Triplex with Walk-Out Basement
For Sale
$359,900
208 Auburn Avenue, Somerset, KY 42503
MULTI_FAMILY - Somerset, KY
Property Size4,314 SF
Lot Size0.35 Acres
Price / SF$83.43
Days on Market50
Property Features for 208 Auburn Avenue
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 2, Bedroom 2, Bathroom 4, Bedroom 4, Bedroom 5, Bedroom 1, Bedroom 3, Bedroom 6, Bathroom 3, Bathroom 1
Subdivision
Southern Hills
Elementary school
Southern
Middle school
Southern
High school
Southwestern
Elementary school district
Pulaski County - 45
Middle school district
Pulaski County - 45
High school district
Pulaski County - 45
Directions
Hwy 27 to Parkers Mill Rd. Follow to Southern Hills. Make a left on Auburn and property is on the left
Standard status
Active
APN
062-5-1-41
Size
4,314 SF
Lot size
0.35 Acres
Utilities
Heating system
Heat Pump (Heating), Electric (Heating)
Cooling system
Window Unit(s), Central Air
Building Details
Year built
1970
Floors in Building
1
Number of units
3
Listing Agency:
Keller Williams Bluegrass Realty - Lake Cumberland
(606) 875-1333
Listed By:
Millie King Weaver · License #208856
(606) 875-1333
Added: Jun 18
Changed: Aug 4
Last Checked: Aug 6 at 7:06PM
MLS# 26014349
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.
This triplex-style property offers three rental units in one building, designed for flexible owner or investor setups. The main level includes approximately 2,157 square feet with three bedrooms and two full bathrooms. A walk-out basement is divided into two separate apartments: a two-bedroom, one-bath unit and a one-bedroom, one-bath unit. Each basement apartment has its own electric service.
The property sits on a 0.345-acre lot at 208 Auburn Avenue in Somerset, KY 42503 (Pulaski County). Heating is provided by heat pump and electric systems, and cooling includes window unit(s) along with central air. The layout includes multiple bedrooms and full bathrooms across the three units, supporting a straightforward rental configuration.
With parking available and the building arranged to create separate living spaces, this is a practical fit for buyers looking for income from multiple units while keeping unit separation in mind.
The property sits on a 0.345-acre lot at 208 Auburn Avenue in Somerset, KY 42503 (Pulaski County). Heating is provided by heat pump and electric systems, and cooling includes window unit(s) along with central air. The layout includes multiple bedrooms and full bathrooms across the three units, supporting a straightforward rental configuration.
With parking available and the building arranged to create separate living spaces, this is a practical fit for buyers looking for income from multiple units while keeping unit separation in mind.
Key Highlights
- Three rental units in one building
- Main level has approximately 2,157 SF with three bedrooms and two full bathrooms
- Walk‑out basement includes two apartments: 2BR/1BA and 1BR/1BA
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
$32,890
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
9.14%
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%
$657,800
$657.8K
Cap Rate 7%
$469,857
$469.9K
Cap Rate 9%
$365,444
$365.4K
Market Conditions
NOI Build-Up for 4,314 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
$49.2K $11.40/SF
− Vacancy
−$2.2K −$0.51/SF
EGI
$47.0K $10.89/SF
− OpEx
−$14.1K −$3.27/SF
NOI
$32.9K $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 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%
$657,800
Cap Rate 7%
$469,857
Cap Rate 9%
$365,444
Alternative Uses
Best Use
Multifamily LT 5
$469.9K
$411.1K – $548.2K
NOI $32,890 @ 7.0% cap · market cap 9.14%
Second Best
Apartment 5plus
$418.6K
$366.3K – $488.4K
NOI $29,305 @ 7.0% cap · market cap 8.14%
Theoretical Best
Specialty Retail
$735.0K
$643.1K – $857.5K
NOI $51,447 @ 7.0% cap · market cap 14.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
438
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Triplex in Somerset built in 1970, featuring three rental units with separate electric service for basement apartments.
Where is this triplex located?
The property is located at 208 Auburn Avenue Somerset, KY.
What is the asking price?
The asking price for this property is $359,900.
What are key features of this property?
This property features: Three rental units in one building; Main level has approximately 2,157 SF with three bedrooms and two full bathrooms; Walk‑out basement includes two apartments: 2BR/1BA and 1BR/1BA
