Six-Unit Townhome Apartment
For Sale
$1,028,000
170-180 Heritage Dr, Nicholasville, KY 40356
Six attached residences offer consistent layouts, private garages, basement space, and recent exterior improvements.
Property Size8,016 SF
Price / SF$128.24
Days on Market184
Property Features for 170-180 Heritage Dr
General Information
Standard status
Active
Size
8,016 SF
Total Parking Spaces
6
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
6 x 2BR/1.5BA
Multifamily Units
6
Parking per Unit
1
Additional Details
Utilities to Site
Yes
Building Details
Year Built
1988
Tenancy
Multi
Listing Agency:
RE/MAX Elite Realty
Listed By:
Terra Jeffries · License #223352
(859) 312-0058
Source:
Centralkentuckyhouses
Added: Apr 16
Changed: Oct 15
Last Checked: Oct 16 at 9:16AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of RE/MAX Elite Realty
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Investment Insights
Based on property information with market context.
This six-unit apartment property at 170-180 Heritage Dr in Nicholasville, Kentucky, contains 8,016 square feet and was built in 1988. Each townhome includes two bedrooms, one and a half bathrooms, and a one-car garage. Five units have unfinished basements, while the basement in the sixth unit serves as a management office.
Recent capital improvements include new roofs, siding, gutters, and windows, along with several new AC units. The property is reported at 100% occupancy, with a combination of long-term and month-to-month tenancies. Residents pay all utilities. The property sits on the north side of upgraded Lake Mingo Park, with walkable access to jobs, shopping, and Main Street.
Recent capital improvements include new roofs, siding, gutters, and windows, along with several new AC units. The property is reported at 100% occupancy, with a combination of long-term and month-to-month tenancies. Residents pay all utilities. The property sits on the north side of upgraded Lake Mingo Park, with walkable access to jobs, shopping, and Main Street.
Key Highlights
- Six townhome‑style apartment units totaling 8,016 SF
- 100% occupancy with long‑term and month‑to‑month tenancies
- Every unit includes 2 bedrooms, 1.5 bathrooms, and a one‑car garage
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$61,199
Cap Rate
5.95%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,223,980
$1.2M
Cap Rate 7%
$874,271
$874.3K
Cap Rate 9%
$679,989
$680.0K
Market Conditions
NOI Build-Up for 8,016 SF
Gross rent
$116.4K $14.52/SF
− Vacancy
−$5.1K −$0.64/SF
EGI
$111.3K $13.88/SF
− OpEx
−$50.1K −$6.25/SF
NOI
$61.2K $7.63/SF
Area
Jessamine County, KY
Vacancy
4.40%
Lease Rate
$14.52 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,223,980
Cap Rate 7%
$874,271
Cap Rate 9%
$679,989
Alternative Uses
Best Use
Apartment 5plus
$874.3K
$765.0K – $1.02M
NOI $61,199 @ 7.0% cap · market cap 5.95%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.03M
$1.78M – $2.37M
NOI $142,210 @ 7.0% cap · market cap 13.83%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Lease Details
6
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Utilities to site
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
Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - Six attached residences offer consistent layouts, private garages, basement space, and recent exterior improvements.
Where is this apartment building located?
The property is located at 170-180 Heritage Dr Nicholasville, KY.
What is the asking price?
The asking price for this property is $1,028,000.
What are key features of this property?
This property features: Six townhome‑style apartment units totaling 8,016 SF; 100% occupancy with long‑term and month‑to‑month tenancies; Every unit includes 2 bedrooms, 1.5 bathrooms, and a one‑car garage
