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    Two-Building Multifamily Property Title is generated by Realmo AI

    623 & 625 Westport Road, Elizabethtown, KY 42701

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    For Sale
    $3,000,000

    MULTI_FAMILY - Elizabethtown, KY

    Lot size:
    1.00 Acre
    Added:
    May 29, 2025
    Days on Market:
    374
    Last Refresh:
    Jun 6 at 4:06 am

    Property Features for 623 & 625 Westport Road

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    12
    Bathrooms
    7
    Rooms
    Bedroom 9, Bedroom 4, Bedroom 11, Bathroom 7, Bathroom 5, Bathroom 1, Bedroom 5, Bedroom 1, Bedroom 6, Bathroom 6, Bedroom 12, Bathroom 3, Bedroom 8, Bedroom 7, Bedroom 3, Bedroom 2, Bedroom 10, Bathroom 4, Bathroom 2
    Parking
    20
    Parking features
    Parking Lot, Carport
    Interior features
    Ceiling Fan(s)
    Exterior features
    Concrete Walks, Outdoor Lighting, Storage Building
    Standard status
    Active
    Lot size
    1.00 Acre

    Building Details

    Year built
    1983
    Number of units
    20
    Roof type
    Metal
    Additional Structures
    Storage

    We can help!

    Listing Contact
    Carrie Davis
    Carrie Davis

    Listing agent Carrie Davis License #223283

    Listing office Green Team Real Estate Services 519 A N Miles, Louisville, KY

    Listing date May 29, 2025

    MLS# HK25002163 Listing URL

    Copyright © 2026 Heart of Kentucky Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • 20 apartment units in two all‑brick buildings with metal roofs in Elizabethtown city limits
    • Unit mix: 12 two‑bedroom units with washer/dryer hook‑ups and central heating/cooling; 8 one‑bedroom units with individualized heating/cooling
    • All units updated within the last 10 years; all but 5 units have more recent updates
    • Convenient parking in front of each building, plus optional carport parking
    • Includes 2 apartment buildings and 2 storage buildings with attached carports; small storage units available for $15/month
    • Concrete walks, outdoor lighting, and ceiling fans (Ceiling Fan(s))

    Overview

    This for-sale multifamily property consists of two all-brick apartment buildings with metal roofs, totaling 20 apartment units. The unit mix includes 12 two-bedroom apartments with their own washer and dryer hook ups and central heating and cooling, along with eight one-bedroom apartments with individualized heating and cooling units. The seller notes that all apartment units have been updated within the last 10 years, with more recent updates in all but five units.

    The property includes convenient parking in front of each building, with optional carport parking available, and small storage units on site. In addition to the two apartment buildings, there are two storage buildings with attached carports. The site is located in the city limits of Elizabethtown, Kentucky, and it is maintained to support ongoing tenant use.

    With a 20-unit configuration, this asset can appeal to investors seeking a multi-building rental portfolio centered on a defined unit mix and a relatively recent renovation timeframe. The provided parking arrangement, on-site storage options, and varied apartment layouts (two-bedroom with washer/dryer hook ups versus one-bedroom with individualized heating and cooling) give prospective operators practical flexibility in tenant fit.
    Property Profile Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Elizabethtown
    County
    Hardin
    State
    Kentucky
    Longitude
    -85.8820818
    Latitude
    37.7038895

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    FAQs

    What type of property is this?
    Apartment building - For-sale apartment complex with 20 units across two all-brick buildings, metal roofs, and in-unit laundry hookups for select units.
    Where is this apartment building located?
    The property is located at 623 & 625 Westport Road Elizabethtown, KY.
    What is the asking price?
    The asking price for this property is $3,000,000.
    What are key features of this property?
    This property features: 20 apartment units in two all‑brick buildings with metal roofs in Elizabethtown city limits; Unit mix: 12 two‑bedroom units with washer/dryer hook‑ups and central heating/cooling; 8 one‑bedroom units with individualized heating/cooling; All units updated within the last 10 years; all but 5 units have more recent updates
    (270) 763-7653
    We can help!
    Listing Contact
    Carrie Davis
    Carrie Davis
    Real Estate License ID: 223283
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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    623 & 625 Westport Road, Elizabethtown, KY 42701
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