Newly Built Duplex with Yard
New
For Sale
$329,900
510512 510-512 N Central Ave, Nicholasville, KY 40356
Both residences feature open-plan living, two bedrooms, and one-and-a-half bathrooms.
Property Size2,176 SF
Price / SF$151.61
Days on Market5
Property Features for 510512 510-512 N Central Ave
General Information
Standard status
Active
Size
2,176 SF
Property subtype
Multi-Family
Additional Details
Utilities to Site
Yes
Multifamily Units
2
Building Details
Year Built
2024
Buildings
1
Listing Agency:
RE/MAX Creative Realty
(859) 396-2179
Listed By:
Maggie C Taylor · License #5e3678
Source:
Meliarealty
Added: Aug 28
Changed: Aug 30
Last Checked: Aug 31 at 7:35PM
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 RE/MAX Creative Realty
Investment Insights
Based on property information with market context.
Completed in 2024, this 2,176-square-foot duplex contains two residences, each with two bedrooms, one-and-a-half bathrooms, and an open living arrangement. Luxury vinyl plank flooring is installed on the first level, while cabinetry and rear yard access add practical functionality to each side.
The property is located in downtown Nicholasville and is served by city water and city sewer. Each residence has an electric heat pump, along with an electric water heater. Dimensional shingle roofing completes the building improvements.
The property is located in downtown Nicholasville and is served by city water and city sewer. Each residence has an electric heat pump, along with an electric water heater. Dimensional shingle roofing completes the building improvements.
Key Highlights
- 2,176‑square‑foot duplex completed in 2024
- Two residences, each with 2 bedrooms and 1.5 bathrooms
- Open living concept in both units
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
5.63%
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 5.63%
Second Best
Apartment 5plus
$237.3K
$207.7K – $276.9K
NOI $16,613 @ 7.0% cap · market cap 5.04%
Theoretical Best
Office A
$551.5K
$482.6K – $643.4K
NOI $38,604 @ 7.0% cap · market cap 11.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
168
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 - Both residences feature open-plan living, two bedrooms, and one-and-a-half bathrooms.
Where is this duplex located?
The property is located at 510512 510-512 N Central Ave Nicholasville, KY.
What is the asking price?
The asking price for this property is $329,900.
What are key features of this property?
This property features: 2,176‑square‑foot duplex completed in 2024; Two residences, each with 2 bedrooms and 1.5 bathrooms; Open living concept in both units
