Newly Completed
For Sale
$319,900
510-512 N Central Avenue, Nicholasville, KY 40356
Residential Income, Nicholasville, KY
Property Size2,176 SF
Lot Size0.51 Acres
Price / SF$147.01
Days on Market217
Property Features for 510-512 N Central Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
R2
Bedrooms
4
Bathrooms
3
Full bathrooms
2
Half bathrooms
2
Rooms
Bedroom 3, Bathroom 4, Bathroom 1, Bedroom 1, Bedroom 2, Bathroom 3, Bathroom 2, Bedroom 4
Subdivision
Downtown
Elementary school
Nicholasville
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
Main Street to North Central
Standard status
Active
APN
058-30-07-051.00
Size
2,176 SF
Lot size
0.51 Acres
Utilities
Utilities
Water Available
Heating system
Heat Pump (Heating)
Cooling system
Heat Pump
Building Details
Year built
2024
Floors in Building
2
Number of units
2
Listing Agency:
RE/MAX Creative Realty · RE/MAX International
(859) 422-2000
Listed By:
Maggie C Taylor · License #5e3678
(859) 396-2179
Added: Jan 27
Changed: Sep 1
Last Checked: Sep 1 at 4:06PM
MLS# 26023942
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.
Completed in 2024, this duplex contains 2,176 square feet across two residential sides. Each side provides two bedrooms, 1.5 bathrooms, an open living arrangement, cabinetry, and access to the rear yard. Luxury vinyl plank flooring is installed on the first level, with dimensional shingles, electric heat pumps, and electric water heaters serving the property.
The 0.514-acre lot is positioned in downtown Nicholasville, with city sewer and city water. The property is supplied by electric service and includes heat pump heating and cooling. Its two-unit configuration and separate side-by-side layouts provide a straightforward residential income format.
The 0.514-acre lot is positioned in downtown Nicholasville, with city sewer and city water. The property is supplied by electric service and includes heat pump heating and cooling. Its two-unit configuration and separate side-by-side layouts provide a straightforward residential income format.
Key Highlights
- Two‑unit duplex completed in 2024
- 2,176 square feet on a 0.514‑acre lot
- Each side includes 2 bedrooms and 1.5 bathrooms
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
$18,565
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
5.80%
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%
$371,300
$371.3K
Cap Rate 7%
$265,214
$265.2K
Cap Rate 9%
$206,278
$206.3K
Market Conditions
NOI Build-Up for 2,176 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
$27.7K $12.72/SF
− Vacancy
−$1.2K −$0.53/SF
EGI
$26.5K $12.19/SF
− OpEx
−$8.0K −$3.66/SF
NOI
$18.6K $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%
$371,300
Cap Rate 7%
$265,214
Cap Rate 9%
$206,278
Alternative Uses
Best Use
Multifamily LT 5
$265.2K
$232.1K – $309.4K
NOI $18,565 @ 7.0% cap · market cap 5.80%
Second Best
Apartment 5plus
$237.3K
$207.7K – $276.9K
NOI $16,613 @ 7.0% cap · market cap 5.19%
Theoretical Best
Office A
$551.5K
$482.6K – $643.4K
NOI $38,604 @ 7.0% cap · market cap 12.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
526
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two-bedroom units feature open living areas, 1.5 bathrooms, rear-yard access, and durable first-level flooring.
Where is this duplex located?
The property is located at 510-512 N Central Avenue Nicholasville, KY.
What is the asking price?
The asking price for this property is $319,900.
What are key features of this property?
This property features: Two‑unit duplex completed in 2024; 2,176 square feet on a 0.514‑acre lot; Each side includes 2 bedrooms and 1.5 bathrooms
