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$ 479,000
Price Dropped by $10K
514 Wapping Street Frankfort, KY 40601
7 Beds
5 Baths
4,984 SqFt
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Quadruplex
Listing Status Active
Purchase Type For Sale
Square Footage 4,984 sqft
Price per Sqft $96
Subdivision Downtown
MLS Listing ID 26005492
Bedrooms 7
Full Baths 5
Lot Size 0.320 Acres
Acres 0.32
Property Sub-Type Quadruplex
Property Description
100% Occupied! Excellent opportunity to acquire a fully leased four-unit investment property in one of Historic Downtown Frankfort's most desirable neighborhoods. This exceptionally maintained property leased all four apartments at market rents in just four days, demonstrating the strong demand for quality rental housing in this location. Owned by the same family for three generations, the building has benefited from numerous recent capital improvements, including a newer roof, professional exterior painting, updated electrical service, and new water heaters. This is a stable, turnkey investment with no known deferred maintenance. Current gross rental income is $4,810 per month ($57,720 annually). Owner pays approximately $500 per month for water, electric, sewer, and trash. Tenants pay their own natural gas heating. Unit Mix: 2 Bedroom / 2 Bath - $1,630/month (tenant also mows the lawn, performs landscaping, and takes trash to the curb) 2 Bedroom / 1 Bath - $1,230/month 2 Bedroom / 1 Bath - $1,200/month 1 Bedroom / 1 Bath - $750/month (long-term tenant of approximately 20 years) Properties of this quality and location rarely become available. With strong cash flow, historic character, off-street parking, and scenic Kentucky River views from every unit, 514 Wapping Street presents a compelling investment opportunity in the heart of Frankfort.
Location
State KY
County Franklin
Interior
Heating Electric, Natural Gas
Cooling Central Air, Electric, Multi Units, Window Unit(s)
Exterior
Parking Features On Site
View Y/N N
Roof Type Dimensional Style
Handicap Access No
Private Pool No
Schools
Elementary Schools Second St
Middle Schools Second St Middle
High Schools Frankfort
Listed by Marshall Lane Real Estate