MULTI FAMILY - Investment Property For Sale | 502 College Ave
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MULTI FAMILY - Investment Property For Sale 502 College Ave
6 Unit Apartment Building $475,000 ($79,167/Unit) 7.97% Cap Rate Paducah, KY 42001
Investment Highlights
- Prime Location: Situated in the heart of Lone Oak, ensuring high demand and easy-to-fill vacancies.
- Exterior Improvements: Front stairs recently repaired, repainted, and weatherproofed.
- Market Rate Potential: Expected rents range from $850–$950, with additional income possible for short-term or furnished rentals.
- Upgraded Flooring: Five of six units have LVP or laminate flooring; all units have been freshly painted as tenants moved out.
- Below Market Rents: Long-term tenants on month-to-month leases, offering potential for increased rental income.
- Low Maintenance: Updated and well-maintained property.
Executive Summary
Attention Investors! Low-maintenance and well-maintained 6-unit investment property located in the heart of Lone Oak for sale. Each apartment features 2 bedrooms and 1 bathroom. Five of the six units have been upgraded to LVP or laminate flooring and have been freshly painted with new tenants. Over the years, the property has seen significant updates, including a new metal roof in 2014 and recent repainting and weatherproofing of the front stairs. Current rents are well below market rates, as tenants have been long-term and are now on month-to-month leases. Several rent increases are planned starting January 2025. Market rates range from $850-$950 or more for short-term or furnished rentals. Rent roll, pro-forma and financials available.
Unit 1 $950/mo. moved in March 2014, - month to month
Unit 2 $850/mo. Nov 1, 2024 - Nov 1, 2025
Unit 3 $950/mo. moved in Dec 9, 2019 month to month
Unit 4 $650/mo. June 17, 2024 - June 17, 2025
Unit 5 $700/mo. Aug 14, 2024 - August 14, 2025
Unit 6 tenant is moving out end of December and January 2025 will be available for $950/mo
Unit 1 $950/mo. moved in March 2014, - month to month
Unit 2 $850/mo. Nov 1, 2024 - Nov 1, 2025
Unit 3 $950/mo. moved in Dec 9, 2019 month to month
Unit 4 $650/mo. June 17, 2024 - June 17, 2025
Unit 5 $700/mo. Aug 14, 2024 - August 14, 2025
Unit 6 tenant is moving out end of December and January 2025 will be available for $950/mo
Financial Summary (Actual - 2023) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$49,800
|
$9.08
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$49,800
|
$9.08
|
| Taxes |
$3,736
|
$0.68
|
| Operating Expenses |
$10,911
|
$1.99
|
| Total Expenses |
$14,647
|
$2.67
|
| Net Operating Income |
$35,153
|
$6.41
|
Financial Summary (Actual - 2023)
| Gross Rental Income | |
|---|---|
| Annual | $49,800 |
| Annual Per SF | $9.08 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $49,800 |
| Annual Per SF | $9.08 |
| Taxes | |
|---|---|
| Annual | $3,736 |
| Annual Per SF | $0.68 |
| Operating Expenses | |
|---|---|
| Annual | $10,911 |
| Annual Per SF | $1.99 |
| Total Expenses | |
|---|---|
| Annual | $14,647 |
| Annual Per SF | $2.67 |
| Net Operating Income | |
|---|---|
| Annual | $35,153 |
| Annual Per SF | $6.41 |
Property Facts
| Price | $475,000 | Apartment Style | Low Rise |
| Price Per Unit | $79,167 | Lot Size | 0.28 AC |
| Sale Type | Investment | Building Size | 5,484 SF |
| Cap Rate | 7.97% | Average Occupancy | 100% |
| No. Units | 6 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1979/2023 |
| Property Subtype | Apartment |
| Price | $475,000 |
| Price Per Unit | $79,167 |
| Sale Type | Investment |
| Cap Rate | 7.97% |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Lot Size | 0.28 AC |
| Building Size | 5,484 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1979/2023 |
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Oven
- Tub/Shower
Site Amenities
- 24 Hour Access
- Tenant Controlled HVAC
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 6 | $800.00 | - |
1 of 1
zoning
| Zoning Code | Residential |
| Residential |
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MULTI FAMILY - Investment Property For Sale | 502 College Ave
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