8-Unit Townhome Rental
166-180 Heritage Drive, Nicholasville, KY 40356
MULTI_FAMILY - Nicholasville, KY
Property size:
10,688 SFLot size:
0.51 AcresPrice / SF:
$128/SF- Added:
- Apr 17, 2026
- Days on Market:
- 49
- Last Refresh:
- Jun 4 at 5:06 pm
Property Features for 166-180 Heritage Drive
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Bedrooms
- 16
- Bathrooms
- 13
- Rooms
- Bathroom 5, Bathroom 17, Bedroom 4, Bathroom 6, Bedroom 10, Bedroom 11, Bedroom 9, Bathroom 11, Bedroom 16, Bedroom 7, Bedroom 1, Bedroom 14, Bathroom 2, Bathroom 15, Bedroom 3, Bathroom 9, Laundry Room, Bathroom 4, Bedroom 13, Bathroom 13, Bedroom 15, Bathroom 8, Bedroom 8, Bedroom 6, Bathroom 12, Bathroom 3, Bathroom 7, Bedroom 5, Bedroom 12, Bathroom 1, Bathroom 16, Bathroom 10, Bathroom 14, Bedroom 2
- 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
- Heat Pump (Heating), Natural Gas
- Cooling system
- Central Air
Building Details
- Year built
- 1988
- Floors in Building
- 3
- Number of units
- 8
- Roof type
- Shingle
Listing agent Terra Jeffries (859) 312-0058
Listing office RE/MAX Elite Realty 465 S Fourth St, Lexington, KY (859) 209-5036
Listing date Apr 17, 2026
MLS# 26008271
Listing URL
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.
HighLights
- 8‑townhome portfolio with each unit featuring 2 bedrooms and 1.5 bathrooms
- One‑car garages for each of the 8 units; 7 units have unfinished basements
- 8th basement is used as a management office, with the townhomes located on the north side of Lake Mingo Park
- Recent exterior upgrades include NEW roofs, NEW siding, NEW gutters, and NEW windows (over 40 windows listed)
- Several new AC units installed; heating includes electric heating and heat pump, with central air cooling
- Tenants pay all utilities; property notes Cable Available
Overview
This offering features eight townhomes, each configured with two bedrooms and 1.5 bathrooms, plus a one-car garage. Seven units include unfinished basements, while the eighth basement is currently used as a management office, providing a practical on-site setup. The property has received multiple recent exterior improvements, including new roofs, new siding, new gutters, and new windows; the remarks note that more than 40 windows were replaced. Several new AC units have also been installed.
The community is located on the north side of Lake Mingo Park, which has been recently upgraded. The tenant profile is described as a mix of long-term tenancy and month-to-month arrangements. Per the remarks, tenants pay all utilities, and the location is presented as walkable to jobs, shopping, and Main Street.
For investors or operators, this is a compact, uniform 8-unit residential income property with consistent unit mix and multiple capital updates. The presence of a management office basement can support day-to-day oversight, while the existing configuration of garages and basements helps define the tenant experience across the portfolio. The seller has also positioned the asset for a 1031 exchange strategy, with floor plans referenced as attached to the listing materials.
The community is located on the north side of Lake Mingo Park, which has been recently upgraded. The tenant profile is described as a mix of long-term tenancy and month-to-month arrangements. Per the remarks, tenants pay all utilities, and the location is presented as walkable to jobs, shopping, and Main Street.
For investors or operators, this is a compact, uniform 8-unit residential income property with consistent unit mix and multiple capital updates. The presence of a management office basement can support day-to-day oversight, while the existing configuration of garages and basements helps define the tenant experience across the portfolio. The seller has also positioned the asset for a 1031 exchange strategy, with floor plans referenced as attached to the listing materials.
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 Profile
Location Intelligence
Current Use by Public Records
1031 exchange properties
Location Insight
- Map
- Local Demand
- City
- Nicholasville
- County
- Jessamine
- State
- Kentucky
- Longitude
- -84.565422
- Latitude
- 37.89109
Nearby Similar for Sale
FAQs
What type of property is this?
Apartment building - Eight two-bedroom townhomes with one-car garages and recent exterior upgrades, with tenants responsible for 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: 8‑townhome portfolio with each unit featuring 2 bedrooms and 1.5 bathrooms; One‑car garages for each of the 8 units; 7 units have unfinished basements; 8th basement is used as a management office, with the townhomes located on the north side of Lake Mingo Park
