Katelyn Court Apartments

Multi-Family for Sale
Sale Pending
Catylist Listing ID: 30818788
Property Subtypes: Low-Rise/Garden
Status: Pending
Number of Units: 136 Units
Building Size (RSF): 92,280 SF
Gross Building Area: See Agent
Sale Price: $9,200,000
Unit Price: $67,647.06 Per Unit
Property Use Type: Investment
Building Name: Katelyn Court apartments
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 11/15/2022

Overview / Comments

Katelyn court apartments is a (136) unit apartment complex located in very close proximity to Eastern Kentucky University, Lowes, Walmart, Grocery stores, and Richmond's finest restaurants. The complex consist of (70) one bedroom units, and (66) two bedroom units. There is also an office, coin laundry, covered picnic area complete with tables and grills, and a play area for the kids. The current occupancy rate is 99 %. Most of the units are currently leased at below market rent. The management began, on July 01, 2022 increasing rents for all new leases to $600.00 / month for one bedroom units, and $700.00 / month two bedroom units. Also, at that time, they began increasing the rent for lease renewals by 5%. Given the current rental market, there probably is room for a new owner to increase renewals more aggressively. The listing broker is related to the seller.

Additional Details

Nearest MSA: Richmond-Berea
County: Madison
Taxing Authority: Madison County, PVA - Tax District Richmond (Annex District 02)
Tax ID/APN: R11A-0001-0036
Zoning: B-3
Percent Occupied: 99%
Highway Access: The property is located just off the Eastern Kentucky University Bypass Rd.
Site Description: Apartment complex consisting of ten apartment buildings, and one rental office building which includes a coin laundry and a small work shop area.
Total Number of Buildings: 11
Property Condition: Excellent
Year Built: 1988
Roof Type: Gable
Construction/Siding: Brick
Exterior Description: Well maintained brick buildings
Parking Type: Surface
Laundry: Laundromat Nearby
Sprinklers: None
Heat Type: Electricity
Fuel: Electric
Zoning Description: B-3
Water Service: Municipal
Sewer Type: Municipal
Land Ownership: Foley Development Inc.

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 7,785 31,004 45,224
Median Age: 24.51 30.97 33.43
Households: 2,084 12,098 17,712

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