2023-Built 15-Unit Apartment
New
For Sale
$2,890,000
2007 S Main Street, Paris, KY 40361
Commercial Sale, Paris, KY
Property Size16,950 SF
Lot Size0.64 Acres
Price / SF$170.50
Days on Market2
Property Features for 2007 S Main Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
B-2
Parking
30
Subdivision
City Limits
Directions
South Main Street, Across From Bourbon Heights Nursing Home.
Standard status
Active
APN
026-60-01-008.00
Size
16,950 SF
Lot size
0.64 Acres
Utilities
Sewer type
Public Sewer
Heating system
Heat Pump (Heating)
Cooling system
Heat Pump
Building Details
Year built
2023
Floors in Building
3
Building materials
Concrete
Roof type
Flat, Rubber
Listing Agency:
Kentucky Prime Realty, LLC
(859) 265-5100
Listed By:
Rodney Dotson
(859) 621-5564
Added: Sep 11
Last Checked: Sep 12 at 9:06AM
MLS# 26025114
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.
Completed in 2023, this 15-unit apartment building contains 16,950 square feet on a 0.643-acre parcel. Each residence is configured as a two-bedroom, one-bathroom unit, creating a consistent layout across the property. The building is constructed with concrete materials and has a flat rubber roof.
Building systems include heat pump heating and cooling, with service provided by a public sewer connection. The property is zoned B-2 and is located at 2007 S Main Street in Paris, Kentucky.
Building systems include heat pump heating and cooling, with service provided by a public sewer connection. The property is zoned B-2 and is located at 2007 S Main Street in Paris, Kentucky.
Key Highlights
- 15‑unit apartment building with 15 identical two‑bedroom, one‑bathroom layouts
- 16,950‑square‑foot building on 0.643 acres
- Completed in 2023
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
$129,407
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
4.48%
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%
$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
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
$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 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%
$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.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
15
Residential units
Location Intelligence
Trade Area within ½ mile
367
Businesses Nearby
Explore this area
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
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
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Newly constructed multifamily property with uniform two-bedroom layouts and public sewer service.
Where is this apartment building located?
The property is located at 2007 S Main Street 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 building with 15 identical two‑bedroom, one‑bathroom layouts; 16,950‑square‑foot building on 0.643 acres; Completed in 2023
