Versailles Duplex: Investor
For Sale
$275,000
Pending
228 Blackhawk Circle, Versailles, KY 40383
MULTI_FAMILY - Versailles, KY
Property Size1,872 SF
Lot Size0.23 Acres
Days on Market94
Property Features for 228 Blackhawk Circle
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
R-3
Bedrooms
4
Bathrooms
3
Full bathrooms
2
Half bathrooms
2
Rooms
Bedroom 4, Bedroom 2, Bedroom 3, Laundry Room, Bedroom 1, Bathroom 3, Bathroom 4, Bathroom 2, Bathroom 1
Parking
5
Subdivision
Village
Elementary school
Simmons
Middle school
Woodford Co
High school
Woodford Co
Elementary school district
Woodford County - 10
Middle school district
Woodford County - 10
High school district
Woodford County - 10
Directions
Head East on Lexington Street, turn left onto Main Street, turn right onto Rose Hill Ave, turn left onto Lawrenceburg Rd/Tyrone Pike, turn left onto Powhatan Trail, turn right onto Blackhawk Cir, property will be on the right.
Standard status
Pending
APN
19-9001-021-00
Size
1,872 SF
Lot size
0.23 Acres
Utilities
Heating system
Electric (Heating), Heat Pump (Heating)
Cooling system
Electric, Heat Pump
Building Details
Year built
1993
Floors in Building
1
Number of units
2
Roof type
Shingle
Listing Agency:
Keller Williams Commonwealth · Keller Williams Realty
(859) 721-2121
Listed By:
Daniel Ritchie
(859) 684-2054
Added: May 11
Changed: Jul 24
Last Checked: Aug 12 at 2:06AM
MLS# 26010491
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 duplex is located in the Blackhawk Circle area of Versailles, Kentucky. The property features two side-by-side units with functional layouts. Each unit includes a living area, kitchen space, and private entrances. Off-street parking is available. The property has a low-maintenance exterior. One unit is recently vacated, presenting an opportunity for updates to optimize rental value. The other unit has been renovated and has a long-term tenant. The location is near downtown Versailles, local shops, dining, schools, and major commuter routes. The property is suitable for investors or owner-occupants. The lot size is 0.2317 acres and the property size is 1872 square feet.
Key Highlights
- Well‑kept side‑by‑side duplex with two private entrances, each with its own living area and kitchen space
- Side B has been renovated and is currently rented with a long‑term tenant (Side B recently vacated per remarks)
- Off‑street parking and low‑maintenance exterior
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
$15,972
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
5.81%
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%
$319,440
$319.4K
Cap Rate 7%
$228,171
$228.2K
Cap Rate 9%
$177,467
$177.5K
Market Conditions
NOI Build-Up for 1,872 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
$23.8K $12.72/SF
− Vacancy
−$995 −$0.53/SF
EGI
$22.8K $12.19/SF
− OpEx
−$6.8K −$3.66/SF
NOI
$16.0K $8.53/SF
Area
Jessamine County, KY
Vacancy
4.18%
Lease Rate
$12.72 /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%
$319,440
Cap Rate 7%
$228,171
Cap Rate 9%
$177,467
Alternative Uses
Best Use
Multifamily LT 5
$228.2K
$199.7K – $266.2K
NOI $15,972 @ 7.0% cap · market cap 5.81%
Second Best
Apartment 5plus
$204.2K
$178.7K – $238.2K
NOI $14,292 @ 7.0% cap · market cap 5.20%
Theoretical Best
Office A
$474.4K
$415.1K – $553.5K
NOI $33,211 @ 7.0% cap · market cap 12.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
79
Businesses Nearby
Explore this area
Business Placement
Demographics for 40383, KY
24,592
Population
10,431
Households
2.4
Avg Household Size
43
Median Age
42%
College-Educated
91%
High-School Grad
150.4 sq mi
ZIP Area
164
Density / Sq Mi
$80,444
Median Household Income
$42,365
Median Earnings
$998
Median Rent
$279,400
Median Home Value
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?
Duplex - Well-kept duplex in Versailles with strong rental appeal.
Where is this duplex located?
The property is located at 228 Blackhawk Circle Versailles, KY.
What is the asking price?
The asking price for this property is $275,000.
What are key features of this property?
This property features: Well‑kept side‑by‑side duplex with two private entrances, each with its own living area and kitchen space; Side B has been renovated and is currently rented with a long‑term tenant (Side B recently vacated per remarks); Off‑street parking and low‑maintenance exterior
