Updated Duplex Townhomes with Shared
For Sale
$400,000
Pending
508 & 506 Platt Drive, Nicholasville, KY 40356
MULTI_FAMILY - Nicholasville, KY
Property Size3,192 SF
Lot Size0.16 Acres
Days on Market69
Property Features for 508 & 506 Platt Drive
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
3
Full bathrooms
2
Half bathrooms
2
Rooms
Laundry Room, Bedroom 1, Bedroom 2, Bathroom 3, Bathroom 4, Bedroom 3, Bedroom 4, Bathroom 2, Bathroom 1
Parking
2
Parking features
Open
Subdivision
Orchard
Elementary school
Red Oak
Middle school
East Jessamine Middle School
High school
East Jess HS
Elementary school district
Jessamine County - 9
Middle school district
Jessamine County - 9
High school district
Jessamine County - 9
Directions
US 27 south to Nicholasville. Left onto Main St. Left onto John Sutherland Drive. Left onto Platt Dr. Townhomes are on your right. Signs in yards.
Standard status
Pending
APN
057-30-13-001.00 and 057-30-13-002.00
Size
3,192 SF
Lot size
0.16 Acres
Utilities
Heating system
Heat Pump (Heating), Electric (Heating)
Cooling system
Electric
Building Details
Year built
2002
Floors in Building
2
Number of units
2
Roof type
Shingle
Listing Agency:
Firefly Realty & Investments
(859) 536-1575
Listed By:
Shevawn Akers · License #275356
(859) 536-1575
Added: Jun 22
Changed: Aug 4
Last Checked: Aug 29 at 7:06PM
MLS# 26014582
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.
These duplex townhomes at 508 and 506 Platt Drive are configured as two adjoining units that are deeded separately but share a roof and a fence. The property supports a live-in-and-rent approach or a two-unit rental setup, and it is being sold as is with 48 hours’ notice required to show. Both units include electric heating with heat pump systems and electric cooling. The roof is shingle.
Construction is dated to 2002, and the updates referenced in the property history include extensive improvements within the last 10 years. New Trex deck boards were installed in 2025. The shared roof was replaced at an indicated time, along with water heaters and unit-specific HVAC improvements: water heaters and 506 HVAC were replaced in 2018, and 508 HVAC was replaced in 2017. New luxury vinyl flooring was added in 2015 for 506 and in 2018 for 508.
Overall, the layout provides multiple bedrooms and bathrooms plus a laundry room in each unit, with open parking.
Construction is dated to 2002, and the updates referenced in the property history include extensive improvements within the last 10 years. New Trex deck boards were installed in 2025. The shared roof was replaced at an indicated time, along with water heaters and unit-specific HVAC improvements: water heaters and 506 HVAC were replaced in 2018, and 508 HVAC was replaced in 2017. New luxury vinyl flooring was added in 2015 for 506 and in 2018 for 508.
Overall, the layout provides multiple bedrooms and bathrooms plus a laundry room in each unit, with open parking.
Key Highlights
- 0.1607‑acre lot with 3,192 SF total building area
- Deeded separately but share a roof and fence
- Trex deck boards installed in 2025
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
$27,234
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
6.81%
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%
$544,680
$544.7K
Cap Rate 7%
$389,057
$389.1K
Cap Rate 9%
$302,600
$302.6K
Market Conditions
NOI Build-Up for 3,192 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
$40.6K $12.72/SF
− Vacancy
−$1.7K −$0.53/SF
EGI
$38.9K $12.19/SF
− OpEx
−$11.7K −$3.66/SF
NOI
$27.2K $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%
$544,680
Cap Rate 7%
$389,057
Cap Rate 9%
$302,600
Alternative Uses
Best Use
Multifamily LT 5
$389.1K
$340.4K – $453.9K
NOI $27,234 @ 7.0% cap · market cap 6.81%
Second Best
Apartment 5plus
$348.1K
$304.6K – $406.2K
NOI $24,370 @ 7.0% cap · market cap 6.09%
Theoretical Best
Office A
$809.0K
$707.9K – $943.8K
NOI $56,629 @ 7.0% cap · market cap 14.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
364
Businesses Nearby
Explore this area
Business Placement
Demographics for 40356, KY
44,381
Population
17,934
Households
2.5
Avg Household Size
39
Median Age
31%
College-Educated
90%
High-School Grad
139.5 sq mi
ZIP Area
318
Density / Sq Mi
$75,264
Median Household Income
$41,427
Median Earnings
$1,020
Median Rent
$246,300
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 adjoining, deeded townhomes share a roof and fence and feature multiple updates over the past decade.
Where is this duplex located?
The property is located at 508 & 506 Platt Drive Nicholasville, KY.
What is the asking price?
The asking price for this property is $400,000.
What are key features of this property?
This property features: 0.1607‑acre lot with 3,192 SF total building area; Deeded separately but share a roof and fence; Trex deck boards installed in 2025
