142-164 Tupelo Trail, Frankfort, KY 40601 (MLS# 26008600)

142-164 Tupelo Trail, Frankfort, KY 40601

$2,500,000

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Property Type: Residential Income Bedrooms: 24 Baths: 24 Square Footage: 16,800 Lot Size (sq. ft.): 43,124 Status: Contingent

Current Price: $2,500,000 List Date: 4/21/2026 Last Modified: 5/11/2026

Overview

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 l ... (Read more) 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

Listing Details MLS# 26008600

Listing Information

Comp Sale YN: No
Property Sub Type: Apartment

Status Change Information

Status Change Timestamp: 2026-05-11
Purchase Contract Date: 2026-05-07

Address

County: Franklin
Street Number: 142-164
Street Name: Tupelo
Street Suffix: Trail
State: KY
Zip Code: 40601
Directions: I-64 to EXIT 53-B, To Lawrenceburg Rd (127), Turn Left on Kings Daughters Drive by Chick-Fil-A, Left onto Woodgate, Right onto Tupelo Trail. You can pull in behind the units and park to enter.
Parcel Number: 050-00-00-056.00

Contract

Original List Price: 2500000
Start Showing Date: 2026-04-21
Listing Contract Date: 2026-04-21
Listing Agreement: Exclusive Right To Sell
Occupant Type: Tenant
Office Exclusive YN: No
List Price/Acre: 2525252.53
List Price/SqFt: 148.81

Tax Legal

MLS Area Major: 014 - Franklin County
Subdivision Name: Annex
High School District: Franklin County - 14

Interior

Bedrooms Total: 24
Bathrooms Total: 24
Bathrooms Full: 24
Living Area: 16800
Living Area Source: Appraiser
Bathrooms Half: 0

More Information

Parking Information

Parking Total: 312

Building

Year Built: 1995
Stories Total: 2
Accessibility Features YN: No

Lot

Lot Size Acres: 0.99
Lot Size Square Feet: 43124.4

Utilities

Cooling YN: Yes
Heating YN: Yes
Electricity Connected: Yes
Sewer Connected: Yes
Water Connected: Yes

Remarks

Public Remarks: 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

Building and Property Details

Age of Roof: 12

Income and Expenses

Insurance Expense: 16015.02
Lawn Services Expense: 330
Trash Expense: 204

Unit Details

Number Of Units Vacant: Yes

Showing Information

Showing Instructions: All units are rented and occpied by tenants. One unit 144 is being renovated and easy to show anytime. Once a contract is agreed on the remaining units can be shown with notice to the tenants.

Tax & Legal

Elementary School: Bridgeport
Middle Or Junior School: Bondurant
High School: Western Hills
Tax Rate: 1.393
Zoning: R-2
Zoning Description: Low to Medium Density Residential

Association/Community

Number Of Buildings: 2
Number Of Units In Community: 12
Number Of Units Total: 12

Cooling

Central Air: Yes

Heating

Forced Air: Yes

Laundry Features

Electric Dryer Hookup: Yes
Main Level: Yes
Washer Hookup: Yes

Listing Terms

1031 Exchange: Yes
Cash: Yes
Conventional: Yes

Parking Features

On Site: Yes
Paved: Yes

Possession

Close Of Escrow: Yes
Rental Agreement: Yes
Subject To Tenant Rights: Yes

Roof

Dimensional Style: Yes
Shingle: Yes

Special Listing Conditions

Standard: Yes

Structure Type

Multi Family: Yes

Showing Requirements

Call Listing Agent: Yes
Showing Service: Yes

Property Features

Utilities: Electricity Connected; Sewer Connected; Water Connected; Electricity Connected; Sewer Connected; Water Connected Cooling: Central Air Heating: Forced Air Laundry Features: Electric Dryer Hookup; Main Level; Washer Hookup Listing Terms: 1031 Exchange; Cash; Conventional Parking Features: On Site; Paved Possession: Close Of Escrow; Rental Agreement; Subject To Tenant Rights Roof: Dimensional Style; Shingle Special Listing Conditions: Standard Structure Type: Multi Family Showing Requirements: Call Listing Agent; Showing Service

Documents

Sellers Disclosure Of Property Condition ›

Listing Office: Weesner Properties, Inc.

Last Updated: May - 11 - 2026

Information deemed reliable but not guaranteed.