Six-Unit Townhome Apartment
For Sale
$1,028,000
170180 170-180 Heritage Dr, Nicholasville, KY 40356
Updated roofs, siding, gutters, and windows complement garage-equipped residential units.
Property Size8,016 SF
Price / SF$128.24
Days on Market23
Property Features for 170180 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
Building Details
Year Built
1988
Tenancy
Multi
Listing Agency:
RE/MAX Elite Realty
(859) 312-0058
Listed By:
Terra Jeffries
Source:
Meliarealty
Added: Aug 10
Changed: Aug 30
Last Checked: Aug 31 at 6:27PM
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
Investment Insights
Based on property information with market context.
This 6-unit apartment property consists of townhomes with a consistent two-bedroom, 1.5-bathroom layout and one-car garages. Five units include unfinished basements, while the basement in the sixth unit serves as a management office. Exterior improvements include new roofs, siding, gutters, and windows, along with several new AC units. Tenants pay all utilities, and the property is reported at 100% occupancy with a combination of long-term and month-to-month tenancies.
The property is located at 170180 170-180 Heritage Dr in Nicholasville, Kentucky, on the north side of recently upgraded Lake Mingo Park. The site is described as walkable to employment, shopping, and Main Street. Built in 1988, the six-unit configuration provides a defined residential income layout with on-site garage parking and dedicated management space.
The property is located at 170180 170-180 Heritage Dr in Nicholasville, Kentucky, on the north side of recently upgraded Lake Mingo Park. The site is described as walkable to employment, shopping, and Main Street. Built in 1988, the six-unit configuration provides a defined residential income layout with on-site garage parking and dedicated management space.
Key Highlights
- 6 townhome units with 2 bedrooms and 1.5 bathrooms each
- 100% occupancy with long‑term and month‑to‑month tenancy
- One‑car garage included with every unit
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
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Updated roofs, siding, gutters, and windows complement garage-equipped residential units.
Where is this apartment building located?
The property is located at 170180 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: 6 townhome units with 2 bedrooms and 1.5 bathrooms each; 100% occupancy with long‑term and month‑to‑month tenancy; One‑car garage included with every unit
