Townhome Portfolio with One-Car
166-180 Heritage Drive, Nicholasville, KY 40356
MULTI_FAMILY - Nicholasville, KY
Property size:
10,688 SFLot size:
0.51 AcresPrice / SF:
$128/SF- Added:
- Apr 17, 2026
- Days on Market:
- 80
- Last Refresh:
- Jul 5 at 3:06 am
Property Features for 166-180 Heritage Drive
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Bedrooms
- 16
- Bathrooms
- 13
- Rooms
- Bathroom 12, Bathroom 6, Laundry Room, Bedroom 7, Bathroom 2, Bathroom 4, Bathroom 10, Bedroom 3, Bedroom 14, Bathroom 13, Bedroom 12, Bedroom 13, Bathroom 5, Bedroom 2, Bathroom 1, Bedroom 16, Bathroom 15, Bathroom 14, Bedroom 5, Bedroom 8, Bedroom 6, Bedroom 15, Bathroom 17, Bedroom 11, Bathroom 7, Bathroom 3, Bedroom 9, Bathroom 8, Bedroom 4, Bedroom 10, Bathroom 11, Bathroom 9, Bathroom 16, Bedroom 1
- Parking
- 16
- Parking features
- Covered, Open
- Standard status
- Active
- APN
- 057-40-12-045.00
- Size
- 10,688 SF
- Lot size
- 0.51 Acres
Utilities
- Utilities
- Cable Available
- Heating system
- Natural Gas, Heat Pump (Heating)
- Cooling system
- Central Air
Building Details
- Year built
- 1988
- Floors in Building
- 3
- Number of units
- 8
- Roof type
- Shingle
Listing agent Terra Jeffries (859) 312-0058
Listing office RE/MAX Elite Realty 465 S Fourth St, Lexington, KY (859) 209-5036
Listing date Apr 17, 2026
MLS# 26008271
Listing URL
Copyright © 2026 ImagineMLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
HighLights
- 8 townhomes in a rental portfolio, 100% occupancy, featuring a mix of long‑term and month‑to‑month tenants
- All 8 units are 2‑bedroom, 1.5‑bath with one‑car garages
- Basements: 7 units have unfinished basements; the 8th basement is used as a management office
- Updates include new roofs, new siding, new gutters, and new windows (over 40 windows) plus several new AC units
- Tenants pay all utilities; cable is available
- Located on the north side of Lake Mingo Park, with walkability to jobs, shopping, and Main Street
Overview
This offering consists of eight townhomes arranged as a residential income portfolio. Each unit features 2 bedrooms and 1.5 bathrooms with a one-car garage. Seven units include unfinished basements, while the basement for the eighth unit is currently used as a management office.
The property is located on the north side of Lake Mingo Park, which was recently upgraded. The public remarks describe the setting as walkable to jobs, shopping, and Main Street. The tenant mix is noted as a combination of long-term tenancy and month-to-month tenants, and the listing states the property is 100% occupied.
Recent exterior and systems improvements are highlighted throughout the community, including new roofs, new siding, new gutters, and new windows, with more than 40 windows replaced. Several new AC units are also cited. Tenants are responsible for all utilities. For buyers evaluating a small multifamily portfolio— including those considering a 1031 exchange—this configuration provides eight consistent 2-bedroom layouts with garage parking and basement space, including a dedicated management-office arrangement for one unit.
The property is located on the north side of Lake Mingo Park, which was recently upgraded. The public remarks describe the setting as walkable to jobs, shopping, and Main Street. The tenant mix is noted as a combination of long-term tenancy and month-to-month tenants, and the listing states the property is 100% occupied.
Recent exterior and systems improvements are highlighted throughout the community, including new roofs, new siding, new gutters, and new windows, with more than 40 windows replaced. Several new AC units are also cited. Tenants are responsible for all utilities. For buyers evaluating a small multifamily portfolio— including those considering a 1031 exchange—this configuration provides eight consistent 2-bedroom layouts with garage parking and basement space, including a dedicated management-office arrangement for one unit.
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $155.2k | $14.52 |
| − Vacancy | −$6.8k | −$0.64 |
| EGI | $148.4k | $13.88 |
| − OpEx | −$66.8k | −$6.25 |
| NOI | $81.6k | $7.63 |
10,688 SF · lease $14.52/SF/yr · vacancy 4.40% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.17M
$1.02M – $1.36M
NOI $81,599 @ 7.0% cap · market cap 5.96%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.71M
$2.37M – $3.16M
NOI $189,614 @ 7.0% cap · market cap 13.84%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
1031 exchange properties
Location Insight
- Map
- Local Demand
- City
- Nicholasville
- County
- Jessamine
- State
- Kentucky
- Longitude
- -84.565422
- Latitude
- 37.89109
Nearby Similar for Sale
FAQs
What type of property is this?
Apartment building - Eight townhomes offer updated exteriors, private one-car garages, and tenant-paid utilities for an income-focused ownership plan.
Where is this apartment building located?
The property is located at 166-180 Heritage Drive Nicholasville, KY.
What is the asking price?
The asking price for this property is $1,370,000.
What are key features of this property?
This property features: 8 townhomes in a rental portfolio, 100% occupancy, featuring a mix of long‑term and month‑to‑month tenants; All 8 units are 2‑bedroom, 1.5‑bath with one‑car garages; Basements: 7 units have unfinished basements; the 8th basement is used as a management office
