15-Unit Apartment
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 Market47
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
2024
Floors in Building
3
Building materials
Concrete
Roof type
Rubber, Flat
Listing Agency:
Kentucky Prime Realty, LLC
(859) 265-5100
Listed By:
Rodney Dotson
(859) 621-5564
Added: Sep 11
Changed: Oct 21
Last Checked: Oct 27 at 5:06PM
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.
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Investment Insights
Based on property information with market context.
Completed in October 2024, this 15-unit apartment property contains 16,950 square feet on a 0.643-acre parcel. The building has concrete construction, a flat rubber roof, and heat-pump heating and cooling. Public sewer serves the property, which is zoned B-2.
Each apartment follows the same two-bedroom, one-bathroom layout. The reported capitalization rate is 8.00% on current in-place income.
Each apartment follows the same two-bedroom, one-bathroom layout. The reported capitalization rate is 8.00% on current in-place income.
Key Highlights
- 15 apartments, each with a two‑bedroom, one‑bathroom layout
- 16,950 square feet on a 0.643‑acre parcel
- Completed in October 2024
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
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
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - All residences have two bedrooms and one bathroom in a building completed in 2024.
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 apartments, each with a two‑bedroom, one‑bathroom layout; 16,950 square feet on a 0.643‑acre parcel; Completed in October 2024
