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MULTI FAMILY - Investment Property For Sale 502 College Ave

6 Unit Block of Flats £394,500 (£65,750/Unit) 7.58% Net Initial Yield Paducah, KY 42001

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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.
*See Pro-forma on brochure for market potential.

502 College Ave Flier

Financial Summary (Actual - 2023)	Annual	Annual Per SF
Gross Rental Income	£39,292	£7.16
Other Income	-	-
Vacancy Loss	-	-
Effective Gross Income	£39,292	£7.16
Taxes	£2,948	£0.54
Operating Expenses	£8,609	£1.57
Total Expenses	£11,556	£2.11
Net Operating Income	£27,736	£5.06

Financial Summary (Actual - 2023)

Gross Rental Income
Annual	£39,292
Annual Per SF	£7.16

Other Income
Annual	-
Annual Per SF	-

Vacancy Loss
Annual	-
Annual Per SF	-

Effective Gross Income
Annual	£39,292
Annual Per SF	£7.16

Taxes
Annual	£2,948
Annual Per SF	£0.54

Operating Expenses
Annual	£8,609
Annual Per SF	£1.57

Total Expenses
Annual	£11,556
Annual Per SF	£2.11

Net Operating Income
Annual	£27,736
Annual Per SF	£5.06

Property Facts

Price	£394,500	Apartment Style	Low Rise
Price Per Unit	£65,750	Lot Size	0.28 AC
Sale Type	Investment	Building Size	5,484 SF
Net Initial Yield	7.58%	Average Occupancy	100%
No. Units	6	Number of Floors	2
Property Type	Residential	Year Built/Renovated	1979/2023
Property Subtype	Apartment

Price	£394,500
Price Per Unit	£65,750
Sale Type	Investment
Net Initial Yield	7.58%
No. Units	6
Property Type	Residential
Property Subtype	Apartment
Apartment Style	Low Rise
Lot Size	0.28 AC
Building Size	5,484 SF
Average Occupancy	100%
Number of Floors	2
Year Built/Renovated	1979/2023