Current Use by Public Records
- Specialty properties
Property Details for 9425 Brown Ridge Rd
- Year built
- 1984
- Lot size
- 1.84 lot acres
- Property type
- Specialty properties
- Property subtype
- Retail properties & Spaces
Description
This exceptional mixed-use property in Morehead, Kentucky, presents a compelling investment opportunity. Situated on a spacious 1.84-acre lot, the property comprises a three-unit apartment building and a large, currently vacant, ground-floor commercial space totaling 5,568 square feet. The three residential units are currently 100% occupied, generating a substantial net operating income (NOI) of $20,000 annually, resulting in a 10% capitalization rate. The upper level features two one-bedroom, one-bathroom units and one spacious three-bedroom, two-bathroom unit, all recently renovated with new flooring, vanities, toilets, paint, light fixtures, exterior doors, and updated HVAC systems. The ground floor offers 2,784 square feet of versatile space, ideal for a single commercial tenant, multiple smaller tenants, or conversion into additional residential units. Two additional outbuildings provide further leaseable space and income potential. Built in 1984, this two-story building benefits from no zoning restrictions, offering maximum flexibility for future development. The property's location in Morehead, near Morehead State University, Cave Run Lake, and Rowan County Senior High School, ensures strong rental demand. Low property taxes and insurance costs further enhance the property's financial attractiveness. This property is easily financed as a three-unit apartment building, making it an ideal owner-occupant opportunity. The combination of residential income, commercial potential, and ample land makes this a truly unique and lucrative investment.
Value Estimations
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AI approach
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Morehead
- County
- Rowan
- State
- Kentucky
- Longitude
- -83.2688
- Latitude
- 38.1679
