Description
00% Occupied! Excellent opportunity to acquire a fully leased four-unit investment property in one of Historic Downtown Frankfort's most desirable neighborhoods. This exceptionally maintained property leased all four apartments at market rents in just four days, demonstrating the strong demand for quality rental housing in this location. Owned by the same family for three generations, the building has benefited from numerous recent capital improvements, including a newer roof, professional exterior painting, updated electrical service, and new water heaters. This is a stable, turnkey investment with no known deferred maintenance. Current gross rental income is $4,810 per month ($57,720 annually). Owner pays approximately $500 per month for water, electric, sewer, and trash. Tenants pay their own natural gas heating. Unit Mix: 2 Bedroom / 2 Bath - $1,630/month (tenant also mows the lawn, performs landscaping, and takes trash to the curb) 2 Bedroom / 1 Bath - $1,230/month 2 Bedroom / 1 Bath - $1,200/month 1 Bedroom / 1 Bath - $750/month (long-term tenant of approximately 20 years) Properties of this quality and location rarely become available. With strong cash flow, historic character, off-street parking, and scenic Kentucky River views from every unit, 514 Wapping Street presents a compelling investment opportunity in the heart of Frankfort.
Details
| MLS # | 1728750 |
|---|---|
| Listing Type | For Sale |
| Sub-Type | Resale |
| Status | Active |
| Year | 9999 |
| Days On Site | 10 |
| Listing Provided By | Marshall Lane Real Estate | Taylor Marshall |
Features
| Bed(s) | 7 |
|---|---|
| Bath(s) | 5 |
| SQ Feet | 4,984 |
| Basement | Y |
| Units | 4 |
| Acreage | 0.24 |
| Water Front | Yes |
Area Information
| State | KY |
|---|---|
| County | Franklin |
| City | Frankfort |
| Zip Code | 40601 |
| Area | 12 Other Counties |
| Community Name | DOWNTOWN |
| Listing VS Median (in DOWNTOWN) | |
Price: $469,000 low | high Med: $259,450 sqft: 4,984 low | high Med: 1,738 $ / sqft: $94 low | high Med: $161 On site: 10 low | high Med: 35.5 | |
Market Activity 40601
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Learn More About This Property
| State | KY |
|---|---|
| County | Franklin |
| City | Frankfort |
| Zip Code | 40601 |
| Area | 12 Other Counties |
| Community Name | DOWNTOWN |
| Listing VS Median (in DOWNTOWN) | |
Price: $469,000 low | high Med: $259,450 sqft: 4,984 low | high Med: 1,738 $ / sqft: $94 low | high Med: $161 On site: 10 low | high Med: 35.5 | |
 | $1,073,000315 W 3rd StFrankfort, KY 40601 |
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