514 Wapping StreetFrankfort, KY 40601

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.

Property Information

Property type

Residential Income

Sub-type

Quadruplex

Structure type

Quadruplex

Stories

3

Living area

4,984 Sq Ft

Lot size

0.32 acres

Lot dimensions

90 x 115

Parking spaces

2

Days on market

123

MLS^® Listing#

26005492

Property Features

Cooling

Central Air · Electric · Multi Units · Window Unit(s)

Heating

Electric · Natural Gas

Parking

On Site

Parcel number

061-24-01-023.00

Schools

Elementary

Second St

Middle

Second St Middle

High

Frankfort

Directions

Sits on the dead end side of wapping