514 Wapping Street
Frankfort, KY, 40601 $ 469,000
Bedrooms7 Baths5.0 Sq 4,984 Monthly Estimate*
$ 3,239
for $469,000 with 7 bedrooms and 5 full baths. This 4,984 square foot home was built in 9999 on a lot size of 0.32.
100% Occupied! Excellent opportunity to acquire a fully leased four-unit investment property in one of Historic Downtown Frankfort's most desirable neighborhoods. This exceptionally maintained property leased all four apartments at market rents in just four days, demonstrating the strong demand for quality rental housing in this location. Owned by the same family for three generations, the building has benefited from numerous recent capital improvements, including a newer roof, professional exterior painting, updated electrical service, and new water heaters. This is a stable, turnkey investment with no known deferred maintenance. Current gross rental income is $4,810 per month ($57,720 annually). Owner pays approximately $500 per month for water, electric, sewer, and trash. Tenants pay their own natural gas heating. Unit Mix: 2 Bedroom / 2 Bath - $1,630/month (tenant also mows the lawn, performs landscaping, and takes trash to the curb) 2 Bedroom / 1 Bath - $1,230/month 2 Bedroom / 1 Bath - $1,200/month 1 Bedroom / 1 Bath - $750/month (long-term tenant of approximately 20 years) Properties of this quality and location rarely become available. With strong cash flow, historic character, off-street parking, and scenic Kentucky River views from every unit, 514 Wapping Street presents a compelling investment opportunity in the heart of Frankfort.
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FeaturesGeneralHeating Electric Natural Gas
Cooling Central Air Electric Multi Units Window Unit(s)
Possession Negotiable
Roof Dimensional Style
Year Built 9999
Property Subtype Quadruplex
Parcel Number 061-24-01-023.00
County Franklin
New Construction N
Property Type Residential Income
Attached Garage false
Subdivision Name Downtown
Full Baths 5
Status Active
Directions Sits on the dead end side of wapping
High School Frankfort
City Frankfort
High School District Frankfort Independent
Number Of Units Total 4
MLS Area 014 - Franklin County
Lot Size Units Acres
Lot Size Square Feet 13950
Elementary School Second St
Land Lease Y/N N
Middle/Junior High School Second St Middle
MLS Area Minor 014 - Franklin County
Lease Considered Y/N N
Rent Control Y/N N
Structure Type Quadruplex
Standard Status Active
Senior Community None
Water Body Access Y/N None
Accessibility Features Y/N None
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ExteriorParking Features On Site
Total Parking 2
Lot Size Area 0.32
Number of Buildings 1
Building Area Total 4984
Lot Dimensions 90 x 115
Lot Size Acres 0.32
Crops Included Y/N N
Irrigation Water Rights Y/N N
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InteriorTotal Stories 3
Air Conditioning Y/N true
Heating Y/N true
Half Baths 0
Total Bedrooms 7
Total Baths 5
Heating-Natural Gas true
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* Excluded FeaturesList ByMarshall Lane Real EstateBroker
taylormarshallrealtor@gmail.comEmail
Affordability Calculator
- Monthly Principal & Interest
- $3,239
- Monthly Property Taxes
- --
- Monthly Home Insurance
- --
Default based on a 30-year fixed rate of 7.375% with 20% down. The estimated payment is offered for convenience and is not an offer of credit. Due to market fluctuations, interest rates are subject to change at any time and without notice. Your individual rate may vary. Rates may differ for FHA, VA or jumbo loans.
Learn more about how to save NearbyMulti-family listings in Frankfort, KY
Average List Price $321,706
Percent of Sale Price 31%
About Frankfort, KY 28,237 Population
3% Since 2002
$ 45,871 Median Income
38.14 Median Age
22% Households with Children
Trends Information provided by ATTOM Data Solutions.
0 Elementary School
0 Middle School
Pricing History| Date | Price | Price Change | Description |
|---|
| 9/3/2026 | $469,000 | -2.09% | Price Down |
| 7/6/2026 | $479,000 | -2.04% | Price Down |
| 5/1/2026 | $489,000 | -1.61% | Price Down |
| 3/20/2026 | $497,000 | | Listed Price |