514 Wapping St Frankfort, KY 40601
Frankfort AreaEstimated payment $2,654/month
About This Home
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.
Property Details
Home Type
- Multi-Family
Lot Details
- 13,950 Sq Ft Lot
Parking
- 2 Parking Spaces
Home Design
- Quadruplex
- Dimensional Roof
Interior Spaces
- 4,984 Sq Ft Home
- 3-Story Property
Bedrooms and Bathrooms
- 7 Bedrooms
- 5 Full Bathrooms
Schools
- Second St Elementary School
- Second St Middle School
- Frankfort High School
Utilities
- Multiple cooling system units
- Window Unit Cooling System
- Central Air
- Heating System Uses Natural Gas
Listing and Financial Details
- Assessor Parcel Number 061-24-01-023.00
Community Details
Overview
- 4 Units
- Downtown Subdivision
Building Details
- 2 Vacant Units
Map
Home Values in the Area
Average Home Value in this Area
Tax History
We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.
| Year | Tax Paid | Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. | Land | Improvement |
|---|---|---|---|---|
| 2025 | $529 | $165,000 | $25,000 | $140,000 |
| 2024 | $553 | $165,000 | $0 | $0 |
| 2023 | $562 | $165,000 | $0 | $0 |
| 2022 | $1,509 | $165,000 | $0 | $0 |
| 2021 | $592 | $165,000 | $0 | $0 |
| 2020 | $509 | $145,000 | $25,000 | $120,000 |
| 2019 | $509 | $145,000 | $25,000 | $120,000 |
| 2018 | $528 | $145,000 | $25,000 | $120,000 |
| 2017 | $1,182 | $145,000 | $25,000 | $120,000 |
| 2016 | $504 | $145,000 | $25,000 | $120,000 |
| 2015 | $1,979 | $145,000 | $25,000 | $120,000 |
| 2011 | $1,979 | $145,000 | $25,000 | $120,000 |
Property History
We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.
| Date | Event | Price | List to Sale | Price per Sq Ft |
|---|---|---|---|---|
| 07/06/2026 07/06/26 | Price Changed | $479,000 | -2.0% | $96 / Sq Ft |
| 06/12/2026 06/12/26 | For Sale | $489,000 | 0.0% | $98 / Sq Ft |
| 05/23/2026 05/23/26 | Pending | -- | -- | -- |
| 05/01/2026 05/01/26 | Price Changed | $489,000 | -1.6% | $98 / Sq Ft |
| 04/29/2026 04/29/26 | For Sale | $497,000 | 0.0% | $100 / Sq Ft |
| 04/18/2026 04/18/26 | Pending | -- | -- | -- |
| 03/20/2026 03/20/26 | For Sale | $497,000 | -- | $100 / Sq Ft |
Source: ImagineMLS (Bluegrass REALTORS®)
MLS Number: 26005492
APN: 061-24-01-023.00
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The information is being provided by LBAR Multiple Listing Service. Information deemed reliable but not guaranteed. Information is provided for consumers' personal, non-commercial use, and may not be used for any purpose other than the identification of potential properties for purchase. Copyright 2026 LBAR Multiple Listing Service. All Rights Reserved.
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