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Maple Valley Townhomes 618 E Waverly St 30 Unit Apartment Building $1,690,000 ($56,333/Unit) 8.58% Cap Rate Morganfield, KY 42437
INVESTMENT HIGHLIGHTS
- Priced well below replacement cost
- Stable cash flow with room to increase income
- Located on a large 2.95-acre lot
- Below market rents with upside potential
- 30 2-bedroom townhomes across 4 buildings
- Expansion opportunity – space to add another building
EXECUTIVE SUMMARY
Property Overview: This is a rare opportunity to acquire a 30-unit townhome portfolio situated on a large 2.95-acre lot, priced well below replacement cost. The property consists of four residential buildings with spacious layouts, offering strong rental appeal. All units are 2-bedroom townhomes and the property is currently 100% occupied. There is an excellent opportunity to add more units with room for expansion on the oversized lot. Demand for well-located, large rental units in this area remains strong, enhancing the long-term value of this asset.
Location Benefits:
618 E Waverly St is located in Morganfield, KY — a quiet and established community with convenient access to daily essentials. Nearby retailers and services include:
Walmart Supercenter (3 min drive)
IGA Grocery Store (2 min drive)
CVS Pharmacy
Multiple schools, parks, and local restaurants
Easy access to U.S. Hwy 60 and KY-56
Location Benefits:
618 E Waverly St is located in Morganfield, KY — a quiet and established community with convenient access to daily essentials. Nearby retailers and services include:
Walmart Supercenter (3 min drive)
IGA Grocery Store (2 min drive)
CVS Pharmacy
Multiple schools, parks, and local restaurants
Easy access to U.S. Hwy 60 and KY-56
PROPERTY FACTS
| Price | $1,690,000 | Building Class | C |
| Price Per Unit | $56,333 | Lot Size | 2.95 AC |
| Sale Type | Investment | Building Size | 24,900 SF |
| Cap Rate | 8.58% | Average Occupancy | 100% |
| No. Units | 30 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1972 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Garden |
| Price | $1,690,000 |
| Price Per Unit | $56,333 |
| Sale Type | Investment |
| Cap Rate | 8.58% |
| No. Units | 30 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 2.95 AC |
| Building Size | 24,900 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1972 |
| Opportunity Zone |
Yes |
AMENITIES
- Smoke Detector
UNIT AMENITIES
- Air Conditioning
- Washer/Dryer Hookup
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 2+1 | 30 | $650.00 | 830 |
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PROPERTY TAXES
| Parcel Number | M3-33-10 | Improvements Assessment | $685,000 |
| Land Assessment | $50,000 | Total Assessment | $735,000 |
PROPERTY TAXES
Parcel Number
M3-33-10
Land Assessment
$50,000
Improvements Assessment
$685,000
Total Assessment
$735,000
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Maple Valley Townhomes | 618 E Waverly St
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