Apartment Buildings with Two-Bedroom
For Sale
$1,028,000
170-180 Heritage Drive, Nicholasville, KY 40356
MULTI_FAMILY - Nicholasville, KY
Property Size8,016 SF
Lot Size0.39 Acres
Price / SF$128.24
Days on Market115
Property Features for 170-180 Heritage Drive
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Bedrooms
12
Bathrooms
10
Full bathrooms
6
Half bathrooms
7
Rooms
Bedroom 3, Bathroom 3, Bathroom 7, Bedroom 5, Bathroom 12, Bathroom 5, Bedroom 6, Bedroom 7, Bathroom 6, Bathroom 11, Bathroom 2, Bathroom 9, Bedroom 4, Bathroom 4, Bedroom 12, Bathroom 10, Bathroom 1, Bedroom 9, Bathroom 8, Bedroom 10, Bathroom 13, Bedroom 11, Bedroom 1, Bedroom 2, Laundry Room, Bedroom 8
Parking
12
Parking features
Open
Subdivision
Orchard
Elementary school
Red Oak
Middle school
East Jessamine Middle School
High school
East Jess HS
Elementary school district
Jessamine County - 9
Middle school district
Jessamine County - 9
High school district
Jessamine County - 9
Directions
Main Street Nicholasville to Strawberry Lane and Right on Heritage Dr. The first set of townhomes on the left. There is no sign.
Standard status
Active
APN
057-40-12-045.00
Size
8,016 SF
Lot size
0.39 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
6
Roof type
Shingle
Listing Agency:
RE/MAX Elite Realty · RE/MAX International
(859) 209-5036
Listed By:
Terra Jeffries
(859) 312-0058
Added: Apr 17
Changed: Jul 29
Last Checked: Aug 9 at 2:06PM
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 apartment building offering consists of six townhomes, each featuring two bedrooms and 1.5 bathrooms, along with one-car garages. The property includes unfinished basements for five units, while the sixth basement is being used as a management office. Central air cooling is supported by several newer AC units, and heating is available via heat pump and natural gas systems.
The units are located on the north side of the recently upgraded Lake Mingo Park. Tenants pay all utilities. Updates described for the exterior include new roofs, new siding, new gutters, and new windows. The roof is identified as shingle, and cable is available. Open parking is included.
The project was built in 1988 and sits on a 0.385-acre lot with a property size of 8,016 square feet.
The units are located on the north side of the recently upgraded Lake Mingo Park. Tenants pay all utilities. Updates described for the exterior include new roofs, new siding, new gutters, and new windows. The roof is identified as shingle, and cable is available. Open parking is included.
The project was built in 1988 and sits on a 0.385-acre lot with a property size of 8,016 square feet.
Key Highlights
- Six townhomes with two bedrooms and 1.5 bathrooms each
- One‑car garages for every townhome unit
- Unfinished basements for five units; sixth basement used as a management office
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$61,199
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.95%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,223,980
$1.2M
Cap Rate 7%
$874,271
$874.3K
Cap Rate 9%
$679,989
$680.0K
Market Conditions
NOI Build-Up for 8,016 SF
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.
Gross rent
$116.4K $14.52/SF
− Vacancy
−$5.1K −$0.64/SF
EGI
$111.3K $13.88/SF
− OpEx
−$50.1K −$6.25/SF
NOI
$61.2K $7.63/SF
Area
Jessamine County, KY
Vacancy
4.40%
Lease Rate
$14.52 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,223,980
Cap Rate 7%
$874,271
Cap Rate 9%
$679,989
Alternative Uses
Best Use
Apartment 5plus
$874.3K
$765.0K – $1.02M
NOI $61,199 @ 7.0% cap · market cap 5.95%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.03M
$1.78M – $2.37M
NOI $142,210 @ 7.0% cap · market cap 13.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
458
Businesses Nearby
Explore this area
Business Placement
Demographics for 40356, KY
44,381
Population
17,934
Households
2.5
Avg Household Size
39
Median Age
31%
College-Educated
90%
High-School Grad
139.5 sq mi
ZIP Area
318
Density / Sq Mi
$75,264
Median Household Income
$41,427
Median Earnings
$1,020
Median Rent
$246,300
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Six 2-bedroom townhomes with 100% occupancy, 1.5 bathrooms, and one-car garages for covered tenant layouts.
Where is this apartment building located?
The property is located at 170-180 Heritage Drive Nicholasville, KY.
What is the asking price?
The asking price for this property is $1,028,000.
What are key features of this property?
This property features: Six townhomes with two bedrooms and 1.5 bathrooms each; One‑car garages for every townhome unit; Unfinished basements for five units; sixth basement used as a management office
