25 unit- Income Producing Apartment Building Lexington- High CAP Rate

Multi-Family for Sale
Catylist Listing ID: 30712310
Property Subtypes: Low-Rise/Garden
Number of Units: 25 Units
Building Size (RSF): 15,000 SF
Gross Building Area: 15,640 SF
Gross Land Area: 0.34 Acres
Sale Price: $1,950,000
Unit Price: $78,000 Per Unit
Property Use Type: Investment
Building Name: Carriage House Apartments
Sale Terms: Cash to Seller
Last Updated: 4/8/2021

Overview / Comments

Rare opportunity to own a 25 unit 1 bedroom 1 bath - 600 square feet per unit apartment building in south Lexington.

17 of the units have been 100% renovated in modern finishes and colors. Leaving 8 of the units that are partially renovated allowing for a new owner to renovate.

Take advantage of low apartment financing rates while you can. This Asset will cash flow with a nice yield on your investment. Tenants pay electric.

Parking lot in the rear recently blacktopped.

Upside could include finishing renovation of remaining 8 units. Adding Laundry Facilities( Existing room available plumbed and ready to go). Could add an additional apartment unit on the first floor.

Additional Details

Nearest MSA: Lexington-Fayette
County: Fayette
Tax ID/APN: 13490500
Zoning: R-3
Percent Occupied: 100%
Property Located Between: Off of Alexandria Drive close To Kroger
Highway Access: Close to Airport and major highways
Airports: Bluegrass
Area Description: Plenty of nearby shopping and restaurants
Property Condition: Good
Number of Stories: 2
Year Built: 1968
Year Renovated: 2019
Roof Type: Hip
Construction/Siding: Wood Frame
Parking Type: Surface
Parking Description: Plenty of onsite and offsite parking
Laundry: Laundromat Nearby
Heat Type: Electricity
Heat Source: Wall Units
Fuel: Electric
Air Conditioning: Window Unit
Interior Description: Updated units with modern colors and appliances (17). New flooring in all units. Air Conditioning and heating provided by individual wall units. Each unit is separately metered for electric. Each unit also has an individual hot water heater with a capacity of 30 gallons. Each unit equipped with an electric oven/range combination, microwave, and refrigerator/freezer. Most units received updated appliances in 2017-2020 renovations. Premium flooring and appliances in some units.

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 15,974 80,784 208,079
Median Age: 36.85 34.96 35.41
Households: 6,727 32,558 87,027

Contact

Photograph of Listing Agent

Stuart Stebleton

The Gibson Company KCREA Member
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