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$ 2,649,500
Est. payment | /mo
14,202 SqFt
$ 2,649,500
Est. payment | /mo
14,202 SqFt
Key Details
Property Type Multi-Family
Sub Type Apartment
Listing Status Active Under Contract
Purchase Type For Sale
Square Footage 14,202 sqft
Price per Sqft $186
MLS Listing ID 1690042
HOA Y/N No
Abv Grd Liv Area 14,202
Year Built 1961
Property Sub-Type Apartment
Land Area 14202
Property Description
In Place 10+ Cap Rate.
This turnkey, stabilized investment opportunity consists of 34 studio units that have been gutted down to the studs and completely renovated with new plumbing, electrical, mini-split heating/cooling systems, LVP flooring, granite counters, stainless appliances, and more. Plus, a tax moratorium is in place through 2029 and transferable to the new owner.
Most rents are at $976/month, with potential to increase over time. Expenses are low due to high efficiency tankless water heaters, mini-splits, and newly renovated units. The property has been stabilized since winter, and is projected to produce well over $300K in NOI this year.
The units are separately metered for LG&E, and are efficiently sized for quick and easy turns. There is also off street parking. This property presents an excellent opportunity to invest in a stabilized, cash flowing, low maintenance multifamily asset.
Highlights include:
> 34 fully gutted and renovated studio units
> Separate meters for LG&E
> High efficiency mini-splits and tankless water heaters
> Cash flowing asset, projected 10+ cap rate with in place financials
This turnkey, stabilized investment opportunity consists of 34 studio units that have been gutted down to the studs and completely renovated with new plumbing, electrical, mini-split heating/cooling systems, LVP flooring, granite counters, stainless appliances, and more. Plus, a tax moratorium is in place through 2029 and transferable to the new owner.
Most rents are at $976/month, with potential to increase over time. Expenses are low due to high efficiency tankless water heaters, mini-splits, and newly renovated units. The property has been stabilized since winter, and is projected to produce well over $300K in NOI this year.
The units are separately metered for LG&E, and are efficiently sized for quick and easy turns. There is also off street parking. This property presents an excellent opportunity to invest in a stabilized, cash flowing, low maintenance multifamily asset.
Highlights include:
> 34 fully gutted and renovated studio units
> Separate meters for LG&E
> High efficiency mini-splits and tankless water heaters
> Cash flowing asset, projected 10+ cap rate with in place financials
Location
State KY
County Jefferson
Direction 7th St. Rd. to Manslick
Interior
Heating MiniSplit/Ductless
Exterior
Exterior Feature Balcony
View Y/N No
Roof Type Shingle
Garage No
Building
Structure Type Concrete
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Listed by PRG Commercial Property Advisors
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