Vista Apartments

Multi-Family for Sale
Catylist Listing ID: 30183800
Property Subtypes: Low-Rise/Garden
Number of Units: 102 Units
Building Size (RSF): 64,704 SF
Gross Building Area: See Agent
Sale Price: $3,800,000
Unit Price: $37,254.90 Per Unit
Property Use Type: Investment
Sale Terms: Undisclosed
Cap Rate: Undisclosed
Average Occupancy Rate: 91
Last Updated: 3/5/2018

Overview / Comments

Vista is the gold standard of quiet apartments near the retail center of Radcliff, Kentucky. Unique five story solid concrete property attracts tenants
due to its sound suppression quality, security, and great location. This former nursing home, built in 1986 is the tallest building in Radcliff. Fort Knox is home to our nation's gold, and an economic powerhouse. Radcliff is the suburb built around the main gate to Fort Knox. However only 10 percent of the units at Vista Apartments are currently rented by enlisted personnel. Owners pay all utilities and self manage the property from out of town. Meanwhile new development has proven the $1/sq ft rental market in Radcliff. Class A properties are full, proving a strong demand exists for quality rehabs. Vista Apartments consists of 102 units with walk in closets, multiple common rooms, storage areas, and a very large recreation room. By purchasing this property under $40k/door and fully rehabbing at ~$10K/door, a buyer should be able to compete for the top tenants at far less than cost of new construction. Buyer might consider adding carports to the Vista parking lot to further entice top tier renters, and push NOI.
Full Architectural drawings, and a 2017 Clean Phase 1 is available to buyer.

Additional Details

Nearest MSA: Elizabethtown-Fort Knox
County: Hardin
Zoning: R3
Percent Occupied: 91%
Community Amenities: Recreation Room
Property Located Between: Next to Fort Knox Military Base
Total Number of Buildings: 1
Year Built: 1986

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 6,480 27,336 49,349
Median Age: 36.52 33.41 32.51
Households: 2,656 10,688 17,464


Photograph of Listing Agent

F. Lawrence Hausman

Marcus & Millichap
KCREA Member
© Copyright Catylist. All Rights Reserved. The information presented herein is provided as is, without warranty of any kind. Neither Catylist nor Catylist Real Estate Software, Inc. assume any liability for errors or omissions.