Building Details

Year Built 2003

Buildings 1

Stories 1

Construction brick

Listing Agency: Lake Cumberland Real Estate Professionals

Listed By: Nelson B Weaver · License #199828 Show Phone

Source: Centralkentuckyhouses

Added: Sep 29 Changed: Oct 15 Last Checked: Oct 16 at 9:09AM

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Investment Insights

Based on property information with market context.

This 2003 brick property contains four one-level residences, each with 1,288 square feet, two bedrooms, and two bathrooms. High ceilings and tile floors are found throughout. New shingles have been installed, and two units have new carpet in the bedrooms and living rooms. The low-step layout has very few steps.

The property is at 30 Melrose Dr in Somerset’s north end, within the Melrose Place development. It is offered as a complete four-unit property or as individual units.

Key Highlights

• Four units, each with 1,288 square feet, two bedrooms, and two bathrooms
• One‑level brick construction; built in 2003
• High ceilings and tile flooring throughout

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$39,279

Cap Rate

6.24%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$785,580 $785.6K

Cap Rate 7%

$561,129 $561.1K

Cap Rate 9%

$436,433 $436.4K

Is this asking price fair?

Market Conditions

NOI Build-Up for 5,152 SF

Gross rent

$58.7K $11.40/SF

− Vacancy

−$2.6K −$0.51/SF

EGI

$56.1K $10.89/SF

− OpEx

−$16.8K −$3.27/SF

NOI

$39.3K $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 Rate 5%

$785,580

Cap Rate 7%

$561,129

Cap Rate 9%

$436,433

Alternative Uses

Best Use

Multifamily LT 5

$561.1K

$491.0K – $654.7K (±1% cap)

NOI $39,279 @ 7.0% cap · market cap 6.24%

Second Best

Apartment 5plus

$500.0K

$437.5K – $583.3K (±1% cap)

NOI $34,997 @ 7.0% cap · market cap 5.56%

Theoretical Best

Specialty Retail

$877.7K

$768.0K – $1.02M (±1% cap)

NOI $61,441 @ 7.0% cap · market cap 9.76%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Quadplexes

Suggested Use

Top Pick Real Estate Agency Dental Office Restaurant Spa & Massage Center Nail Salon Pharmacy

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

4

Residential units

Location Intelligence

Trade Area within ½ mile

99

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

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

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Frequently Asked Questions

What type of property is this?

Quadplex - Four residences offer two-bedroom, two-bath layouts with high ceilings and tile flooring.

Where is this quadplex located?

The property is located at 30 Melrose Dr Somerset, KY.

What is the asking price?

The asking price for this property is $629,500.

What are key features of this property?

This property features: Four units, each with 1,288 square feet, two bedrooms, and two bathrooms; One‑level brick construction; built in 2003; High ceilings and tile flooring throughout