avenue Apartments

Contact

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Management

L.E.A. Properties LLC DBA Beacon

Our team has verified this company

Leasing office

(606) 229-8630

Property Overview

Madison Avenue Apartments stands out with an exceptional overall rating, strong value for money, and highly rated location, amenities, quality, and trustworthiness. It also features HVAC systems, flooring, in-unit washers and dryers, and was built in 1980, with nearby highly rated schools adding to its appeal.

This summary uses Zumper’s proprietary data. “Zumper Expert Ratings” and “Things you’ll love” are based on our internal analyses of market trends and renter insights.

Zumper Expert Rating

9.8
Excellent
Earning an outstanding 9.8 out of 10 overall rating, Madison Avenue Apartments is a shining example of a what an exceptional rental property looks like. Most noteworthy, it excels at Price and Location—these two characteristics alone make this property an excellent choice for anyone seeking an elevated lifestyle with few trade-offs.

Things you’ll love

  • Less expensive
  • High school nearby
  • Middle school nearby

Floor plans

One Bedroom1 bed1 bath624 sqft$655 /mo2 units available
Two Bedroom2 bed1 bath829 sqft$771 /mo2 units available
Three Bedroom3 bed1 bath1,244 sqft$977 /mo

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Amenities for Madison Avenue Apartments

Building

Cats OKCommunity Room
Dogs OK

Grounds

Pet-Friendly CommunityPicnic Area
Playground

Services

ADA Options Available
Units, floor plans, amenities, dimensions, details, availability, and prices may be approximate and subject to change. Please contact a community representative for more information.

Policies and fees

Applicants

Applicants

One-time.

Contact Property

REQUIRED FEES

Security Deposit

One-time. Refundable.

Contact Property

Dog Policy

Allowed

Cat Policy

Allowed

Contact for more information on pet policy.

Questions about this property’s policies and fees?

Building details

Property details

Units79

About Madison Avenue Apartments

Managed by L.E.A. Properties LLC DBA Beacon
HomeApartments in Richmond Madison Avenue Apartments

Madison Avenue is a HUD subsidized family property with 79 units in a mix of 1, 2 and 3 bedrooms. The rent is income based. Built in 1980, the property has served residents of Richmond Kentucky for 45 years with affordable housing. In 2025 an extensive update to the property began in which all units are receiving new roofs, windows, doors, HVAC systems, casework, flooring, other finishes and the addition of in unit washers and dryers.


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Zumper Expert Rating

Our expert rating is based on a weighted average score of property attributes that renters care about most: price, amenities, location, quality, and trust.
9.8
/10
Excellent
Earning an outstanding 9.8 out of 10 overall rating, Madison Avenue Apartments is a shining example of a what an exceptional rental property looks like. Most noteworthy, it excels at Price and Location—these two characteristics alone make this property an excellent choice for anyone seeking an elevated lifestyle with few trade-offs.
How we rated Madison Avenue Apartments
Price·10A score that weighs the cost and location of the property, which we calculate by comparing rent prices of recent units to the median price of nearby rentals, adjusting for overall quality and features.
Madison Avenue Apartments offers an excellent balance between price and value. It's priced competitively for its amenities, location, and other key features. Compared to the median price per bedroom in the area, this property is less than, or about the same as, nearby rentals, so residents can expect great value without too many compromises on their desired standard of living.
Amenities·9A score based on the amenities offered at this property compared to other rentals in the area. We consider the quantity, quality, and popularity of features both on site and within the units.
Madison Avenue Apartments goes above and beyond to provide sought-after conveniences and desirable perks, including ada options available. Renters looking for popular or luxurious features will find them here—and for that reason, Madison Avenue Apartments receives one of the highest amenities scores.
Location·10A score based on proximity and ease of access to shops, restaurants, schools, and public transportation while considering the desirability of the area.
Madison Avenue Apartments offers residents unparalleled convenience to popular points of interest, transportation, schools, and more, which provide an elevated quality of life. Communication with management is usually quick and easy, allowing for a more expedited application and renting process, saving you time and money.
Quality·10A score based on what makes the property stand out, such as luxury features, unique offerings, age of the building, and our ability to verify the accuracy of these details.
Madison Avenue Apartments has notable characteristics that give it an edge. It is a verified property that stands out from others nearby as an exceptional choice for renters looking for a specific lifestyle. Offering a combination of prestige, modernity, and tailored living experiences, residents can expect nothing short of excellence at Madison Avenue Apartments.
Trustworthiness·10A score based on the accuracy, completeness, recency, and usefulness of the information provided by this property, so you can trust that what you see is what you get.
Madison Avenue Apartments sets a high bar for up-to-date information, transparency, and thoroughness in marketing and communication. It's verified, offers multiple lifestyle photos, and provides detailed information about its features and attributes. The clarity it provides sets it apart from other rentals, making Madison Avenue Apartments a trustworthy choice for potential residents.

Property highlights

We compared every listing in the surrounding area to determine which amenities are most common. If a building lacks an amenity that most others in the area have, it is a con. If a building has an amenity most others in the area do not, it is a pro. Similarly, price, schools, and size are calculated relative to the size, price, and distance to schools of the other properties nearby.

How Madison Avenue Apartments compares to other nearby properties.

Positives

Less expensive
The 3-bedrooms are cheaper than other similar listings nearby
High school nearby
There is a high school 0.4 miles away
Less expensive
The 2-bedrooms are cheaper than other similar listings nearby
Less expensive
The 1-bedrooms are cheaper than other similar listings nearby
Middle school nearby
There is a middle school 0.4 miles away
Elementary school nearby
There is an elementary school 0.3 miles away

Considerations

No in-unit dishwasher
Dishwashers aren't available

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Managed by L.E.A. Properties LLC DBA Beacon

L.E.A. Properties LLC DBA Beacon

At Beacon & SOCAYR, we believe that housing is more than just four walls - it's about people, stability, and a sense of belonging. Founded by Linda Arnold, our company was built on faith, service, and community, ensuring that every home we manage is a place of dignity, respect, and opportunity. For over 25 years, we have been dedicated to transforming lives through compassionate property management and a deep commitment to the people we serve.

Rent trends in Richmond

1-bedroom apartments here are priced 10% lower than 1-bedrooms in Richmond.

If you decide to upgrade your space, you can expect 2-bedrooms at Madison Avenue Apartments to be 19% less than the average for similarly sized apartments in Richmond.

3-bedroom apartments at Madison Avenue Apartments cost about 39% less than the average rent price for 3-bedroom apartments in Richmond.

Median rents as of Nov 7 2026.
Richmond
A table of studio rental data trends in Richmond
MonthMedian Rent
November 2024$895
December 2024$840
January 2025$675
February 2025$675
March 2025$675
April 2025$675
May 2025$675
June 2025$700
July 2025$700
August 2025$787
September 2025$834
October 2025$843
November 2025$825
December 2025$763
January 2026$825
February 2026$1,119
March 2026$1,169
April 2026$825
July 2026$788
August 2026$810
September 2026$825
October 2026$758
November 2026$725

Affordability calculator

Can I afford to live at 241 N Madison Ave?

Bedrooms

Rent-to-income ratio

30%

Slide to adjust the percentage of your monthly income you are willing to spend on rent.
The general rule of thumb is to spend around 30% or less of your income on rent.
Recommended income

$26,200/yr

With your selected rent-to-income ratio, you'd ideally want to make $26,200 annually to afford this 1-bedroom monthly rent price of $655.
For more information on rent affordability, visit our rent calculator.

Schools near Madison Avenue Apartments

Madison Kindergarten Academy

300 bond st

richmond, KY, 40475

PK, KPublic
B+

Kit Carson Elementary School

450 tates creek rd

richmond, KY, 40475

1-5Public
B

Madison County Virtual Academy

301 highland park dr

richmond, KY, 40475

K-8Public
C-

Boonesborough Elementary School

1342 boonesborough rd

richmond, KY, 40475

PK, K-5Public
B
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Getting around Richmond near 241 N Madison Ave

Walking

5/10
Some shops and stores are within a few minutes.

Driving

8/10
This area is close to freeways and has adequate parking options.

Points of interest for 241 N Madison Ave, Richmond

Groceries

2/10
The nearest general grocery store is within a 20-to-30 minute walk.

Shopping

5/10
Some fashion stores are within walking distance.

Cafes

6/10
The closest café is within a 5-minute walk, and there are a few other cafés within walking distance.

Restaurants

5/10
Some restaurants are within walking distance.

Primary schools

9/10
At least one elementary school within a 5-to-10-minute walk.

High schools

8/10
At least one high school within a 5-to-10-minute walk.

Nightlife

4/10
The closest bar is within a 5-minute walk, and there are a few other bars within walking distance.

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