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    Renovated Apartment Building with 12 Units Title is generated by Realmo AI

    314 N Willow Street, Providence, KY 42450

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    Picture of Apartment buildings at 314 N Willow Street, Providence, KY
    Pending
    $2,190,000

    MULTI_FAMILY - Providence, KY

    Lot size:
    2.05 Acres
    Added:
    Sep 26, 2022
    Days on Market:
    1348
    Last Refresh:
    Jun 4 at 2:06 pm

    Property Features for 314 N Willow Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Parking
    40
    Standard status
    Pending
    Lot size
    2.05 Acres

    Building Details

    Year built
    1970
    Number of units
    40

    We can help!

    Listing Contact
    Keavin Hayden

    Listing agent Keavin Hayden License #220870

    Listing office EXP Realty, LLC 2303 Hurstbourne Village Drive Suite 300, Prospect, KY

    Listing date Sep 26, 2022

    MLS# RA20224484 Listing URL

    Copyright © 2026 REALTOR® Association of Southern Kentucky, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Investment opportunity with 12 newly renovated units ready to uplease.
    • New roofs, gutters and exterior paint.
    • On site laundry facility.
    • Rental office on site.
    • Property manager on site.
    • Built in 1970.

    Overview

    This apartment building in Providence includes 12 newly renovated units. The exterior has been refreshed with new roofs, gutters, and exterior paint, supporting a turn-key look and improved curb presence. The property also includes an on-site laundry facility and a rental office, with a property manager on-site for day-to-day operations.

    Located at 314 N Willow Street in Providence, Kentucky (Webster County), the building sits on a 2.05-acre lot. The listing information does not specify unit mix, individual unit features, or building size, so prospective buyers should confirm operating details and layout during due diligence.

    For investors or owner-operators seeking a small, professionally managed multifamily asset, the recent renovation scope and available on-site amenities may reduce immediate capital needs. The combination of an on-site laundry facility and rental office can also support tenant convenience and streamlined leasing and management. Interested parties should review current rent rolls, renovation scope, and any existing leases and operating statements to fully evaluate performance and underwriting assumptions.
    Property Profile Location Intelligence

    Current Use by Public Records

    Greenbrier Apartments Apartment Building

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Providence
    County
    Webster
    State
    Kentucky
    Longitude
    -87.761907
    Latitude
    37.400517

    Nearby Similar for Sale

    • $75,000
      8,100 SF

      Remodeled Office Building with Renovation Potential

      Turnkey main-floor open office with an upstairs area ready for renovation and customization.
      106 N Broadway St., Providence, KY 42450
      View Details
    • $49,900
      2,126 SF

      Church Building with Repurpose Potential

      Former church building on a small lot, suitable for faith use or adaptive reuse subject to zoning approval.
      510 Leeper Lane, Providence, KY 42450
      View Details

    FAQs

    What type of property is this?
    Apartment building - Apartment building offering 12 recently renovated units and multiple on-site property services.
    Where is this apartment building located?
    The property is located at 314 N Willow Street Providence, KY.
    What is the asking price?
    The asking price for this property is $2,190,000.
    What are key features of this property?
    This property features: Investment opportunity with 12 newly renovated units ready to uplease.; New roofs, gutters and exterior paint.; On site laundry facility.
    (270) 302-6554
    We can help!
    Listing Contact
    Keavin Hayden
    Real Estate License ID: 220870
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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