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618 E Waverly St Morganfield, KY 42437

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Stabilized asset with rent growth potential in Morganfield, KY.

Property size:
24,900 SF
Lot size:
2.95 Acres

Property Features for 618 E Waverly St

General Information

Standard status
Active
Size
24,900 SF
Lot size
2.95 Acres

Building Details

Year built
1972

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Listing Contact
Bernard Salameh
Source: Crexi

Listing Agency: Star Property Management Listing Agent: Bernard Salameh

Displayed information is deemed reliable but is not guaranteed and should be independently verified.

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Overview

30-Unit Townhome Investment Opportunity

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.
Location Intelligence

Current Use by Public Records

Apartment buildings

Suggested Use

Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

Zoning and permitted uses should be independently verified with local authorities.

Location Insight

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  • Local Demand
City
Morganfield
County
Union
State
Kentucky
Longitude
-87.904671
Latitude
37.6862

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 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.
More about this property
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