Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    514 Wapping St Frankfort, KY 40601

    View on Map
    Sponsored
    For Sale
    $497,000

    MULTI_FAMILY - Frankfort, KY

    Property size:
    4,984 SF
    Lot size:
    0.32 Acres
    Days on Market:
    2
    Last Refresh:
    Mar 21 at 5:06 pm

    Property Features for 514 Wapping St

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active
    Rooms
    Bedroom 4, Bedroom 2, Bedroom 1, Bedroom 6, Bathroom 2, Bedroom 3, Bedroom 5, Bedroom 7, Bathroom 3, Bathroom 5, Bathroom 4, Bathroom 1
    Bedrooms
    7
    Bathrooms
    5
    APN
    061-24-01-023.00
    Parking
    2
    Size
    4,984 SF
    Lot size
    0.32 Acres

    Utilities

    Heating system
    Natural Gas, Electric (Heating)
    Cooling system
    Multi Units, Window Unit(s), Central Air, Electric

    Building Details

    Floors in Building
    3
    Number of units
    4

    We can help!

    Listing Contact
    Taylor A Marshall

    Marshall Lane Real Estate

    Listing agent Taylor A Marshall

    Listing date Mar 20, 2026

    MLS# 26005492

    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.

    Learn more

    Property Insight Report

    Overview

    Historic Frankfort Multifamily Investment Opportunity

    This historic income-producing property, owned by the same family for two generations, offers river and downtown views from large windows on every level, complemented by a second-story balcony. The property includes four units: one 2-bedroom, 2-bathroom unit, one 2-bedroom, 1-bathroom unit, and two 1-bedroom, 1-bathroom units. The third floor, currently used for storage, has the potential to be converted into a fifth unit with views. The property also features a private driveway for off-street parking and a rear deck overlooking Liberty Hall Gardens. The 4,984 square foot property sits on a 0.3202-acre lot. The property is located in Frankfort, Kentucky. The property could also be transformed into a single-family residence.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Quadplexes

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Frankfort
    County
    Franklin
    State
    Kentucky
    Longitude
    -84.882435
    Latitude
    38.199328

    Nearby Similar for Sale

    • New
      $325,000
      3,420 SF

      Historic Frankfort Commercial Building For Sale

      Two-story commercial building in historic downtown Frankfort with income potential.
      225 W Main St, Frankfort, KY 40601
      View Details
    • $630,000
      9,750 SF

      Frankfort Flex Building Investment Opportunity

      9,750 SF flex building on 1.5 acres in Frankfort, KY.
      205 Locust Dr, Frankfort, KY 40601
      View Details
    • $950,000
      8,040 SF

      Medical Office Building Near Hospital

      Medical office building with flexible layout and ample parking.
      4 Physicians Park, Frankfort, KY 40601
      View Details
    • $610,000
      4,469 SF

      Versatile Event Venue in Frankfort

      Charming venue in historic district, perfect for diverse events.
      306 Wapping St, Frankfort, KY 40601
      View Details
    • $1,500,000
      9,860 SF

      Retail Opportunity in Frankfort, KY

      High-visibility shopping center on Louisville Road in Frankfort, Kentucky.
      949 Louisville Rd, Frankfort, KY 40601
      View Details
    • $549,900
      4,688 SF

      Versatile Commercial Building on Large Lot

      Spacious commercial property with flexible layout and ample parking.
      9 Reilly Rd, Frankfort, KY 40601
      View Details
    • $695,000
      4,900 SF

      Frankfort Commercial Property For Sale

      Commercial property in downtown Frankfort with steady rental income.
      227-229 W Broadway St, Frankfort, KY 40601
      View Details
    • New
      $349,500
      Pending

      Remodeled Duplex in Frankfort, KY

      Rehabbed duplex with strong rental potential in northeast Frankfort.
      779 Ridgeview Dr, Frankfort, KY 40601
      View Details
    • $230,000
      2,856 SF

      Historic Mixed-Use Property, Frankfort, KY

      Historic mixed-use property in downtown Frankfort, ideal for living or investment.
      501 W Broadway St, Frankfort, KY 40601
      View Details
    • New
      $195,000
      2,082 SF

      Frankfort Duplex with Income Potential

      South Frankfort duplex near Capitol with income and historic potential.
      413 Logan St, Frankfort, KY 40601
      View Details
    • $2,565,000
      20,830 SF

      Frankfort, KY Commercial Investment

      NNN leased commercial property with income and renewal options.
      3 Hmb Cir, Frankfort, KY 40601
      View Details
    • $240,000
      2,030 SF

      Frankfort Duplex with Adjoining Lot

      Duplex in historic district with separately deeded lot.
      312 Conway St, Frankfort, KY 40601
      View Details

    FAQs

    What type of property is this?
    Quadplex - Income-producing property with river views and conversion potential.
    Where is this quadplex located?
    The property is located at 514 Wapping St Frankfort, KY.
    What is the asking price?
    The asking price for this property is $497,000.
    What are key features of this property?
    This property features: - Income-producing property with four existing units; - Stunning river and downtown views from every level; - Potential to convert the third floor into a fifth unit
    (502) 319-2344
    Request Owner's contact information
    514 Wapping St Frankfort, KY 40601
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    514 Wapping St
    Frankfort, KY 40601
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    514 Wapping St Frankfort, KY 40601
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Taylor A Marshall
    Real Estate License ID: 240458
    Learn More
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!