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1844 1854 Augusta Drive

Lexington, KY 40505
  • $1,995,000
  • STATUS: Active
  • ON SITE: 60 Days
  • MLS #: 22005494
UPDATED: 51 min ago
$1,995,000
  • 34
    BEDS
  • 0.91
    ACRES
  • 26
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Multi-Family
Built:
1977
County:

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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The data relating to real estate for sale on this web site comes in part from the Internet Data Exchange Program of the Lexington-Bluegrass Association of Realtors Multiple Listing Service. Real estate listings held by IDX Brokerage firms other than Vanessa Vale Team | Keller Williams Greater Lexington are marked with the IDX logo and detailed information about them includes the name of the listing IDX Brokers. Information is deemed reliable but is not guaranteed accurate by the MLS or listing broker.
www.vanessavale.com/homes/127051862
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1844 1854 Augusta Drive Lexington, KY 40505

  • Price: $1,995,000
  • Status: Active
  • On Site: 60 Days
  • Updated: 51 min ago
  • MLS #: 22005494
34
Beds
26
Baths
0
½ Baths
0.91
Acres
1977
Built
Neighborhood:
Eastland
County:
Fayette
Area:
Fayette County Ne 2
Property 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!
Exterior Features

Parking 21 - 35 SpacesOn SitePaved Roof FlatMembrane Stories Three Structure Type Apartments

Interior Features

Cooling ElectricHeat Pump Heating ElectricNatural Gas

Property Features

Credit And Vacancy Losses 12240 Current Zoning R3 Electric Expenses 29270 Gross Operating Income 223488 Gross Scheduled Rental Income 204048 Intermediate School Not Applicable Lawn Services Expenses 3962 Other Income 31680 Property Amenities Coin LaundrySecurity System Property Insurance Expenses 6000 Real Estate Taxes 9996 Rubbish Services Expenses 600 Sewer And Water Expenses 17436 Total Gross Income 235728

Listing provided courtesy of Ryan W Niccum of Riesig Realty. Listing information © 2022 LBAR Multiple Listing Service. All rights reserved.
The data relating to real estate for sale on this web site comes in part from the Internet Data Exchange Program of the Lexington-Bluegrass Association of Realtors Multiple Listing Service. Real estate listings held by IDX Brokerage firms other than Vanessa Vale Team | Keller Williams Greater Lexington are marked with the IDX logo and detailed information about them includes the name of the listing IDX Brokers. Information is deemed reliable but is not guaranteed accurate by the MLS or listing broker.
 
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Vanessa Vale Team | Keller Williams Greater Lexington
1908 Bryant Rd, STE. 250
Lexington KY, 40509