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    Renovated 27-Unit Apartment Building Title is generated by Realmo AI

    1213 W Reservoir Avenue, Central City, KY 42330

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    Pending
    $1,200,000

    MULTI_FAMILY - Central City, KY

    Lot size:
    1.90 Acres
    Added:
    Mar 17, 2025
    Days on Market:
    445
    Last Refresh:
    Jun 4 at 3:06 am

    Property Features for 1213 W Reservoir Avenue

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    4
    Bathrooms
    3
    Rooms
    Bedroom 4, Bathroom 1, Bathroom 3, Bedroom 1, Bedroom 3, Bedroom 2, Bathroom 2
    Standard status
    Pending
    Lot size
    1.90 Acres

    Building Details

    Year built
    1977
    Number of units
    27

    We can help!

    Listing Contact
    Jason Humble
    Jason Humble

    Listing agent Jason Humble License #216802

    Listing office Keller Williams First Choice R 1550 Westen St., Bowling Green, KY

    Listing date Mar 17, 2025

    MLS# RA20251420 Listing URL

    Copyright © 2026 REALTOR® Association of Southern Kentucky, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • 27‑unit investment property on approx. 1.9 acres, built in 1977
    • Renovated approx. 6 years ago, including exterior painting and replacement of a majority of PTAC heat/air units
    • Coin laundry on site for additional income
    • Reported approx. $174,000/year gross income
    • Tenants pay electric; owners pay water, sewer, and trash
    • One roof replaced; all units currently 100% occupied with a consistent rental history

    Overview

    This for-sale apartment building offers 27 units set on approximately 1.9 acres. The property was renovated about six years ago, including exterior painting by the owners and replacement of a majority of the PTAC heat/air units. A coin laundry is available on site. The building’s rent structure is designed for practical expense separation, with tenants paying electric and the owner covering water, sewer, and trash. One roof has been replaced, and the building is currently described as 100% occupied with a consistent rental history.

    Located at 1213 W Reservoir Avenue in Central City, Kentucky, the property sits in Muhlenberg County. The listing provides a residential income focus and does not note additional development details beyond the apartment configuration and on-site laundry.

    For tenants, the mix of individual PTAC heating and cooling supports straightforward, unit-level comfort. For buyers, the combination of recent renovations, ongoing site improvements, and an existing occupied status may appeal to an operator seeking a managed rental property with defined utility responsibilities. The on-site coin laundry also provides an additional resident-access amenity referenced in the listing.
    Property Profile 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 Pharmacy

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

    Location Insight

    • Map
    • Local Demand
    City
    Central City
    County
    Muhlenberg
    State
    Kentucky
    Longitude
    -87.1387998
    Latitude
    37.2816028

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    FAQs

    What type of property is this?
    Apartment building - Renovated multifamily with coin laundry and many PTAC units; tenants pay electric while owner covers water and sewer.
    Where is this apartment building located?
    The property is located at 1213 W Reservoir Avenue Central City, KY.
    What is the asking price?
    The asking price for this property is $1,200,000.
    What are key features of this property?
    This property features: 27‑unit investment property on approx. 1.9 acres, built in 1977; Renovated approx. 6 years ago, including exterior painting and replacement of a majority of PTAC heat/air units; Coin laundry on site for additional income
    (270) 792-8289
    We can help!
    Listing Contact
    Jason Humble
    Jason Humble
    Real Estate License ID: 216802
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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.

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