Furnished Triplex With Updated
118 S Franklin, Madisonville, KY 42431
For Sale
$255,900
Residential Income, Madisonville, KY
Property Size2,946 SF
Lot Size0.29 Acres
Price / SF$86.86
Days on Market142
Property Features for 118 S Franklin
General Information
Property type
Property subtype
Bedrooms
Rooms
Window features
Patio and Porch features
Interior features
Exterior features
Appliances
Subdivision
Directions
Standard status
Size
Lot size
Additional Details
Currently Operating
Utilities
Heating system
Cooling system
Amenities
in-unit laundry
storage building
Building Details
Year built
Number of units
Building materials
Roof type
Additional Structures
Listing Agency:
Haven Realty, LLC
(270) 245-2626
Listed By:
Sara Spencer · License KY #241639
(270) 836-2771
Added: Jun 22
Changed: Oct 30
Last Checked: Nov 10 at 10:06AM
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.
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Investment Insights
Based on property information with market context.
This two-story brick triplex contains 2,946 square feet and three established rental units currently operating as Airbnb properties. The layout includes a two-bedroom, two-bath unit; a one-bedroom, one-bath unit with an office; and a second two-bedroom, one-bath unit. Each residence has updated living rooms, kitchens, and laundry areas and is furnished with linens and kitchenware. Appliances include ranges, refrigerators, dishwashers, microwaves, washers, dryers, and garbage disposals.
The property occupies a 0.29-acre deep, fenced lot at 118 S Franklin in Madisonville, with downtown shops, restaurants, and local attractions within a short walk. A storage building provides additional onsite space. The roof and gutters were replaced in 2025, and all three HVAC units are approximately 5 years old. Additional features include decks, hardwood and tile flooring, walk-in closets, natural-gas heating, and central air conditioning.
The property occupies a 0.29-acre deep, fenced lot at 118 S Franklin in Madisonville, with downtown shops, restaurants, and local attractions within a short walk. A storage building provides additional onsite space. The roof and gutters were replaced in 2025, and all three HVAC units are approximately 5 years old. Additional features include decks, hardwood and tile flooring, walk-in closets, natural-gas heating, and central air conditioning.
Key Highlights
- Three established Airbnb rental units in a single triplex
- 2,946‑square‑foot, two‑story brick property built in 1924
- Unit mix includes 2BR/2BA, 1BR/1BA with office, and 2BR/1BA
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$19,983
Cap Rate
7.81%
Suggested Prices Based on Cap Rates
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
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 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.
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Lease Details
3
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
821
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Triplex - Three furnished rental units include kitchens, laundry areas, and varied bedroom configurations.
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: Three established Airbnb rental units in a single triplex; 2,946‑square‑foot, two‑story brick property built in 1924; Unit mix includes 2BR/2BA, 1BR/1BA with office, and 2BR/1BA
