Newer Two-Story
For Sale
$625,000
194 Fairway Lane, Somerset, KY 42503
Residential Income, Somerset, KY
Property Size3,600 SF
Lot Size0.97 Acres
Price / SF$173.61
Days on Market146
Property Features for 194 Fairway Lane
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Bedrooms
6
Bathrooms
5
Full bathrooms
3
Half bathrooms
3
Rooms
Bedroom 1, Bathroom 2, Bedroom 6, Bathroom 3, Bedroom 4, Bedroom 2, Bathroom 6, Bedroom 3, Bedroom 5, Bathroom 4, Laundry Room, Bathroom 1, Bathroom 5
Parking
2
Parking features
Open
Subdivision
Somerset City
Elementary school
Hopkins
Middle school
Meece
High school
Somerset
Elementary school district
Somerset Independent
Middle school district
Somerset Independent
High school district
Somerset Independent
Directions
Head East on Hwy 80, turn left on 1247 (Crab Orchard), turn left o University Dr, then right on Fairway.
Standard status
Active
APN
060-6-2-16.4.1
Size
3,600 SF
Lot size
0.97 Acres
Utilities
Heating system
Electric (Heating), Heat Pump (Heating)
Cooling system
Heat Pump, Electric
Amenities
9-foot ceilings
washer/dryer hookups
scenic golf course views
Building Details
Year built
2023
Floors in Building
2
Number of units
3
Roof type
Shingle, Composition
Listing Agency:
CENTURY 21 Advantage Realty
(606) 451-1021
Listed By:
Jessica C Vincent
(606) 271-1175
Added: May 4
Changed: Sep 12
Last Checked: Sep 26 at 3:06PM
MLS# 26010383
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.
Built in 2023, this 3,600-square-foot triplex contains three separate two-story units, each with two bedrooms and 1.5 baths. The property is fully occupied and includes newer appliances, 9-foot ceilings, washer/dryer hookups, heat-pump heating and cooling, electric service, open parking, and a composition shingle roof. Set on 0.97 acres, the building is positioned at the end of a residential street with golf course views.
The property is less than 1 mile from major highways, downtown Somerset, schools, shopping, dining, and Lake Cumberland Regional Hospital. Its three-unit configuration, recent construction, and existing occupancy provide a clearly defined multifamily profile for a purchaser seeking a relatively new rental asset.
The property is less than 1 mile from major highways, downtown Somerset, schools, shopping, dining, and Lake Cumberland Regional Hospital. Its three-unit configuration, recent construction, and existing occupancy provide a clearly defined multifamily profile for a purchaser seeking a relatively new rental asset.
Key Highlights
- Built in 2023 with 3,600 square feet of building area
- Three 2‑story units, each with 2 bedrooms and 1.5 baths
- Fully occupied triplex on 0.97 acres
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
$27,447
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
4.39%
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%
$548,940
$548.9K
Cap Rate 7%
$392,100
$392.1K
Cap Rate 9%
$304,967
$305.0K
Market Conditions
NOI Build-Up for 3,600 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
$41.0K $11.40/SF
− Vacancy
−$1.8K −$0.51/SF
EGI
$39.2K $10.89/SF
− OpEx
−$11.8K −$3.27/SF
NOI
$27.4K $7.62/SF
Area
Pulaski County, KY
Vacancy
4.46%
Lease Rate
$11.40 /SF/Yr
Expense Ratio
30.00%
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%
$548,940
Cap Rate 7%
$392,100
Cap Rate 9%
$304,967
Alternative Uses
Best Use
Multifamily LT 5
$392.1K
$343.1K – $457.5K
NOI $27,447 @ 7.0% cap · market cap 4.39%
Second Best
Apartment 5plus
$349.4K
$305.7K – $407.6K
NOI $24,455 @ 7.0% cap · market cap 3.91%
Theoretical Best
Specialty Retail
$613.3K
$536.7K – $715.5K
NOI $42,932 @ 7.0% cap · market cap 6.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
9 ft
Clear height
3
Residential units
100%
Occupancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
221
Businesses Nearby
Explore this area
Business Placement
Demographics for 42503, KY
24,670
Population
11,588
Households
2.1
Avg Household Size
42
Median Age
23%
College-Educated
85%
High-School Grad
129.5 sq mi
ZIP Area
191
Density / Sq Mi
$53,377
Median Household Income
$35,319
Median Earnings
$873
Median Rent
$198,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Three occupied rental units offer two bedrooms, 1.5 baths, modern appliances, and washer/dryer hookups.
Where is this triplex located?
The property is located at 194 Fairway Lane Somerset, KY.
What is the asking price?
The asking price for this property is $625,000.
What are key features of this property?
This property features: Built in 2023 with 3,600 square feet of building area; Three 2‑story units, each with 2 bedrooms and 1.5 baths; Fully occupied triplex on 0.97 acres
