Duplex with Updated
For Sale
$350,000
170-172 Heritage Drive, Nicholasville, KY 40356
Residential Income, Nicholasville, KY
Property Size2,670 SF
Lot Size0.13 Acres
Price / SF$131.09
Days on Market49
Property Features for 170-172 Heritage Drive
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
R-2
Zoning description
Residential multi family
Bedrooms
4
Bathrooms
3
Full bathrooms
2
Half bathrooms
2
Rooms
Bedroom 1, Laundry Room, Bathroom 3, Bathroom 4, Bathroom 1, Bedroom 4, Bedroom 2, Bathroom 2, Bedroom 3
Parking
6
Parking features
Covered, Open
Subdivision
Orchard
Elementary school
Red Oak
Middle school
East Jessamine Middle School
High school
East Jess HS
Elementary school district
Jessamine County - 9
Middle school district
Jessamine County - 9
High school district
Jessamine County - 9
Directions
Main Street to Strawberry to Heritage. 166-168 will be on the left
Standard status
Active
APN
057-40-12-048.00
Size
2,670 SF
Lot size
0.13 Acres
Utilities
Utilities
Cable Available
Heating system
Heat Pump (Heating), Natural Gas
Cooling system
Central Air
Building Details
Year built
1988
Floors in Building
3
Number of units
2
Roof type
Shingle
Listing Agency:
RE/MAX Elite Realty · RE/MAX International
(859) 209-5036
Listed By:
Terra Jeffries · License #223352
(859) 312-0058
Added: Jul 29
Changed: Sep 12
Last Checked: Sep 15 at 11:06PM
MLS# 26020566
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.
Investment Insights
Based on property information with market context.
This duplex contains two occupied townhome units with 2 bedrooms per unit, individual one-car garages, and unfinished basements. The property totals 2,670 square feet on a 0.1286-acre lot and was built in 1988. Recent exterior improvements include a new roof, siding, gutters, and windows. Interior systems include natural gas and heat pump heating, central air, and cable availability.
The property is positioned on the north side of Lake Mingo Park in Nicholasville, with stated walkability to jobs, shopping, parks, and Main Street. Zoned R-2, the asset offers a two-unit configuration with tenants responsible for all utilities. Open and covered parking are included.
The property is positioned on the north side of Lake Mingo Park in Nicholasville, with stated walkability to jobs, shopping, parks, and Main Street. Zoned R-2, the asset offers a two-unit configuration with tenants responsible for all utilities. Open and covered parking are included.
Key Highlights
- Two occupied townhome units with 2 bedrooms per unit
- 2,670 square feet on a 0.1286‑acre lot
- New roof, siding, gutters, and windows
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
$22,780
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
6.51%
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%
$455,600
$455.6K
Cap Rate 7%
$325,429
$325.4K
Cap Rate 9%
$253,111
$253.1K
Market Conditions
NOI Build-Up for 2,670 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
$34.0K $12.72/SF
− Vacancy
−$1.4K −$0.53/SF
EGI
$32.5K $12.19/SF
− OpEx
−$9.8K −$3.66/SF
NOI
$22.8K $8.53/SF
Area
Jessamine County, KY
Vacancy
4.18%
Lease Rate
$12.72 /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%
$455,600
Cap Rate 7%
$325,429
Cap Rate 9%
$253,111
Alternative Uses
Best Use
Multifamily LT 5
$325.4K
$284.8K – $379.7K
NOI $22,780 @ 7.0% cap · market cap 6.51%
Second Best
Apartment 5plus
$291.2K
$254.8K – $339.7K
NOI $20,384 @ 7.0% cap · market cap 5.82%
Theoretical Best
Office A
$676.7K
$592.1K – $789.5K
NOI $47,368 @ 7.0% cap · market cap 13.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
439
Businesses Nearby
Explore this area
Business Placement
Demographics for 40356, KY
44,381
Population
17,934
Households
2.5
Avg Household Size
39
Median Age
31%
College-Educated
90%
High-School Grad
139.5 sq mi
ZIP Area
318
Density / Sq Mi
$75,264
Median Household Income
$41,427
Median Earnings
$1,020
Median Rent
$246,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Two occupied townhome units offer individual garages, unfinished basements, and separate utility responsibility.
Where is this duplex located?
The property is located at 170-172 Heritage Drive Nicholasville, KY.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: Two occupied townhome units with 2 bedrooms per unit; 2,670 square feet on a 0.1286‑acre lot; New roof, siding, gutters, and windows
