3-Unit Triplex for Short-Term
For Sale
$255,900
118 S Franklin, Madisonville, KY 42431
MULTI_FAMILY - Madisonville, KY
Property Size2,946 SF
Lot Size0.29 Acres
Price / SF$86.86
Days on Market51
Property Features for 118 S Franklin
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Bedrooms
14
Rooms
Bedroom 6, Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 12, Bedroom 10, Bedroom 8, Bedroom 14, Bedroom 13, Bedroom 4, Bedroom 7, Bedroom 11, Bedroom 5, Bedroom 9
Window features
Double Pane Windows
Patio and Porch features
Deck
Interior features
Ceiling Fan(s), Hardwood Floors, Smoke Detector, Tile Floors, Walk-In Closets
Exterior features
Deck, Outbuildings, Shed, Stoop
Appliances
Dishwasher, Dryer, Garbage Disposal, Microwave, Range-Electric, Refrigerator, Washer
Subdivision
Comer Hills Sub
Directions
From N Main, turn left onto E Center St. then turn right onto S Franklin. The house is on the left.
Standard status
Active
Size
2,946 SF
Lot size
0.29 Acres
Utilities
Heating system
Natural Gas
Cooling system
Electric, Central Air
Building Details
Year built
1924
Number of units
3
Building materials
2 Story, Brick
Roof type
Composition
Additional Structures
Outbuilding
Listing Agency:
Haven Realty, LLC
(270) 245-2626
Listed By:
Sara Spencer
(270) 836-2771
Added: Jun 22
Changed: Aug 10
Last Checked: Aug 11 at 12:06PM
MLS# 121980
Copyright © 2026 Madisonville-Hopkins County Board 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.
Investment Insights
Based on property information with market context.
This 3-unit triplex is set up for short-term rentals and includes three established rental units operating as Airbnb properties. Unit 1 features 2 bedrooms and 2 baths. Unit 2 includes 1 bedroom, 1 bath, and an office. Unit 3 offers 2 bedrooms and 1 bath. Each unit has updated living rooms, kitchens, and laundry areas, and the property is offered fully furnished, including linens and kitchenware. Interior finishes and features include hardwood floors, tile floors, ceiling fans, walk-in closets, and smoke detectors. The home is a 2-story brick structure with a composition roof and natural gas heating, with central air and electric cooling.
The property sits on a deep fenced lot and includes a storage building for additional space. Exterior features include a deck and stoop, plus outbuildings and a shed. Major updates include a new roof and gutters in 2025, and all three HVAC units are approximately 5 years old.
Built in 1924, the property provides a compact, income-focused setup with three separate rental units, each with its own key living and kitchen areas plus in-unit laundry.
The property sits on a deep fenced lot and includes a storage building for additional space. Exterior features include a deck and stoop, plus outbuildings and a shed. Major updates include a new roof and gutters in 2025, and all three HVAC units are approximately 5 years old.
Built in 1924, the property provides a compact, income-focused setup with three separate rental units, each with its own key living and kitchen areas plus in-unit laundry.
Key Highlights
- 3 established rental units operating as Airbnb properties: Unit 1 (2 bed, 2 bath), Unit 2 (1 bed, 1 bath, office), Unit 3 (2 bed, 1 bath)
- 0.29‑acre deep fenced lot with a storage building and outbuildings
- 2,946 SF, 2‑story brick triplex built in 1924 with a composition roof
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
$19,983
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
7.81%
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%
$399,660
$399.7K
Cap Rate 7%
$285,471
$285.5K
Cap Rate 9%
$222,033
$222.0K
Market Conditions
NOI Build-Up for 2,946 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
$30.0K $10.20/SF
− Vacancy
−$1.5K −$0.51/SF
EGI
$28.5K $9.69/SF
− OpEx
−$8.6K −$2.91/SF
NOI
$20.0K $6.78/SF
Area
Hopkins County, KY
Vacancy
5.00%
Lease Rate
$10.20 /SF/Yr
Expense Ratio
30.00%
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%
$399,660
Cap Rate 7%
$285,471
Cap Rate 9%
$222,033
Alternative Uses
Best Use
Multifamily LT 5
$285.5K
$249.8K – $333.1K
NOI $19,983 @ 7.0% cap · market cap 7.81%
Second Best
Apartment 5plus
$256.8K
$224.7K – $299.6K
NOI $17,974 @ 7.0% cap · market cap 7.02%
Theoretical Best
Office A
$496.9K
$434.8K – $579.8K
NOI $34,786 @ 7.0% cap · market cap 13.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
329
Businesses Nearby
Explore this area
Business Placement
Demographics for 42431, KY
26,566
Population
12,569
Households
2.1
Avg Household Size
41
Median Age
20%
College-Educated
88%
High-School Grad
166.7 sq mi
ZIP Area
159
Density / Sq Mi
$57,529
Median Household Income
$37,671
Median Earnings
$858
Median Rent
$151,800
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?
Triplex - Triplex with three established rental units, updated interiors, central air, and a fenced lot with storage building.
Where is this triplex located?
The property is located at 118 S Franklin Madisonville, KY.
What is the asking price?
The asking price for this property is $255,900.
What are key features of this property?
This property features: 3 established rental units operating as Airbnb properties: Unit 1 (2 bed, 2 bath), Unit 2 (1 bed, 1 bath, office), Unit 3 (2 bed, 1 bath); 0.29‑acre deep fenced lot with a storage building and outbuildings; 2,946 SF, 2‑story brick triplex built in 1924 with a composition roof
