38-Unit Apartment
New
For Sale
$4,500,000
2150 Irvin Cobb Drive, Paducah, KY 42003
Commercial Sale, Paducah, KY
Property Size20,568 SF
Lot Size4.57 Acres
Price / SF$218.79
Days on Market3
Property Features for 2150 Irvin Cobb Drive
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
B-3
Zoning description
CITY B3 GENERAL BUSINESS
Parking
87
Directions
FROM I-24 EXIT 7 AT LONE OAK ROAD HEAD NORTH/EAST TOWARDS DOWNTOWN PADUCAH, TURN RIGHT ONTO JACKSON STREET AND STAY ON IT, JACKSON TURNS INTO OHIO STREET, THEN TURNS INTO 21ST STREET TOWARDS THE SOUTH SIDE, IT TURNS INTO IRVIN COBB, BUILDING IS ON THE LEFT SIDE OF THE ROAD
Subdivision
119 - McCracken County
Standard status
Active
APN
113-34-14-020
Size
20,568 SF
Lot size
4.57 Acres
Additional Details
Individually Metered Utilities
unspecified utilities
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Electric (Heating), Ductless (Heating)
Cooling system
Wall Unit(s), Electric, Ductless
Amenities
granite countertops
stainless steel appliances
luxury vinyl plank flooring
Building Details
Year built
1970
Floors in Building
2
Building materials
Block, Concrete, Vinyl Siding
Listing Agency:
LP Real Estate Services LLC
Listed By:
Lenny Powley
(270) 210-0073
Added: Oct 27
Changed: Oct 28
Last Checked: Oct 29 at 2:06AM
MLS# 26029774
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.
The 20,568-square-foot apartment property contains 38 units across a 4.57-acre site. Its mix includes 27 one-bedroom apartments averaging approximately 850 square feet and 11 two-bedroom apartments averaging approximately 1,050 square feet. Units are individually metered and feature granite countertops, stainless steel appliances, and luxury vinyl plank flooring. Renovation work was completed in 2025. An on-site maintenance person handles repair requests, apartment turns, and unit cleanouts.
The property has 276 feet of road frontage and B-3 zoning. A separate commercial building lot of just under 6,000 square feet is included, with utilities available for hookup. Public sewer serves the property.
The property has 276 feet of road frontage and B-3 zoning. A separate commercial building lot of just under 6,000 square feet is included, with utilities available for hookup. Public sewer serves the property.
Key Highlights
- 38 apartments: 27 one‑bedroom units averaging approximately 850 square feet and 11 two‑bedroom units averaging approximately 1,050 square feet
- Renovated in 2025; individually metered units
- Granite countertops, stainless steel appliances, and luxury vinyl plank flooring
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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Property Analytics
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Lease Details
38
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
229
Businesses Nearby
Explore this area
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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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - Renovated in 2025, the property includes a separate commercial lot with utilities available for hookup.
Where is this apartment building located?
The property is located at 2150 Irvin Cobb Drive 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: 27 one‑bedroom units averaging approximately 850 square feet and 11 two‑bedroom units averaging approximately 1,050 square feet; Renovated in 2025; individually metered units; Granite countertops, stainless steel appliances, and luxury vinyl plank flooring
