321 S Main St – Downtown Triplex | Harrodsburg, KY
Mixed Use | 4.67% CAP | 3,100 SqFt
Marketing description
Property Description
Located on South Main Street in downtown Harrodsburg, 321 S Main St is a renovated 3-unit mixed-use asset offering immediate income with flexible future use potential.
The downstairs unit features a 3-bedroom / 3-bath layout, making it suitable for high-density residential occupancy or potential professional/office use, subject to planning and zoning approval. Buyers are encouraged to verify permitted uses with the City of Harrodsburg Planning & Zoning Department.
The building has undergone meaningful capital improvements, reducing near-term maintenance risk and supporting long-term hold strategy.
Recent Improvements
Updated kitchens across all three units
Upgraded bathrooms in all units
New roof
Luxury vinyl plank flooring
Tile flooring in wet areas
Fresh interior paint throughout
These upgrades support higher rents, cleaner tenant profiles, and lender confidence.
Operational Highlights
Separately metered electric (tenant-paid)
Landlord pays water, gas, and trash
Two units currently leased with stable in-place income
Clear value-add opportunity through lease-up and optimization of the downstairs unit
Investment Thesis
This is a downtown Main Street asset with:
In-place cash flow
Renovated interiors
Flexible mixed-use potential
Strong pro-forma upside
Ideal for investors seeking a buy-and-hold multifamily, a live/work configuration, or a small professional office conversion, pending zoning confirmation.
Location
Situated in Harrodsburg’s historic downtown corridor, the property benefits from walkability, visibility, and proximity to local retail, dining, civic buildings, and tourism drivers, making it attractive for both residential tenants and small professional users.
Investment highlights
Investment Highlights
Downtown Main Street Location
Positioned on South Main Street in the historic core of Harrodsburg, offering walkability, visibility, and long-term demand stability.Renovated 3-Unit Mixed-Use Asset
Three-unit building with updated kitchens and bathrooms, new roof, vinyl plank and tile flooring, and fresh interior paint throughout — minimizing near-term capital needs.In-Place Income with Value-Add Upside
Two units currently leased with stable income; third unit offers immediate upside through lease-up or reconfiguration.Flexible Use Potential (Buyer to Verify)
Downstairs 3BR/3BA unit may support professional office or live/work use, subject to City of Harrodsburg planning and zoning approval.Strong Pro Forma Performance
Stabilized pro-forma NOI supports a high-single to low-double digit cap rate at asking price.Tenant-Paid Electric
Separately metered electric paid directly by tenants, reducing operating expense volatility.Predictable Operating Expenses
Landlord covers water, gas, and trash only; no complex utility reimbursements.Attractive Small-Balance Investment
Ideal for local and regional investors, 1031 exchange buyers, or owner-occupants seeking downtown presence.Scarce Downtown Inventory
Limited supply of renovated multifamily assets in Harrodsburg’s downtown corridor supports long-term value and liquidity.
Listing Contacts
Valuation Calculator
Valuation Metrics
Map
Broker Selected Comps View More Comps
Property History
Tax History
Similar Properties
Additional Information
Is there information that looks off?
