Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    166-180 Heritage Drive Nicholasville, KY 40356

    View on Map
    Claim this Listing
    New
    For Sale
    $1,370,000

    MULTI_FAMILY - Nicholasville, KY

    Property size:
    10,688 SF
    Lot size:
    0.51 Acres
    Added:
    Apr 17, 2026
    Days on Market:
    2
    Last Refresh:
    Apr 18 at 4:06 pm

    Property Features for 166-180 Heritage Drive

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    16
    Bathrooms
    13
    Rooms
    Bedroom 13, Bedroom 16, Bedroom 9, Bathroom 2, Bathroom 16, Bathroom 7, Bathroom 13, Bedroom 4, Bedroom 11, Bathroom 12, Bedroom 5, Bedroom 3, Bedroom 7, Bedroom 8, Bedroom 12, Bathroom 1, Bathroom 11, Laundry Room, Bathroom 17, Bathroom 10, Bedroom 10, Bathroom 4, Bedroom 14, Bathroom 14, Bathroom 6, Bathroom 15, Bedroom 6, Bathroom 5, Bathroom 3, Bathroom 8, Bedroom 15, Bedroom 2, Bedroom 1, Bathroom 9
    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), Electric (Heating)
    Cooling system
    Central Air

    Building Details

    Year built
    1988
    Floors in Building
    3
    Number of units
    8
    Roof type
    Shingle

    We can help!

    Listing Contact
    Terra Jeffries

    Listing agent Terra Jeffries

    Listing office RE/MAX Elite Realty 465 S Fourth St, Lexington, KY

    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.

    Overview

    Nicholasville Townhomes Near Lake Mingo

    This property features eight townhomes, suitable for a portfolio and located on the north side of the recently upgraded Lake Mingo Park. Each unit includes two bedrooms and 1.5 bathrooms, along with a one-car garage. Seven of the units have unfinished basements, while the eighth basement is used as a management office. The property has new roofs, siding, gutters, and over 40 new windows. Several new AC units have been installed. Tenants are responsible for all utilities. The location provides walkability to jobs, shopping, and Main Street. The property, with a lot size of 0.514 acres, is located in Nicholasville, KY. The total property size is 10688 square feet. The units have a mixture of long-term tenancy, month-to-month, and short-term leases. This property is priced at appraised value and is ideal for a 1031 Exchange.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    1031 exchange properties

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Nicholasville
    County
    Jessamine
    State
    Kentucky
    Longitude
    -84.565422
    Latitude
    37.89109

    Nearby Similar for Sale

    • $2,399,000
      8,576 SF

      Nicholasville Commercial Property For Sale

      High-visibility commercial property with multiple income streams in Nicholasville, KY.
      1001-1007 Elizabeth Street, Nicholasville, KY 40356
      View Details
    • $950,000

      Nicholasville Commercial Property For Sale

      Residence zoned for business, ideal for office or retail.
      2070 Vince Road, Nicholasville, KY 41314
      View Details
    • $329,900
      2,176 SF

      New Duplex in Nicholasville, KY

      New duplex with two bedrooms and modern amenities in Nicholasville.
      510-512 N Central Avenue, Nicholasville, KY 40356
      View Details
    • $229,000
      1,656 SF

      Nicholasville Garage-o-minium Storage Warehouse

      Individually owned storage warehouse with mezzanine and secure access.
      1070 Elizabeth Street unit: 34, Nicholasville, KY 40356
      View Details
    • $1,164,000
      9,721 SF

      Nicholasville Office/Commercial Building For Sale

      9700 sq ft commercial space with customization opportunity in Nicholasville.
      812 Wilmore Road, Nicholasville, KY 40356
      View Details
    • $1,274,900
      1,200 SF

      Nicholasville Townhomes: Investment Opportunity

      All-brick 8-unit townhome complex in Nicholasville, Kentucky.
      200 Strawberry Lane, Nicholasville, KY 40356
      View Details
    • $329,000
      2,135 SF

      Nicholasville Duplex with Walkout Basement

      Custom-built duplex featuring oversized garages and walkout basement.
      112 A-B Meadowlark, Nicholasville, KY 40356
      View Details
    • $595,000
      5,032 SF

      Tenant-Occupied Industrial Property For Sale

      Tenant-occupied industrial property with lease in place until 10/31/26.
      101 Kemper Dr, Nicholasville, KY 40356
      View Details
    • $175,000
      1,700 SF

      Nicholasville Duplex and Lot Combo

      Duplex and lot combo in Nicholasville, Kentucky.
      112 Lincoln Street, Nicholasville, KY 40356
      View Details
    • $1,040,000
      10,000 SF

      Nicholasville Warehouse and Office Building

      Warehouse and office building on 2.42 acres in Nicholasville, KY.
      111 Capital Ct, Nicholasville, KY 40356
      View Details
    • $7
      20,200 SF

      Nicholasville Industrial Space Sublease

      20,200 SF industrial space with office and warehouse areas.
      125 Macarthur Court, Nicholasville, KY 40356
      View Details
    • $3,590,000
      30,667 SF

      Freestanding Building in Brannon Crossing

      30,667 SF building on 2.4 acres in Brannon Crossing.
      131 Marlene Drive, Nicholasville, KY 40356
      View Details

    FAQs

    What type of property is this?
    1031 exchange property - Eight townhomes near Lake Mingo Park, ideal for 1031 Exchange.
    Where is this 1031 exchange property 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: Portfolio of 8 townhomes with mixed tenancy.; Prime location on the north side of recently upgraded Lake Mingo Park, with walkability to jobs, shopping, and Main Street.; All 8 units feature 2 bedrooms, 1.5 bathrooms, and one‑car garages.
    (859) 312-0058
    We can help!
    Listing Contact
    Terra Jeffries
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!