Description
ATTENTION INVESTORS! 26 Unit apartment complex in the Eastland Parkway neighborhood. Huge opportunity to continue adding value to this property. 19/26 units have been newly renovated in the last 3 years. Professional management in place, and are continuing to bring leases up to market rates as they turnover/renew. Potentially increase NOI by 10% or more by implementing RUBS system for utilities. Currently 17/26 units are paying partial utility fees. Laundry area could be converted to an additional unit, further increasing income. Additionally, the adjacent lot (included) is also zoned multifamily, giving potential for new construction. Just minutes drive from downtown Lexington, a short walk from Dixie Elementary School, with amenities across the street, this property has had no problems staying occupied!
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34BEDS
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0.91ACRES
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26BATHS
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01/2 BATHS
School Ratings & Info
Description
ATTENTION INVESTORS! 26 Unit apartment complex in the Eastland Parkway neighborhood. Huge opportunity to continue adding value to this property. 19/26 units have been newly renovated in the last 3 years. Professional management in place, and are continuing to bring leases up to market rates as they turnover/renew. Potentially increase NOI by 10% or more by implementing RUBS system for utilities. Currently 17/26 units are paying partial utility fees. Laundry area could be converted to an additional unit, further increasing income. Additionally, the adjacent lot (included) is also zoned multifamily, giving potential for new construction. Just minutes drive from downtown Lexington, a short walk from Dixie Elementary School, with amenities across the street, this property has had no problems staying occupied!
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Listing provided courtesy of Ryan W Niccum of Riesig Realty. Listing information © 2022 LBAR Multiple Listing Service. All rights reserved.