Fully Leased
23 Wheeler Avenue Winchester, KY 40391
For Sale
$389,900
MULTI_FAMILY - Winchester, KY
Property Size4,687 SF
Lot Size0.23 Acres
Price / SF$83.19
Days on Market69
Property Features for 23 Wheeler Avenue
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning
R-1C
Bedrooms
8
Bathrooms
5
Rooms
Bathroom 3, Bedroom 6, Bedroom 2, Bathroom 1, Bedroom 5, Bedroom 1, Bathroom 2, Bathroom 4, Bathroom 5, Bedroom 3, Bedroom 7, Bedroom 4, Bedroom 8
Parking features
Covered
Standard status
Active
APN
054-1034-031-00
Size
4,687 SF
Lot size
0.23 Acres
Utilities
Heating system
Natural Gas, Electric (Heating), Baseboard, Forced Air
Cooling system
Window Unit(s), Electric
Building Details
Year built
1940
Floors in Building
2
Roof type
Shingle
Listing Agency:
Keller Williams Bluegrass Realty
(859) 260-1444
Listed By:
Alexander L Heister
(859) 620-0770
Added: May 22
Changed: Jul 18
Last Checked: Jul 29 at 5:06AM
MLS# 26011905
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 property is a fully leased fourplex with multiple long-term tenants. Tenants pay their own utilities, providing straightforward operating structure for an owner. The offering is presented as an income-producing residential asset currently generating gross rents of $3,110 per month, and showings require advance coordination.
The fourplex is located in Winchester, Kentucky, on Wheeler Avenue. The property sits across from a park and is described as having plenty of parking, which can be beneficial for resident access and day-to-day convenience.
For buyers seeking a turnkey, occupied multifamily option, the key consideration here is that the building is already fully leased with tenants in place. Because of tenant occupancy, allow 48 hours to notify tenants for showings. To schedule a viewing, prospective buyers will need to provide proof of funds or a lender pre-approval letter. The property is zoned R-1C and includes a 0.23-acre lot with 4,687 square feet of building size.
The fourplex is located in Winchester, Kentucky, on Wheeler Avenue. The property sits across from a park and is described as having plenty of parking, which can be beneficial for resident access and day-to-day convenience.
For buyers seeking a turnkey, occupied multifamily option, the key consideration here is that the building is already fully leased with tenants in place. Because of tenant occupancy, allow 48 hours to notify tenants for showings. To schedule a viewing, prospective buyers will need to provide proof of funds or a lender pre-approval letter. The property is zoned R-1C and includes a 0.23-acre lot with 4,687 square feet of building size.
Key Highlights
- Fully leased fourplex with multiple long‑term tenants
- Gross rents currently $3,110/month; tenants pay their own utilities
- Across from a park with plenty of parking
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 | $68.1k | $14.52 |
| − Vacancy | −$3.0k | −$0.64 |
| EGI | $65.1k | $13.88 |
| − OpEx | −$29.3k | −$6.25 |
| NOI | $35.8k | $7.63 |
4,687 SF · lease $14.52/SF/yr · vacancy 4.40% · expense 45.00%
Alternative Uses
Best Use
Multifamily LT 5
$571.3K
$499.9K – $666.5K
NOI $39,989 @ 7.0% cap · market cap 10.26%
Second Best
Apartment 5plus
$511.2K
$447.3K – $596.4K
NOI $35,783 @ 7.0% cap · market cap 9.18%
Theoretical Best
Office A
$1.19M
$1.04M – $1.39M
NOI $83,151 @ 7.0% cap · market cap 21.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Quadplex - Fully leased fourplex with long-term tenants and utilities paid by residents, positioned across from a park with ample parking.
Where is this quadplex located?
The property is located at 23 Wheeler Avenue Winchester, KY.
What is the asking price?
The asking price for this property is $389,900.
What are key features of this property?
This property features: Fully leased fourplex with multiple long‑term tenants; Gross rents currently $3,110/month; tenants pay their own utilities; Across from a park with plenty of parking
