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
1/5
null | 8.97% Cap Rate

618 E Waverly St
Morganfield, KY 42437


HIGHLIGHTS

  • Entry cap rate approximately 8.97% at offering price
  • 100% occupied with stable in-place income
  • Current NOI: $160,527
  • Current average rents approx. $650 vs market rents $695
  • Offered at basis significantly below estimated replacement cost
  • Limited competing townhome inventory within submarket

OVERVIEW

Stabilized High-Yield Asset with Built-In Rent Growth and Strong Downside Protection Maple Valley Townhomes presents a 30-unit townhome investment opportunity offering strong in-place cash flow combined with conservative upside through market-supported rent growth. The property consists of four residential buildings situated on approximately 2.95 acres, featuring spacious 2-bedroom townhome layouts that support strong tenant retention and operational efficiency. The asset is currently 100% occupied and generates a current NOI of approximately $160,527, representing an attractive entry cap rate of approximately 8.97% at the offering price. Pro-forma NOI is estimated at approximately $171,867, reflecting a stabilized cap rate near 9.6% through conservative rent repositioning. Unlike heavy renovation value-add assets, Maple Valley Townhomes offers stabilized cash flow with incremental upside, making it ideal for investors seeking immediate yield with limited operational disruption. Current average rents of approximately $650 remain modestly below estimated market levels of $695, providing a clear and achievable path to NOI growth without significant capital investment. The low-density site configuration and townhome-style layout differentiate the property from traditional apartment assets, supporting long-term tenant stability, reduced turnover, and operational simplicity. The property is offered at a basis significantly below estimated replacement cost, creating strong downside protection while maintaining long-term upside potential. Location Overview Located at 618 E Waverly Street in Morganfield, KY, the property benefits from proximity to local retail, schools, and regional transportation routes including U.S. Hwy 60 and KY-56. Limited competing townhome inventory within the submarket supports consistent tenant demand and stable long-term occupancy.

FOR SALE DETAILS

PRICE

$1,790,000 USD

PRICE/SF

$72 USD /SF

# OF UNITS

30

PRICE/UNIT

$59,667

CAP RATE

8.97%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Maple Valley Townhomes

PROPERTY TYPE

Multi-Family

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 Notice.

Gerri BowersStar Property ManagementMore Info
270-991-9093

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