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$ 2,500,000
Active
142-164 Tupelo Trail Frankfort, KY 40601
24 Beds
24 Baths
16,800 SqFt
UPDATED:
Key Details
Property Type Apartment
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
Square Footage 16,800 sqft
Price per Sqft $148
Subdivision Annex
MLS Listing ID 26008600
Bedrooms 24
Full Baths 24
Year Built 1995
Lot Size 0.990 Acres
Acres 0.99
Property Sub-Type Apartment
Property Description
Exceptional opportunity to acquire a 12-unit townhouse package in Frankfort, KY, offering strong in-place income with significant upside potential. Built in 1995, this all-brick, two-story complex has recently undergone major exterior improvements, including fresh paint, new shingle roofs, and new gutters, providing a clean, updated appearance with reduced near-term capital needs. Each unit offers approximately 1,400 square feet with consistent, mirrored floor plans for operational efficiency. The main level features a spacious great room with tall ceilings, kitchen, laundry room with washer and dryer included, full bathroom, and a foyer/dining area. Upstairs includes two large bedrooms, a full bathroom, and abundant closet space, making these units highly desirable to tenants. The property presents immediate value-add potential, with 5 units yet to be fully renovated, allowing a new owner to continue increasing rents. One unit is currently vacant and under renovation, projected to lease at $1,700/month upon completion, establishing a strong rent ceiling for future upgrades. Current rent breakdown: 3 units @ $1,000 2 units @ $1,250 2 units @ $1,400 2 units @ $1,550 2 units @ $1,600 1 unit (vacant/renovation) projected @ $1,700 An additional highlight is the 2,500 sq. ft. basement garage, offering multiple income-producing possibilities such as tenant storage bays, workshop space, management office, or supplemental rental income streams—a rare feature that further enhances the asset's income potential. Tenants pay their own utilities (electric, etc.), while ownership covers trash and exterior maintenance, keeping operating expenses relatively low. The property is currently self-managed, providing flexibility for a new owner to continue hands-on management or implement professional management for scalability. The location supports strong tenant demand, situated across the street from local public schools and near Frankfort Regional Medical Center, as well as major retailers like Walmart and Lowe's, plus numerous restaurants and amenities. Investment Highlights: Strong in-place cash flow with immediate upside***5-unit value-add opportunity to push rents***Major exterior improvements already completed***Large, desirable 1,400 SF townhouse layouts Washer/dryer included in all units***Low expense structure (tenant-paid utilities)***Additional income from 2,500 SF garage space***Excellent location near schools, healthcare, and retail***Self-managed = opportunity to improve efficiency or scale
Location
State KY
County Franklin
Zoning R-2
Interior
Heating Forced Air
Cooling Central Air
Laundry Electric Dryer Hookup, Main Level, Washer Hookup
Exterior
Parking Features On Site, Paved
Utilities Available Electricity Connected, Sewer Connected, Water Connected
View Y/N N
Roof Type Dimensional Style,Shingle
Handicap Access No
Private Pool No
Schools
Elementary Schools Bridgeport
Middle Schools Bondurant
High Schools Western Hills
Others
Special Listing Condition Standard
Listed by Weesner Properties, Inc.
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