30-Unit Townhome Investment
618 E Waverly St, Morganfield, KY 42437
Stabilized asset with rent growth potential in Morganfield, KY.
Type:Multifamily
Property size:
24,900 SFLot size:
2.95 AcresPrice / SF:
$72/SF- Added:
- Jan 30, 2026
- Days on Market:
- 110
- Last Refresh:
- Mar 17 at 1:14 pm
Property Features for 618 E Waverly St
General Information
- Standard status
- Active
- Size
- 24,900 SF
- Lot size
- 2.95 Acres
- Property subtype
- Multifamily
Building Details
- Year Built
- 1972
Listing agent Bernard Salameh License #383546
Listing office Star Property Management
Listing date Jan 30, 2026
Source Crexi
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 Star Property Management
HighLights
- High‑yield asset with an attractive entry cap rate of approximately 8.97% and a pro‑forma stabilized cap rate near 9.6%.
- 100% occupied with strong in‑place cash flow and a current NOI of approximately $160,527.
- Built‑in rent growth potential by increasing current average rents to estimated market levels.
- Low‑density townhome‑style layout supports long‑term tenant stability and reduced turnover.
- Offered at a basis significantly below estimated replacement cost, creating strong downside protection.
- Located near local retail, schools, and regional transportation routes.
Overview
Maple Valley Townhomes presents a 30-unit townhome investment opportunity. The property consists of four residential buildings situated on approximately 2.95 acres. It features spacious 2-bedroom townhome layouts. The asset is currently 100% occupied. The property generates a current NOI of approximately $160,527. Pro-forma NOI is estimated at approximately $171,867. Current average rents of approximately $650 remain modestly below estimated market levels of $695. The low-density site configuration and townhome-style layout differentiate the property from traditional apartment assets. The property is offered at a basis significantly below estimated replacement cost. Located at 618 E Waverly Street in Morganfield, KY, the property benefits from proximity to local retail, schools, and regional transportation routes including U.S. Hwy 60 and KY-56. Limited competing townhome inventory within the submarket supports consistent tenant demand and stable long-term occupancy. The property size is 24900 square feet.
Property Profile
Insight Report
Location Intelligence
Current Use by Public Records
Apartment buildings
Location Insight
- Map
- Local Demand
- City
- Morganfield
- County
- Union
- State
- Kentucky
- Longitude
- -87.904671
- Latitude
- 37.6862
Nearby Similar for Sale
FAQs
What type of property is this?
Apartment building - Stabilized asset with rent growth potential in Morganfield, KY.
Where is this apartment building located?
The property is located at 618 E Waverly St Morganfield, KY.
What is the asking price?
The asking price for this property is $1,795,000.
What are key features of this property?
This property features: High‑yield asset with an attractive entry cap rate of approximately 8.97% and a pro‑forma stabilized cap rate near 9.6%.; 100% occupied with strong in‑place cash flow and a current NOI of approximately $160,527.; Built‑in rent growth potential by increasing current average rents to estimated market levels.
