9425 Brown Ridge Rd Morehead, KY 40351

Property Details for 9425 Brown Ridge Rd

Year built

1984

Lot size

1.84 lot acres

Property size

5,568 SF

Property type

Specialty properties

Property subtype

Retail properties

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.

Location Insight

City

Morehead

County

Rowan

State

Kentucky

Longitude

-83.2688

Latitude

38.1679