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514 Wapping St 4 Unit Apartment Building $479,000 ($119,750/Unit) 8.40% Cap Rate Frankfort, KY 40601
Investment Highlights
- Fully leased four-unit multifamily investment property.
- Recent upgrades include roof, electrical, and water heater improvements.
- Off-street parking supports resident convenience.
- River views are available from every apartment.
- Property has been owned by the same family for three generations.
Executive Summary
Fully leased. Historic Charm. Off Street Parking. New Capital Improvements. Gross rents of 4810. Owner pays $500/mo for electric/water/sewer/trash. Tenants pay their own gas heating.
Located in downtown Frankfort, close to the river with exceptional river views from every unit, this is a one of a kind rental property. It has been exceptionally maintained by the same family for three generations. Roof is two years old, professionally painted two years ago. New hot water heaters, updated electric including boxes. It currently needs nothing.
4 units:
A: 2 bedroom and 2 bath
1630
B: 1 bedroom and 1 bath
750 (tenant has been here for 20 years)
C: Two bedroom and 1 bath
1230
D: Two bedroom and 1 bath
1200
4810 Gross
Located in downtown Frankfort, close to the river with exceptional river views from every unit, this is a one of a kind rental property. It has been exceptionally maintained by the same family for three generations. Roof is two years old, professionally painted two years ago. New hot water heaters, updated electric including boxes. It currently needs nothing.
4 units:
A: 2 bedroom and 2 bath
1630
B: 1 bedroom and 1 bath
750 (tenant has been here for 20 years)
C: Two bedroom and 1 bath
1230
D: Two bedroom and 1 bath
1200
4810 Gross
Financial Summary (Pro Forma - 2026) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
-
|
-
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
-
|
-
|
Financial Summary (Pro Forma - 2026) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
Property Facts
| Price | $479,000 | Building Class | C |
| Price Per Unit | $119,750 | Lot Size | 0.24 AC |
| Sale Type | Investment | Building Size | 4,984 SF |
| Cap Rate | 8.40% | Average Occupancy | 100% |
| No. Units | 4 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1800 |
| Property Subtype | Apartment | Parking Ratio | 0.6/1,000 SF |
| Apartment Style | Low-Rise | Opportunity Zone |
Yes
|
| Zoning | SH | ||
| Price | $479,000 |
| Price Per Unit | $119,750 |
| Sale Type | Investment |
| Cap Rate | 8.40% |
| No. Units | 4 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.24 AC |
| Building Size | 4,984 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built | 1800 |
| Parking Ratio | 0.6/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | SH |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+2 | 1 | $1,630 | - |
| 2+1 | 2 | $1,230 | - |
| 1+1 | 1 | $750.00 | - |
Fairly walkable
50/100
Very drivable
80/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 061-24-01-023.00 | Improvements Assessment | $140,000 (2025) |
| Land Assessment | $25,000 (2025) | Total Assessment | $165,000 (2025) |
Property Taxes
Parcel Number
061-24-01-023.00
Land Assessment
$25,000 (2025)
Improvements Assessment
$140,000 (2025)
Total Assessment
$165,000 (2025)
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514 Wapping St