Eight-Unit Townhome Apartment
For Sale
$1,000,000
Pending
7402 Shenandoah Dr, Florence, KY 41042
Townhome-style apartment property with private patios, washer/dryer hookups, and flexible month-to-month leasing.
Property Size7,928 SF
Days on Market304
Property Features for 7402 Shenandoah Dr
General Information
Standard status
Pending
Size
7,928 SF
Property subtype
Residential Income
Additional Details
Highway Access
Yes
Multifamily Units
8
Amenities
private patios
washer/dryer hookups
Listing Agency:
exp Realty, LLC
(859) 466-0140
Listed By:
Amy Zimmerman · License #196129
(859) 466-0140
Source:
Exprealty
Added: Oct 31, 2025
Changed: Aug 29
Last Checked: Aug 29 at 4:16PM
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 exp Realty, LLC
Investment Insights
Based on property information with market context.
This multifamily property contains eight townhome units totaling 7,928 square feet. The unit mix ranges from one to four bedrooms, with each residence offering a private patio and washer/dryer hookups. Most leases are month to month, providing flexible tenancy terms. Residents pay all utilities, while ownership covers storm water and trash pickup.
The property is located on Shenandoah Dr in Florence, near schools, shopping, and major highways. Its combination of individual townhome layouts, outdoor space, and varied bedroom configurations supports a range of household needs within one apartment asset.
The property is located on Shenandoah Dr in Florence, near schools, shopping, and major highways. Its combination of individual townhome layouts, outdoor space, and varied bedroom configurations supports a range of household needs within one apartment asset.
Key Highlights
- Eight townhome units totaling 7,928 square feet
- Unit mix includes 1‑4 bedroom residences
- Private patios included with every unit
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
$58,708
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
5.87%
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%
$1,174,160
$1.2M
Cap Rate 7%
$838,686
$838.7K
Cap Rate 9%
$652,311
$652.3K
Market Conditions
NOI Build-Up for 7,928 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
$114.2K $14.40/SF
− Vacancy
−$7.4K −$0.94/SF
EGI
$106.7K $13.46/SF
− OpEx
−$48.0K −$6.06/SF
NOI
$58.7K $7.41/SF
Area
Boone County, KY
Vacancy
6.50%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
45.00%
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%
$1,174,160
Cap Rate 7%
$838,686
Cap Rate 9%
$652,311
Alternative Uses
Best Use
Apartment 5plus
$838.7K
$733.9K – $978.5K
NOI $58,708 @ 7.0% cap · market cap 5.87%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.19M
$1.91M – $2.55M
NOI $152,979 @ 7.0% cap · market cap 15.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
832
Businesses Nearby
Explore this area
Business Placement
Demographics for 41042, KY
54,183
Population
23,640
Households
2.3
Avg Household Size
38
Median Age
28%
College-Educated
92%
High-School Grad
22.1 sq mi
ZIP Area
2,452
Density / Sq Mi
$75,582
Median Household Income
$43,501
Median Earnings
$1,240
Median Rent
$210,500
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 - Townhome-style apartment property with private patios, washer/dryer hookups, and flexible month-to-month leasing.
Where is this apartment building located?
The property is located at 7402 Shenandoah Dr Florence, KY.
What is the asking price?
The asking price for this property is $1,000,000.
What are key features of this property?
This property features: Eight townhome units totaling 7,928 square feet; Unit mix includes 1‑4 bedroom residences; Private patios included with every unit
