Renovated 38-Unit Apartment
New
For Sale
$4,500,000
2150 Irvin Cobb Dr, Paducah, KY 42003
Unit interiors feature granite counters, stainless steel appliances, and luxury vinyl plank flooring.
Property Size20,568 SF
Price / SF$218.79
Days on Market5
Property Features for 2150 Irvin Cobb Dr
General Information
Standard status
Active
Size
20,568 SF
Property subtype
Business Opportunity
Listing Agency:
LP Real Estate Services LLC
Listed By:
Lenny Powley · License #276343
(270) 210-0073
Source:
Exprealty
Added: Oct 27
Changed: Oct 30
Last Checked: Oct 30 at 3:11PM
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 LP Real Estate Services LLC
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Investment Insights
Based on property information with market context.
Renovated in 2025, this 38-unit apartment property spans 20,568 square feet on 4.6 acres. The unit mix includes 27 one-bedroom apartments averaging approximately 850 square feet and 11 two-bedroom apartments averaging approximately 1,050 square feet. Individual utility metering, granite countertops, stainless steel appliances, and luxury vinyl plank flooring are provided in each apartment.
The property has 276 feet of frontage along Irvin Cobb Dr in Paducah, Kentucky. A separate commercial lot of just under 6,000 square feet is included, with utilities available for hookup. An on-site maintenance person supports repair requests, apartment turns, and unit cleanouts.
The property has 276 feet of frontage along Irvin Cobb Dr in Paducah, Kentucky. A separate commercial lot of just under 6,000 square feet is included, with utilities available for hookup. An on-site maintenance person supports repair requests, apartment turns, and unit cleanouts.
Key Highlights
- 38 apartments renovated in 2025
- 27 one‑bedroom units averaging approximately 850 square feet and 11 two‑bedroom units averaging approximately 1,050 square feet
- 20,568‑square‑foot apartment property on 4.6 acres
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$168,741
Cap Rate
3.75%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,374,820
$3.4M
Cap Rate 7%
$2,410,586
$2.4M
Cap Rate 9%
$1,874,900
$1.9M
Market Conditions
NOI Build-Up for 20,568 SF
Gross rent
$335.7K $16.32/SF
− Vacancy
−$28.9K −$1.40/SF
EGI
$306.8K $14.92/SF
− OpEx
−$138.1K −$6.71/SF
NOI
$168.7K $8.20/SF
Area
McCracken County, KY
Vacancy
8.60%
Lease Rate
$16.32 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,374,820
Cap Rate 7%
$2,410,586
Cap Rate 9%
$1,874,900
Alternative Uses
Best Use
Apartment 5plus
$2.41M
$2.11M – $2.81M
NOI $168,741 @ 7.0% cap · market cap 3.75%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$4.29M
$3.75M – $5.00M
NOI $299,984 @ 7.0% cap · market cap 6.67%
Zoning and permitted uses should be independently verified with authorities.
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Location Intelligence
Trade Area within ½ mile
222
Businesses Nearby
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Business Placement
Demographics for 42003, KY
28,592
Population
14,132
Households
2
Avg Household Size
43
Median Age
22%
College-Educated
92%
High-School Grad
69.0 sq mi
ZIP Area
414
Density / Sq Mi
$54,052
Median Household Income
$33,566
Median Earnings
$696
Median Rent
$160,700
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 - Unit interiors feature granite counters, stainless steel appliances, and luxury vinyl plank flooring.
Where is this apartment building located?
The property is located at 2150 Irvin Cobb Dr Paducah, KY.
What is the asking price?
The asking price for this property is $4,500,000.
What are key features of this property?
This property features: 38 apartments renovated in 2025; 27 one‑bedroom units averaging approximately 850 square feet and 11 two‑bedroom units averaging approximately 1,050 square feet; 20,568‑square‑foot apartment property on 4.6 acres
