Two-Story
194 Fairway Lane, Somerset, KY 42503
For Sale
New
$525,000
Residential Income, Somerset, KY
Property Size3,600 SF
Lot Size0.97 Acres
Price / SF$145.83
Days on Market3
Property Features for 194 Fairway Lane
General Information
Property type
Property subtype
Bedrooms
Bathrooms
Full bathrooms
Half bathrooms
Rooms
Parking
Subdivision
Elementary school
Middle school
High school
Elementary school district
Middle school district
High school district
Directions
Standard status
APN
Size
Lot size
Additional Details
Tenant in Place
Utilities
Heating system
Cooling system
Amenities
9-foot ceilings
washer/dryer hookups
Building Details
Year built
Floors in Building
Number of units
Roof type
Buildings
Listing Agency:
CENTURY 21 Advantage Realty
(606) 451-1021
Listed By:
Jessica C Vincent · License #263385
(606) 271-1175
Added: Nov 5
Changed: Nov 6
Last Checked: Nov 7 at 1:06PM
MLS# 26030674
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.
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Investment Insights
Based on property information with market context.
Completed in 2023, this 3,600-square-foot triplex contains three two-story units, each configured with two bedrooms and one-and-a-half baths. The building has 9-foot ceilings, newer appliances, and washer and dryer hookups. The property occupies a 0.97-acre site and is heated by a heat pump, with electric cooling and a composition shingle roof.
The property is less than one mile from major highways, downtown Somerset, schools, shopping, dining, and Lake Cumberland Regional Hospital. Golf course views are also noted from the site.
The property is less than one mile from major highways, downtown Somerset, schools, shopping, dining, and Lake Cumberland Regional Hospital. Golf course views are also noted from the site.
Key Highlights
- Three units, each with 2 bedrooms and 1.5 baths
- 3,600‑square‑foot building on a 0.97‑acre parcel
- Built in 2023 with 9‑foot ceilings
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$27,447
Cap Rate
5.23%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$548,940
$548.9K
Cap Rate 7%
$392,100
$392.1K
Cap Rate 9%
$304,967
$305.0K
Market Conditions
NOI Build-Up for 3,600 SF
Gross rent
$41.0K $11.40/SF
− Vacancy
−$1.8K −$0.51/SF
EGI
$39.2K $10.89/SF
− OpEx
−$11.8K −$3.27/SF
NOI
$27.4K $7.62/SF
Area
Pulaski County, KY
Vacancy
4.46%
Lease Rate
$11.40 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$548,940
Cap Rate 7%
$392,100
Cap Rate 9%
$304,967
Alternative Uses
Best Use
Multifamily LT 5
$392.1K
$343.1K – $457.5K
NOI $27,447 @ 7.0% cap · market cap 5.23%
Second Best
Apartment 5plus
$349.4K
$305.7K – $407.6K
NOI $24,455 @ 7.0% cap · market cap 4.66%
Theoretical Best
Specialty Retail
$613.3K
$536.7K – $715.5K
NOI $42,932 @ 7.0% cap · market cap 8.18%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Lease Details
3
Residential units
100%
Occupancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
221
Businesses Nearby
Explore this area
Business Placement
Demographics for 42503, KY
24,670
Population
11,588
Households
2.1
Avg Household Size
42
Median Age
23%
College-Educated
85%
High-School Grad
129.5 sq mi
ZIP Area
191
Density / Sq Mi
$53,377
Median Household Income
$35,319
Median Earnings
$873
Median Rent
$198,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Triplex - Three occupied rental units offer two bedrooms, one-and-a-half baths, and in-unit laundry hookups.
Where is this triplex located?
The property is located at 194 Fairway Lane Somerset, KY.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: Three units, each with 2 bedrooms and 1.5 baths; 3,600‑square‑foot building on a 0.97‑acre parcel; Built in 2023 with 9‑foot ceilings
