30-Unit Townhome Investment
For Sale
Contact for pricing
618 E Waverly St, Morganfield, KY 42437
Stabilized asset with rent growth potential in Morganfield, KY.
Property Size24,900 SF
Lot Size2.95 Acres
Price / SF$72.09
Days on Market205
Property Features for 618 E Waverly St
General Information
Standard status
Active
Size
24,900 SF
Class
C
Lot size
2.95 Acres
Property subtype
Multifamily
Zoning
R2
Building Details
Year Built
1972
Listing Agency:
Star Property Management
Listed By:
Bernard Salameh · License #383546
Source:
Crexi
Added: Jan 30
Changed: Aug 8
Last Checked: Aug 8 at 2:43PM
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
Investment Insights
Based on property information with market context.
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.
Key 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.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
309
Businesses Nearby
Explore this area
Business Placement
Demographics for 42437, KY
7,422
Population
3,108
Households
2.4
Avg Household Size
39
Median Age
14%
College-Educated
92%
High-School Grad
169.1 sq mi
ZIP Area
44
Density / Sq Mi
$64,464
Median Household Income
$37,762
Median Earnings
$827
Median Rent
$126,900
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?
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.
