618 E Waverly St - Apartments FOR SALE


Morganfield, KY 42437
$1,790,000 USD
270-991-9093
618 E Waverly St, Morganfield, KY for Sale
$1,790,000 USD
Apartments - FOR SALE
1/4
null | 8.1% Cap Rate

618 E Waverly St
Morganfield, KY 42437


HIGHLIGHTS

  • Priced well below replacement cost
  • Below market rents with upside potential
  • Stable cash flow with room to increase income
  • 30 2-bedroom townhomes across 4 buildings
  • Located on a large 2.95-acre lot
  • Expansion opportunity – space to add another building

OVERVIEW

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, providing immediate income stability. Current rents are well below market, presenting immediate upside potential for increased cash flow. This investment offers 30 spacious 2-bedroom townhomes spread across four buildings on a 2.95-acre parcel, all fully rented at 100% occupancy. Priced significantly below replacement cost, the property generates stable cash flow with strong upside through potential rent increases. There is also 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

FOR SALE DETAILS

PRICE

$1,790,000 USD

PRICE/SF

$72 USD /SF

# OF UNITS

30

PRICE/UNIT

$59,667

CAP RATE

8.1%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Maple Valley Townhomes

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Garden

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1972

PARKING SPACES

-

LAND DETAILS

LAND ACRES

2.95 AC

LAND SF

128,502 SF

ZONING

-

APN/PARCEL ID

M3-33-10

ASK ABOUT THIS PROPERTY

Gerri BowersStar Property ManagementMore Info
270-991-9093

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.

Gerri BowersStar Property ManagementMore Info
270-991-9093

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.