In a recent publication [Appl. Phys. Lett, 100, 051108 (2012)], a radially polarized (RP) beam with variable spatial coherence (i.e., partially coherent RP beam) was generated experimentally. In this paper, we derive the realizability conditions for a partially coherent RP beam, and we carry out theoretical and experimental study of the coherence and polarization properties of a partially coherent RP beam. It is found that after passing through a thin lens, both the degree of coherence and the degree of polarization of a partially coherent RP beam varies on propagation, while the state of polarization of the completely polarized part of such beam remains invariant. The variations of the degree of coherence and the degree of polarization depend closely on the initial spatial coherence. Our experimental results agree well with the theoretical predictions.