618 E Waverly St Morganfield, KY 42437

Property Details for 618 E Waverly St

Year built

1972

Property type

Residential income homes

Property subtype

Residential land & home lots

Description

This exceptional 24,900 square foot multifamily property, located at 618 E Waverly St, Morganfield, KY 42437, presents a compelling investment opportunity. The complex boasts 30 units, currently exhibiting an 86% occupancy rate, generating a substantial net operating income of $169,913. Each unit features modern amenities including washer/dryer hookups, ceramic and vinyl tile flooring, and brand new windows. Extensive renovations, totaling approximately $800,000, have been completed on all but three units, ensuring a high-quality living experience for residents. The property sits on a 2.95-acre lot conveniently located off Highway 60 E, offering easy access and high visibility. Common areas include a well-maintained lawn and a picnic area, enhancing the appeal for tenants. This property is priced significantly below replacement cost, representing a remarkable value proposition. Further, the property's location within an Opportunity Zone provides significant tax advantages for investors. The existing infrastructure presents a strong foundation, with the potential for developing additional units to further increase revenue streams. This is a rare chance to acquire a well-maintained, high-performing multifamily asset in a desirable location.

Location Insight

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• Local Demand

City

Morganfield

County

State

Kentucky