6-Unit Townhome Apartment
For Sale
$1,028,000
170-180 Heritage Drive, Nicholasville, KY 40356
Residential Income, Nicholasville, KY
Property Size8,016 SF
Lot Size0.39 Acres
Price / SF$128.24
Days on Market150
Property Features for 170-180 Heritage Drive
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Bedrooms
12
Bathrooms
10
Full bathrooms
6
Half bathrooms
7
Rooms
Bathroom 8, Bathroom 4, Bathroom 11, Bedroom 2, Bedroom 4, Bathroom 3, Bathroom 9, Bathroom 7, Bedroom 12, Bedroom 9, Bathroom 1, Bathroom 12, Bedroom 6, Bedroom 11, Bedroom 10, Bathroom 6, Bedroom 7, Bathroom 13, Bathroom 5, Laundry Room, Bedroom 1, Bedroom 3, Bedroom 8, Bathroom 2, Bathroom 10, Bedroom 5
Parking
12
Parking features
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 Nicholasville to Strawberry Lane and Right on Heritage Dr. The first set of townhomes on the left. There is no sign.
Standard status
Active
APN
057-40-12-045.00
Size
8,016 SF
Lot size
0.39 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
6
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: Apr 17
Changed: Sep 12
Last Checked: Sep 13 at 6:06AM
MLS# 26008271
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 6-unit apartment property contains 8,016 square feet across townhome-style residences built in 1988. Each unit includes 2 bedrooms, 1.5 bathrooms, and a one-car garage. Five basements remain unfinished, while the sixth is configured as a management office. Recent capital improvements include roofs, siding, gutters, windows, and several AC units. Heating includes natural gas and heat pumps, with central air conditioning and shingle roofing.
The property occupies 0.385 acres at 170-180 Heritage Drive in Nicholasville, Kentucky, on the north side of Lake Mingo Park. Residents have walkable access to employment, shopping, and Main Street. Occupancy is reported at 100%, with a combination of long-term and month-to-month tenancies. Tenants pay all utilities.
The property occupies 0.385 acres at 170-180 Heritage Drive in Nicholasville, Kentucky, on the north side of Lake Mingo Park. Residents have walkable access to employment, shopping, and Main Street. Occupancy is reported at 100%, with a combination of long-term and month-to-month tenancies. Tenants pay all utilities.
Key Highlights
- 6 apartment units, each with 2 bedrooms, 1.5 bathrooms, and a one‑car garage
- 8,016 square feet on 0.385 acres in Nicholasville, KY
- 100% occupancy with long‑term and month‑to‑month tenancies
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
$61,199
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
5.95%
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%
$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
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
$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 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%
$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.
Property Analytics
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Current Use
Lease Details
6
Residential units
100%
Occupancy
Multi-tenant
Tenancy
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?
Apartment building - Townhome-style units offer private garages, basement space, and a mix of long-term and month-to-month tenancy.
Where is this apartment building located?
The property is located at 170-180 Heritage Drive 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: 6 apartment units, each with 2 bedrooms, 1.5 bathrooms, and a one‑car garage; 8,016 square feet on 0.385 acres in Nicholasville, KY; 100% occupancy with long‑term and month‑to‑month tenancies
