15-Unit Apartment
For Sale
$2,890,000
2007 S Main St, Paris, KY 40361
Newly constructed multifamily property with uniform two-bedroom, one-bath layouts.
Property Size16,950 SF
Price / SF$170.50
Days on Market48
Property Features for 2007 S Main St
General Information
Standard status
Active
Size
16,950 SF
Property subtype
Commercial
Units
Unit Mix
15 x 2BR/1BA
Multifamily Units
15
Additional Details
Cap Rate
8%
Building Details
Year Built
2023
Listing Agency:
Keller Williams Commonwealth - Somerset
Listed By:
Lake Cumberland Real Estate Professional
(606) 677-0059
Source:
Lakecumberlandky
Added: Sep 13
Changed: Oct 28
Last Checked: Oct 28 at 7:50AM
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 Keller Williams Commonwealth - Somerset
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Investment Insights
Based on property information with market context.
Completed in 2023, this 16,950-square-foot apartment property contains 15 units with a consistent layout throughout. Each residence offers 2 bedrooms and 1 bathroom, creating a uniform configuration across the building.
The property is located at 2007 S Main St in Paris, KY 40361. Current in-place income reflects an 8.00% capitalization rate, providing an established operating metric for evaluation.
The property is located at 2007 S Main St in Paris, KY 40361. Current in-place income reflects an 8.00% capitalization rate, providing an established operating metric for evaluation.
Key Highlights
- 15‑unit apartment property completed in 2023
- 16,950‑square‑foot multifamily building
- All 15 units feature 2 bedrooms and 1 bathroom
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$129,407
Cap Rate
4.48%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,588,140
$2.6M
Cap Rate 7%
$1,848,671
$1.8M
Cap Rate 9%
$1,437,856
$1.4M
Market Conditions
NOI Build-Up for 16,950 SF
Gross rent
$246.1K $14.52/SF
− Vacancy
−$10.8K −$0.64/SF
EGI
$235.3K $13.88/SF
− OpEx
−$105.9K −$6.25/SF
NOI
$129.4K $7.63/SF
Area
Bourbon 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%
$2,588,140
Cap Rate 7%
$1,848,671
Cap Rate 9%
$1,437,856
Alternative Uses
Best Use
Apartment 5plus
$1.85M
$1.62M – $2.16M
NOI $129,407 @ 7.0% cap · market cap 4.48%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.30M
$3.76M – $5.01M
NOI $300,707 @ 7.0% cap · market cap 10.41%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
15
Residential units
Location Intelligence
Trade Area within ½ mile
367
Businesses Nearby
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Business Placement
Demographics for 40361, KY
18,214
Population
8,173
Households
2.2
Avg Household Size
42
Median Age
25%
College-Educated
87%
High-School Grad
257.1 sq mi
ZIP Area
71
Density / Sq Mi
$57,074
Median Household Income
$36,206
Median Earnings
$793
Median Rent
$216,700
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - Newly constructed multifamily property with uniform two-bedroom, one-bath layouts.
Where is this apartment building located?
The property is located at 2007 S Main St Paris, KY.
What is the asking price?
The asking price for this property is $2,890,000.
What are key features of this property?
This property features: 15‑unit apartment property completed in 2023; 16,950‑square‑foot multifamily building; All 15 units feature 2 bedrooms and 1 bathroom
