514 Wapping St Frankfort, KY 40601
Estimated payment $2,654/month
About This Home
Rare opportunity to own a historic, income-producing property held by the same family for two generations. This well-maintained asset offers stunning river and downtown views from large windows on every level, along with a second-story balcony to fully enjoy the setting. The property features four thoughtfully laid-out units: First floor: one 2 bed / 2 bath unit and one 2 bed / 1 bath unit Second floor: two 1 bed / 1 bath units The third floor, once used as living space, is currently utilized for storage but offers excellent potential to be converted into a fifth unit, capitalizing on some of the best views in the building. Additional highlights include a private driveway for off-street parking and a spacious rear deck overlooking the beautiful Liberty Hall Gardens, providing a peaceful and scenic backdrop. This versatile property also presents the opportunity to be transformed into a stunning single-family residence. Lovingly cared for over decades, it offers both charm and confidence for its next owner—whether as an investment or a unique personal home.
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
| 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
| Date | Event | Price | List to Sale | Price per Sq Ft |
|---|---|---|---|---|
| 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
Disclaimer: Certain information contained herein is derived from information provided by parties other than Homes.com. All information provided is deemed reliable, but is not guaranteed to be accurate and should be independently verified.
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.
- 501 W Broadway St
- 10 U S 421
- 1039 River Bend Rd
- 514 Ann St
- 312 Conway St
- 57 Sandbar Ln
- 726 Benson Ave
- 308 Steele St
- 519 Ann St
- 1108 Palisades Dr
- 402 Ewing St
- Tract TBD Devils Hollow Rd
- 226 Signal Ridge Rd
- 42 Lock View Dr
- 1121 Leawood Dr
- 717 Wilson St
- 506 Collins Landing
- 214 W Campbell St
- 2047 Berry Hill Dr
- 1119 Leawood Dr
- 307 W Main St Unit 3
- 307 W Main St Unit 2
- 2005 River Ridge Rd Unit 3
- 401 Murray St
- 216 Briar Cliff St
- 311 Virginia Ave
- 804 Leawood Dr Unit 10
- 855 Louisville Rd
- 901 Crosshill Dr
- 101 Compton Dr
- 1310 Louisville Rd Unit 32
- 1335 Louisville Rd
- 565 Schenkel Ln
- 400 Freedom Dr Unit 3
- 433 Harrodswood Rd Unit 4
- 243 Landings Dr
- 220 Tupelo Trail
- 720 Ridgeview Dr
- 700 Forest Hill Dr
- 105 Oakmont Ln
Ask me questions while you tour the home.