Duplex with Updates and Metal
For Sale
$200,000
Pending
3088 Cane Ridge Road, Paris, KY 40361
MULTI_FAMILY - Paris, KY
Property Size2,268 SF
Lot Size0.84 Acres
Days on Market81
Property Features for 3088 Cane Ridge Road
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
R-1
Bedrooms
4
Bathrooms
1
Full bathrooms
1
Rooms
Bedroom 2, Bedroom 1, Bathroom 1, Bedroom 4, Bedroom 3
Subdivision
Rural
Elementary school
Cane Ridge
Middle school
Bourbon Co
High school
Bourbon Co
Elementary school district
Bourbon County - 6
Middle school district
Bourbon County - 6
High school district
Bourbon County - 6
Directions
From east main street in Paris, turn onto US 460 and drive 1.2 miles, Turn right onto KY-537 Cane ridge rd. and drive 9.7 miles, property will be on the right
Standard status
Pending
APN
065-60-02-033.00
Size
2,268 SF
Lot size
0.84 Acres
Utilities
Heating system
Heat Pump (Heating)
Cooling system
Heat Pump
Building Details
Floors in Building
2
Number of units
2
Roof type
Metal
Listing Agency:
Nichols Real Estate
(859) 707-2755
Listed By:
Chad S. Nichols · License #267732
(859) 621-3274
Added: May 18
Changed: Aug 4
Last Checked: Aug 6 at 11:06PM
MLS# 26011258
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.
3088 Cane Ridge Road duplex in Paris, KY, zoned R-1, built as a two-unit configuration with two bedrooms and one bathroom in each unit. The property is currently rented, and each unit has received interior updates. Improvements include a new metal roof, a new rear deck, and new HVAC installed in both units.
The property sits on 0.843 acres, with a total size of 2,268 square feet. Heating and cooling are provided by heat pump systems, supporting efficient year-round comfort. In addition to the duplex parcel, the offering includes the parcel to the right (parcel #065-60-02-032.00), which can function as a parking lot for the duplex. Buyer or buyer agent to verify square footage and schools.
The property sits on 0.843 acres, with a total size of 2,268 square feet. Heating and cooling are provided by heat pump systems, supporting efficient year-round comfort. In addition to the duplex parcel, the offering includes the parcel to the right (parcel #065-60-02-032.00), which can function as a parking lot for the duplex. Buyer or buyer agent to verify square footage and schools.
Key Highlights
- Zoned R‑1 duplex with two bedrooms and one bathroom in each unit
- Currently rented two‑unit duplex with interior updates
- New metal roof, new rear deck, and new HVAC installed in both units
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
$17,315
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
8.66%
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%
$346,300
$346.3K
Cap Rate 7%
$247,357
$247.4K
Cap Rate 9%
$192,389
$192.4K
Market Conditions
NOI Build-Up for 2,268 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
$32.9K $14.52/SF
− Vacancy
−$1.4K −$0.64/SF
EGI
$31.5K $13.88/SF
− OpEx
−$14.2K −$6.25/SF
NOI
$17.3K $7.63/SF
Area
Bourbon 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%
$346,300
Cap Rate 7%
$247,357
Cap Rate 9%
$192,389
Alternative Uses
Best Use
Multifamily LT 5
$276.4K
$241.9K – $322.5K
NOI $19,350 @ 7.0% cap · market cap 9.68%
Second Best
Apartment 5plus
$247.4K
$216.4K – $288.6K
NOI $17,315 @ 7.0% cap · market cap 8.66%
Theoretical Best
Office A
$574.8K
$503.0K – $670.6K
NOI $40,236 @ 7.0% cap · market cap 20.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
4
Businesses Nearby
Explore this area
Business Placement
Demographics for 40361, KY
18,214
Population
8,173
Households
2.2
Avg Household Size
42
Median Age
25%
College-Educated
87%
High-School Grad
257.1 sq mi
ZIP Area
71
Density / Sq Mi
$57,074
Median Household Income
$36,206
Median Earnings
$793
Median Rent
$216,700
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Duplex zoned R-1 on 0.843 acres with two bedrooms and one bath per unit, plus recent roof, deck, and HVAC updates.
Where is this duplex located?
The property is located at 3088 Cane Ridge Road Paris, KY.
What is the asking price?
The asking price for this property is $200,000.
What are key features of this property?
This property features: Zoned R‑1 duplex with two bedrooms and one bathroom in each unit; Currently rented two‑unit duplex with interior updates; New metal roof, new rear deck, and new HVAC installed in both units
