9425 Brown Ridge RdMorehead, KY 40351

For Sale
$275,000

Three-unit building, high ROI, 1.84 acres

Overview

Added:
Dec 11, 2024
Days on market:
92
This exceptional mixed-use property in Morehead, Kentucky, presents a compelling investment opportunity. Situated on a spacious 1.84-acre lot, the property comprises a three-unit apartment building and a large, currently vacant, ground-floor commercial space totaling 5,568 square feet. The three residential units are currently 100% occupied, generating a substantial net operating income (NOI) of $20,000 annually, resulting in a 10% capitalization rate. The upper level features two one-bedroom, one-bathroom units and one spacious three-bedroom, two-bathroom unit, all recently renovated with new flooring, vanities, toilets, paint, light fixtures, exterior doors, and updated HVAC systems. The ground floor offers 2,784 square feet of versatile space, ideal for a single commercial tenant, multiple smaller tenants, or conversion into additional residential units. Two additional outbuildings provide further leaseable space and income potential. Built in 1984, this two-story building benefits from no zoning restrictions, offering maximum flexibility for future development. The property's location in Morehead, near Morehead State University, Cave Run Lake, and Rowan County Senior High School, ensures strong rental demand. Low property taxes and insurance costs further enhance the property's financial attractiveness. This property is easily financed as a three-unit apartment building, making it an ideal owner-occupant opportunity. The combination of residential income, commercial potential, and ample land makes this a truly unique and lucrative investment.

Highlights

  • Mixed-use property in Morehead, KY, offering multiple income streams from residential, commercial, and land uses.
  • Three-unit apartment building (two 1-bedroom/1-bathroom, one 3-bedroom/2-bathroom) with recent renovations including new flooring, vanities, toilets, paint, light fixtures, exterior doors, and HVAC systems.
  • Large 2,784 sq ft vacant commercial space on the ground floor, plus two additional outbuildings offering leaseable space.
  • 1.84-acre lot with no zoning restrictions, allowing for flexible future development.
  • Strong rental demand due to proximity to Morehead State University, Cave Run Lake, and Rowan County Senior High School.
  • Currently generating $20,000 annual NOI, resulting in a 10% capitalization rate.

Property Details for 9425 Brown Ridge Rd

Property type
Other specialty properties, Other retail properties
Square Feet
5,568 SF
Year Built
1984
Buildings
3
Stories
2
Lot Size (sq. ft)
80,150 SF
Units
3

Location Insight

City
Morehead
County
Rowan
State
Kentucky
Latitude
38.1678789
Longitude
-83.2688418
9425 Brown Ridge Rd, Morehead, Kentucky

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?
Please email our support team at [email protected] and they will add the team member.
How do I access a private listing?
Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.
How can I contact the broker?
We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.
How do I unsubscribe from emails?
At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].
9425 Brown Ridge Rd
Thanks! Your message was sent.
Error! Your message wasn't sent.
Please enter your first name
Please enter your last name
Please enter email
Please enter the email in the correct format
Please enter phone
Please enter the number in the correct format
Select size
Please enter message