Updated Two-Unit
For Sale
$199,900
Pending
29 N Main St, Walton, KY 41094
Two residential units feature separate central HVAC systems and hot water heaters.
Property Size1,894 SF
Days on Market38
Property Features for 29 N Main St
General Information
Standard status
Pending
Size
1,894 SF
Property subtype
Residential Income
Listing Agency:
Coldwell Banker Heritage
(513) 503-9763
Listed By:
Brian Thomas
(513) 503-9763
Source:
Exprealty
Added: Jul 16
Changed: Aug 21
Last Checked: Aug 21 at 2:11PM
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 Coldwell Banker Heritage
Investment Insights
Based on property information with market context.
This 1,894-square-foot duplex contains two updated residential units with separate central HVAC systems and individual hot water heaters. Recent property improvements include a newer roof installed in 2024 and newer flooring throughout the units. The layout includes one two-bedroom, one-bath unit and one one-bedroom, one-bath unit.
The property is located at 29 N Main St in Walton, Kentucky, within Boone County. Its setting places it among businesses and government buildings in the community. Unit 1 is occupied under a month-to-month lease, while Unit 2 is leased through 05/06/27.
The property is located at 29 N Main St in Walton, Kentucky, within Boone County. Its setting places it among businesses and government buildings in the community. Unit 1 is occupied under a month-to-month lease, while Unit 2 is leased through 05/06/27.
Key Highlights
- 1,894‑square‑foot duplex with two residential units
- Unit 1 offers 2 beds and 1 bath with a month‑to‑month lease
- Unit 2 offers 1 bed and 1 bath with a lease through 05/06/27
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
$15,287
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
7.65%
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%
$305,740
$305.7K
Cap Rate 7%
$218,386
$218.4K
Cap Rate 9%
$169,856
$169.9K
Market Conditions
NOI Build-Up for 1,894 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
$23.2K $12.24/SF
− Vacancy
−$1.3K −$0.71/SF
EGI
$21.8K $11.53/SF
− OpEx
−$6.6K −$3.46/SF
NOI
$15.3K $8.07/SF
Area
Boone County, KY
Vacancy
5.80%
Lease Rate
$12.24 /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%
$305,740
Cap Rate 7%
$218,386
Cap Rate 9%
$169,856
Alternative Uses
Best Use
Multifamily LT 5
$218.4K
$191.1K – $254.8K
NOI $15,287 @ 7.0% cap · market cap 7.65%
Second Best
Apartment 5plus
$200.4K
$175.3K – $233.8K
NOI $14,025 @ 7.0% cap · market cap 7.02%
Theoretical Best
Office A
$522.1K
$456.8K – $609.1K
NOI $36,547 @ 7.0% cap · market cap 18.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
228
Businesses Nearby
Explore this area
Business Placement
Demographics for 41094, KY
14,480
Population
5,204
Households
2.8
Avg Household Size
35
Median Age
31%
College-Educated
93%
High-School Grad
42.1 sq mi
ZIP Area
344
Density / Sq Mi
$91,678
Median Household Income
$46,691
Median Earnings
$1,133
Median Rent
$264,500
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?
Duplex - Two residential units feature separate central HVAC systems and hot water heaters.
Where is this duplex located?
The property is located at 29 N Main St Walton, KY.
What is the asking price?
The asking price for this property is $199,900.
What are key features of this property?
This property features: 1,894‑square‑foot duplex with two residential units; Unit 1 offers 2 beds and 1 bath with a month‑to‑month lease; Unit 2 offers 1 bed and 1 bath with a lease through 05/06/27
