Townhome Apartment
166-180 Heritage Drive Nicholasville, KY 40356
166-180 Heritage Drive, Nicholasville, KY, 40356
$1,370,000
For Sale
$1,370,000
MULTI_FAMILY - Nicholasville, KY
Property Size10,688 SF
Lot Size0.51 Acres
Price / SF$128.18
Days on Market98
Property Features for 166-180 Heritage Drive
General Information
- Property type
- Residential Multi Family
- Property subtype
- Quadruplex
- Bedrooms
- 16
- Bathrooms
- 13
- Rooms
- Bedroom 8, Bedroom 10, Bathroom 10, Bedroom 1, Bathroom 8, Bedroom 6, Bedroom 15, Bedroom 16, Bedroom 3, Bathroom 3, Laundry Room, Bathroom 2, Bathroom 16, Bathroom 1, Bathroom 11, Bedroom 13, Bedroom 4, Bathroom 5, Bathroom 4, Bathroom 14, Bedroom 2, Bedroom 12, Bathroom 12, Bathroom 9, Bedroom 5, Bathroom 7, Bathroom 6, Bedroom 9, Bathroom 15, Bathroom 13, Bathroom 17, Bedroom 7, Bedroom 11, Bedroom 14
- Parking
- 16
- Parking features
- Open, Covered
- Standard status
- Active
- APN
- 057-40-12-045.00
- Size
- 10,688 SF
- Lot size
- 0.51 Acres
Utilities
- Utilities
- Cable Available
- Heating system
- Natural Gas, Heat Pump (Heating)
- Cooling system
- Central Air
Building Details
- Year built
- 1988
- Floors in Building
- 3
- Number of units
- 8
- Roof type
- Shingle
Listing agency
RE/MAX Elite Realty
(859) 209-5036
Listed by
Terra Jeffries
(859) 312-0058
Added: Apr 17 Updated: Jul 17 at 5:43PM Checked: Jul 23 at 5:06AM
MLS# 26008271
Copyright © 2026 ImagineMLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This property consists of multiple townhome-style residential units arranged as a small apartment building, with 2 bedrooms and 1.5 bathrooms in each unit. Each unit includes a one-car garage. Several units have unfinished basements; one basement is currently used as a management office. Recent exterior and mechanical improvements include new roofs, new siding, new gutters, and new windows throughout, with multiple new AC units noted in the updates.
The available ownership opportunity includes units 166-168 being listed as under contract, with additional units available as a 6-townhome package. The property is positioned on the north side of the recently upgraded Lake Mingo Park. Public remarks indicate the surrounding area supports day-to-day convenience for residents, including walkability to jobs, shopping, and Main Street.
For buyers and operators looking to add income-producing townhomes to a portfolio, the consistent unit mix, enclosed garages, and utility structure (tenants pay all utilities) can simplify operations. The updated building components and the presence of a dedicated management office basement offer practical support for on-site management needs. The floor plans are available as attachments for review.
The available ownership opportunity includes units 166-168 being listed as under contract, with additional units available as a 6-townhome package. The property is positioned on the north side of the recently upgraded Lake Mingo Park. Public remarks indicate the surrounding area supports day-to-day convenience for residents, including walkability to jobs, shopping, and Main Street.
For buyers and operators looking to add income-producing townhomes to a portfolio, the consistent unit mix, enclosed garages, and utility structure (tenants pay all utilities) can simplify operations. The updated building components and the presence of a dedicated management office basement offer practical support for on-site management needs. The floor plans are available as attachments for review.
Key Highlights
- 6‑townhome package: Units 170–180 available as a 6‑unit sale for $171,250 per door
- Updates include new roofs, new siding, new gutters, and new windows (over 40 windows total)
- Several new AC units; heating options include natural gas and heat pump (heating)
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $155.2k | $14.52 |
| − Vacancy | −$6.8k | −$0.64 |
| EGI | $148.4k | $13.88 |
| − OpEx | −$66.8k | −$6.25 |
| NOI | $81.6k | $7.63 |
10,688 SF · lease $14.52/SF/yr · vacancy 4.40% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.17M
$1.02M – $1.36M
NOI $81,599 @ 7.0% cap · market cap 5.96%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.71M
$2.37M – $3.16M
NOI $189,614 @ 7.0% cap · market cap 13.84%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
1031 exchange properties
Similar For Sale Nearby
FAQs
What type of property is this?
Apartment building - Well-updated townhome units with 2-bedroom layouts, one-car garages, and tenant-paid utilities.
Where is this apartment building located?
The property is located at 166-180 Heritage Drive Nicholasville, KY.
What is the asking price?
The asking price for this property is $1,370,000.
What are key features of this property?
This property features: 6‑townhome package: Units 170–180 available as a 6‑unit sale for $171,250 per door; Updates include new roofs, new siding, new gutters, and new windows (over 40 windows total); Several new AC units; heating options include natural gas and heat pump (heating)
