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    623 Westport Rd Elizabethtown, KY 42701

    Sponsored
    For Sale
    $3,000,000

    Multi-Family - Elizabethtown, KY

    Type:Multi Family
    Lot size:
    1.00 Acre
    Days on Market:
    262
    Last Refresh:
    Feb 19 at 6:06 pm

    Property Features for 623 Westport Rd

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Multi Family
    Standard status
    Active
    Parking
    20
    Parking features
    Carport, Parking Lot
    Interior features
    Ceiling Fan(s)
    Exterior features
    Concrete Walks, Outdoor Lighting, Storage Building
    Lot size
    1.00 Acre

    Building Details

    Year built
    1983
    Number of units
    20
    Building materials
    Brick
    Roof type
    Metal
    Architectural style
    Other
    Additional Structures
    Storage

    We can help!

    Listing Contact
    Carrie Davis
    Carrie Davis

    EXIT REALTY GREEN & ASSOCIATES (502) 709-7771

    Listing agent Carrie Davis (270) 806-3948

    Listing date Jun 3, 2025

    MLS# HK25002163 Listing URL

    Copyright © 2026 Heart of 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

    Property Insight Report

    Overview

    Elizabethtown Multi-Family Investment Opportunity

    This multi-unit property features 20 apartment units housed in two brick buildings with metal roofs, located within Elizabethtown, Kentucky city limits. There are 12 two-bedroom units, each equipped with washer and dryer hookups and central heating and cooling. The remaining 8 one-bedroom units have individual heating and cooling units. All apartment units have been updated within the last 10 years, with more recent updates in all but 5 units. Convenient parking is available in front of each building, with optional carport parking. Small storage units are available on site for $15 per month. The property includes two apartment buildings and two storage buildings with attached carports. The buildings have been maintained to benefit the tenants and retain property value. The property is located on a 1-acre lot.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Elizabethtown
    County
    Hardin
    State
    Kentucky
    Longitude
    -85.8820818
    Latitude
    37.7038895

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    FAQs

    What type of property is this?
    Apartment building - 20-unit apartment complex in Elizabethtown, Kentucky.
    Where is this apartment building located?
    The property is located at 623 Westport Rd Elizabethtown, KY.
    What is the asking price?
    The asking price for this property is $3,000,000.
    What are key features of this property?
    This property features: - Multi-unit property with 20 apartments (12 two-bedroom, 8 one-bedroom) offering significant investment potential.; - Desirable location within Elizabethtown, Kentucky City Limits, indicating strong rental demand.; - All-brick buildings with metal roofs, suggesting durability and low maintenance.
    (270) 763-7653
    Request Owner's contact information
    623 Westport Rd Elizabethtown, KY 42701
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    Elizabethtown, KY 42701
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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
    623 Westport Rd Elizabethtown, KY 42701
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    We can help!
    Listing Contact
    Carrie Davis
    Carrie Davis
    Real Estate License ID: 223283
    (270) 763-7653 (270) 806-3948
    Learn more
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