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502 College Ave
Paducah, KY 42001

$500,000 USD

Apartments For Sale  •  5,484 SF

Property Details

  • Property Type Apartments
  • Total Building Size 5,484 SF
  • Lot Size 0.28 AC
  • Year Built 1979
  • Cap Rate 7.58 %
  • Zoning Residential
0 Transit Score
33 Walk Score

Highlights

Prime Location: Situated in the heart of Lone Oak, ensuring high demand and easy-to-fill vacancies.
Upgraded Flooring: Five of six units have LVP or laminate flooring; all units have been freshly painted as tenants moved out.
Exterior Improvements: Front stairs recently repaired, repainted, and weatherproofed.
Below Market Rents: Long-term tenants on month-to-month leases, offering potential for increased rental income.
Market Rate Potential: Expected rents range from $850–$950, with additional income possible for short-term or furnished rentals.
Low Maintenance: Updated and well-maintained property.

Property Flyers

Financial Summary (Actual)

Net Operating Income: $35,153 USD (2023)
Cap Rate: 7.58 %
Total Expenses: $14,647 USD

Amenities

  • 24 Hour Access
  • Air Conditioning
  • Tenant Controlled HVAC
  • Heating
  • Kitchen
  • Oven
  • Tub/Shower
  • Walk-Up
  • Smoke Detector
Dawn Arnold 618-638-5682 Arnold Realty Group
Dawn Arnold 618-638-5682 Arnold Realty Group