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    The Largest CRE Database in the US with Over 1 Million Listings

    3023 Ky Hwy 7 Wayland, KY 41666

    Sponsored
    For Sale
    $185,000

    Ranch, Mult-Family - Wayland, KY

    Property size:
    2,328 SF
    Lot size:
    1.00 Acre
    Days on Market:
    8
    Last Refresh:
    Feb 3 at 4:06 am

    Property Features for 3023 Ky Hwy 7

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active
    Rooms
    Bathroom 1, Bathroom 2, Bathroom 3, Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Bedroom 5
    Bedrooms
    8
    Bathrooms
    3
    Parking
    3
    Parking features
    Garage
    Patio and Porch features
    Porch
    Interior features
    1st Floor Bedroom, Wheelchair Access
    Exterior features
    Fenced Yard, Garden Space, Storage Building, Front Covered, Front Porch
    Fencing
    Fenced
    Accessibility
    Accessible Approach with Ramp
    Appliances
    Refrigerator
    Size
    2,328 SF
    Lot size
    1.00 Acre

    Utilities

    Heating system
    Natural Gas
    Cooling system
    Central Air

    Building Details

    Year built
    1111
    Number of units
    3
    Building materials
    Vinyl Siding, Wood Siding
    Roof type
    Metal
    Architectural style
    Ranch
    Additional Structures
    Storage

    We can help!

    Listing Contact
    Rachael Nicole Johnson

    Century 21 American Way Realty (606) 886-9100

    Listing agent Rachael Nicole Johnson (606) 886-9100

    Listing date Jan 27, 2026

    MLS# 126541 Listing URL

    Copyright © 2026 Eastern Kentucky Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Wayland Multifamily Property with Garage

    This unique three-unit property in Wayland, Kentucky, offers both commercial and residential possibilities, suitable for investors, business owners, or multi-family arrangements. The property includes flexible living spaces and multiple income-producing options. A four-car garage is also featured. The property is situated on a 1-acre lot. The building has 2,328 square feet of space. This property presents various opportunities.
    Location Intelligence

    Current Use by Public Records

    Triplexes

    Map

    City
    Wayland
    County
    Floyd
    State
    Kentucky
    Longitude
    -82.8054198
    Latitude
    37.4395805

    Nearby Similar for Sale

    • New
      $185,000
      3,000 SF

      Mixed-Use Property in Wayland, KY

      Three-unit property with commercial and residential potential, four-car garage.
      3023 Ky-7, Wayland, KY 41666
      View Details

    FAQs

    What type of property is this?
    Triplex - Three-unit property with commercial and residential potential and a four-car garage.
    Where is this triplex located?
    The property is located at 3023 Ky Hwy 7 Wayland, KY.
    What is the asking price?
    The asking price for this property is $185,000.
    What are key features of this property?
    This property features: - Multiple income-producing options (3 units, commercial/residential potential); - 4-car garage; - Flexible living space suitable for investors, business owners, or multi-family setups
    (606) 371-4889
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    3023 Ky Hwy 7 Wayland, KY 41666
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    Wayland, KY 41666
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    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
    3023 Ky Hwy 7 Wayland, KY 41666
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    We can help!
    Listing Contact
    Rachael Nicole Johnson
    (606) 371-4889
    Learn more
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