Three-Unit Residential
For Sale
$344,900
208 Auburn Avenue, Somerset, KY 42503
Residential Income, Somerset, KY
Property Size4,314 SF
Lot Size0.35 Acres
Price / SF$79.95
Days on Market80
Property Features for 208 Auburn Avenue
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 5, Bedroom 3, Bedroom 1, Bathroom 4, Bathroom 1, Bathroom 2, Bedroom 2, Bedroom 6, Bathroom 3, Bedroom 4
Subdivision
Southern Hills
Elementary school
Southern
Middle school
Southern
High school
Southwestern
Elementary school district
Pulaski County - 45
Middle school district
Pulaski County - 45
High school district
Pulaski County - 45
Directions
Hwy 27 to Parkers Mill Rd. Follow to Southern Hills. Make a left on Auburn and property is on the left
Standard status
Active
APN
062-5-1-41
Size
4,314 SF
Lot size
0.35 Acres
Utilities
Heating system
Heat Pump (Heating), Electric (Heating)
Cooling system
Central Air, Window Unit(s)
Building Details
Year built
1970
Floors in Building
1
Number of units
3
Listing Agency:
Keller Williams Bluegrass Realty - Lake Cumberland
(606) 875-1333
Listed By:
Millie King Weaver · License #208856
(606) 677-0059
Added: Jun 18
Changed: Aug 30
Last Checked: Sep 5 at 2:06PM
MLS# 26014349
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 1970, this 4,314-square-foot triplex contains three residential units. The main level provides approximately 2,157 square feet with three bedrooms and two full bathrooms. A walk-out basement contains two additional apartments: one with two bedrooms and one bathroom, and another with one bedroom and one bathroom. Each basement apartment has its own electric service.
The property sits on a 0.345-acre lot and includes ample parking. Heating is provided by heat pumps and electric systems, while cooling includes central air and window units. The property is located near shopping, dining, schools, and everyday amenities.
The property sits on a 0.345-acre lot and includes ample parking. Heating is provided by heat pumps and electric systems, while cooling includes central air and window units. The property is located near shopping, dining, schools, and everyday amenities.
Key Highlights
- Three rental units in one 4,314‑square‑foot property
- Main level includes approximately 2,157 square feet, 3 bedrooms, and 2 full bathrooms
- Walk‑out basement divided into a 2‑bedroom, 1‑bath apartment and a 1‑bedroom, 1‑bath apartment
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
$29,305
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
8.50%
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%
$586,100
$586.1K
Cap Rate 7%
$418,643
$418.6K
Cap Rate 9%
$325,611
$325.6K
Market Conditions
NOI Build-Up for 4,314 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
$55.9K $12.96/SF
− Vacancy
−$2.6K −$0.61/SF
EGI
$53.3K $12.35/SF
− OpEx
−$24.0K −$5.56/SF
NOI
$29.3K $6.79/SF
Area
Pulaski County, KY
Vacancy
4.70%
Lease Rate
$12.96 /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%
$586,100
Cap Rate 7%
$418,643
Cap Rate 9%
$325,611
Alternative Uses
Best Use
Multifamily LT 5
$469.9K
$411.1K – $548.2K
NOI $32,890 @ 7.0% cap · market cap 9.54%
Second Best
Apartment 5plus
$418.6K
$366.3K – $488.4K
NOI $29,305 @ 7.0% cap · market cap 8.50%
Theoretical Best
Specialty Retail
$735.0K
$643.1K – $857.5K
NOI $51,447 @ 7.0% cap · market cap 14.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
438
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
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 separate residences combine a primary home with two basement apartments and individual electric service for each lower-level unit.
Where is this triplex located?
The property is located at 208 Auburn Avenue Somerset, KY.
What is the asking price?
The asking price for this property is $344,900.
What are key features of this property?
This property features: Three rental units in one 4,314‑square‑foot property; Main level includes approximately 2,157 square feet, 3 bedrooms, and 2 full bathrooms; Walk‑out basement divided into a 2‑bedroom, 1‑bath apartment and a 1‑bedroom, 1‑bath apartment
