Florence Multifamily Investment
7402 Shenandoah Drive Florence, KY 41042
For Sale
$1,000,000
MULTI_FAMILY - Florence, KY
Property Size7,928 SF
Lot Size1.35 Acres
Price / SF$126.14
Days on Market272
Property Features for 7402 Shenandoah Drive
General Information
Property type
Residential Multi Family
Property subtype
Apartment
Bedrooms
18
Bathrooms
11
Rooms
Bathroom 1, Bedroom 2, Bathroom 14, Bedroom 14, Bedroom 11, Bedroom 12, Bathroom 13, Bathroom 11, Bedroom 3, Bedroom 17, Bathroom 9, Bathroom 5, Bedroom 15, Bedroom 9, Bedroom 1, Bathroom 4, Bedroom 7, Bedroom 16, Bathroom 12, Bedroom 13, Bedroom 18, Bathroom 2, Bathroom 10, Bedroom 4, Bedroom 5, Bedroom 6, Bathroom 8, Bedroom 10, Bedroom 8, Bathroom 7, Bathroom 6, Bathroom 3
Parking features
Parking Lot, Off Street
Window features
Insulated Windows, Vinyl Frames
Patio and Porch features
Porch, Patio
Interior features
Storage, Eat-in Kitchen
Appliances
Electric Range, Dishwasher, Refrigerator
Standard status
Active
APN
061.09-28-001.00
Size
7,928 SF
Lot size
1.35 Acres
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Year built
1970
Floors in Building
2
Number of units
8
Building materials
Brick, Vinyl Siding
Roof type
Shingle
Additional Structures
Storage
Listing Agency:
exp Realty, LLC
(859) 466-0140
Listed By:
Amy Zimmerman · License #196129
(859) 466-0140
Added: Oct 31, 2025
Changed: Jul 12
Last Checked: Jul 29 at 9:06AM
MLS# 637664
Copyright © 2026 Northern Kentucky MLS, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Located in Florence, Kentucky, this multifamily property features eight townhome units situated at 7402-7416 Shenandoah Drive. The property, well-maintained with a solid rental history, presents an investor opportunity. The units include a mix of one- to four-bedroom layouts, each equipped with private patios and washer/dryer hookups. Tenants are responsible for all utilities, while the landlord covers storm water and trash pick up. The property is conveniently located near schools, shopping, and major highways. The units are primarily under month-to-month leases, providing flexibility to adjust rents to current market rates. The property occupies a 1.35-acre lot and has a total area of 7,928 square feet.
Key Highlights
- Eight townhome units at 7402‑7416 Shenandoah Dr with a mix of 1‑4 bedroom floor plans
- Private patios and washer/dryer hookups included in each unit
- Tenants pay all utilities; landlord covers storm water and trash pick‑up
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $114.2k | $14.40 |
| − Vacancy | −$7.4k | −$0.94 |
| EGI | $106.7k | $13.46 |
| − OpEx | −$48.0k | −$6.06 |
| NOI | $58.7k | $7.41 |
7,928 SF · lease $14.40/SF/yr · vacancy 6.50% · expense 45.00%
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
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Apartment building - Eight townhome units with rental history in Florence, Kentucky.
Where is this apartment building located?
The property is located at 7402 Shenandoah Drive 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 at 7402‑7416 Shenandoah Dr with a mix of 1‑4 bedroom floor plans; Private patios and washer/dryer hookups included in each unit; Tenants pay all utilities; landlord covers storm water and trash pick‑up
