Kentucky > Lexington > 1740 Jennifer Drive > Excellent Lexington Multi-Family Opportunity

Excellent Lexington Multi-Family Opportunity

1740 Jennifer Drive, Lexington, 40505

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Multi-Family | For Sale | $1,370,000 | 66,276 sqft

Excellent Yield at a great cap rate! Offered well below the appraised value of $2,350,000! Pleasant Green Apartments is a renovated and well maintained apartment property in a high demand area of Lexington, KY. The property consists of 87 units with convenient unit mix that includes 32 1br/1ba and 55 2br/1ba units. The property is separately metered for electric, but Landlord currently charges utilities in the rent. The surrounding area contains a strong demand for rental housing, and the property is currently enjoying strong occupancy. There have been extensive renovations performed on the property. These include: replacement of many HVAC units, doors, flooring, grading/drainage correction, gutters and correction of countless deferred maintenance items.

Circumstances have led this seller to price this property aggressively to sell at $17,126 per unit. Current gross income is $469,020 on an annualized basis. The owner is in the process of increasing rents to even higher levels. Call today for further details on this stabilized and well priced opportunity!

Price Per Sqft: $21

Available: 05/02/2012

Year Built: 1964

Listing ID: 174514

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1740 Jennifer Drive Details:

Building Description:

Pleasant Green Apartments is a renovated and well maintained apartment property in a high demand area of Lexington, KY. The property consists of 87 units with convenient unit mix that includes 32 1br/1ba and 55 2br/1ba units. The property is separately metered for electric, but Landlord currently charges utilities in the rent. The surrounding area contains a strong demand for rental housing, and the property is currently enjoying strong occupancy. There have been extensive renovations performed on the property. These include: replacement of many HVAC units, doors, flooring, grading/drainage correction, gutters and correction of countless deferred maintenance items.

Circumstances have led this seller to price this property aggressively to sell at $18,275 per unit. Current gross income is 499,560 on an annualized basis. The owner is in the process of increasing rents to even higher levels. Call today for further details on this stabilized and well priced opportunity!

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