8-Unit Apartment
For Sale
$584,000
105 Loveless Ln, Somerset, KY 42503
Occupied apartment property with eight one-bedroom, one-bath units.
Property Size4,860 SF
Price / SF$120.16
Days on Market18
Property Features for 105 Loveless Ln
General Information
Standard status
Active
Size
4,860 SF
Property subtype
Commercial
Additional Details
Multifamily Units
8
Building Details
Year Built
1970
Listing Agency:
Weichert Realtors Ford Brothers, Inc.
(606) 271-1691
Listed By:
C Matt Ford · License #200610
Source:
Centralkyhomesforsale
Added: Aug 15
Changed: Aug 30
Last Checked: Aug 31 at 5:24PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Weichert Realtors Ford Brothers, Inc.
Investment Insights
Based on property information with market context.
This 4,860-square-foot apartment building contains eight residential units, with each floor plan offering one bedroom and one bathroom. The property is occupied and was constructed in 1970.
Located at 105 Loveless Ln in Somerset, KY 42503, the asset is configured as a multifamily property with an existing tenant base and reported cash flow. Its unit count and consistent one-bedroom, one-bathroom layout provide a straightforward operating profile for multifamily ownership.
Located at 105 Loveless Ln in Somerset, KY 42503, the asset is configured as a multifamily property with an existing tenant base and reported cash flow. Its unit count and consistent one-bedroom, one-bathroom layout provide a straightforward operating profile for multifamily ownership.
Key Highlights
- Eight‑unit apartment building
- 4,860 square feet of building area
- Each unit includes 1 bedroom and 1 bath
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
$33,014
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
5.65%
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%
$660,280
$660.3K
Cap Rate 7%
$471,629
$471.6K
Cap Rate 9%
$366,822
$366.8K
Market Conditions
NOI Build-Up for 4,860 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
$63.0K $12.96/SF
− Vacancy
−$3.0K −$0.61/SF
EGI
$60.0K $12.35/SF
− OpEx
−$27.0K −$5.56/SF
NOI
$33.0K $6.79/SF
Area
Pulaski County, KY
Vacancy
4.70%
Lease Rate
$12.96 /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%
$660,280
Cap Rate 7%
$471,629
Cap Rate 9%
$366,822
Alternative Uses
Best Use
Apartment 5plus
$471.6K
$412.7K – $550.2K
NOI $33,014 @ 7.0% cap · market cap 5.65%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$828.0K
$724.5K – $966.0K
NOI $57,958 @ 7.0% cap · market cap 9.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
357
Businesses Nearby
Explore this area
Business Placement
Demographics for 42503, KY
24,670
Population
11,588
Households
2.1
Avg Household Size
42
Median Age
23%
College-Educated
85%
High-School Grad
129.5 sq mi
ZIP Area
191
Density / Sq Mi
$53,377
Median Household Income
$35,319
Median Earnings
$873
Median Rent
$198,500
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Occupied apartment property with eight one-bedroom, one-bath units.
Where is this apartment building located?
The property is located at 105 Loveless Ln Somerset, KY.
What is the asking price?
The asking price for this property is $584,000.
What are key features of this property?
This property features: Eight‑unit apartment building; 4,860 square feet of building area; Each unit includes 1 bedroom and 1 bath
