Description
Marcus & Millichap is pleased to present 315 Ballpark Dr., a 18-unit apartment complex located on the North-East side of Lexington, KY. The apartment complex consists of 14 studios, 3 one-bedroom, one-bathroom units, and 1 two-bedroom, one-bathroom unit. The asset has received a significant amount of capital improvements ranging from new bathrooms and kitchens to new windows and new PTAC units. The asset offers an investor the opportunity to take advantage of the of the newly renovated apartments and push rents. The portfolio is in the process of leasing up the remaining renovated units and poised for strong cash flow.
SUBMARKET HIGHLIGHTS
Excellent connectivity as the area sits minutes away from New Circle, I-54, I-75, and downtown Lexington’s amenities
Rental rates on average grew 7.1% over the last 12 months across the submarket
SIGNIFICANT CAPITAL IMPROVEMENTS
Between the current ownership group and the prior, there has been significant capital investment to upgrades the units with higher end finishes as well as maintain and preserve the buildings structures and mechanicals. The units have received the following upgrades (units upgrades vary);
THE UNITS HAVE RECEIVED THE FOLLOWING UPGRADES:
New Kitchen Appliances (White or Black)
LVP Flooring in select units
New Kitchen Cabinets
New Locks
New Formica/Laminate Countertops
Updated Tub Surround
New Paint/Drywall
New Bathroom Vanities
New PTAC Units
The buildings and common areas have received $115k in CAPEX since July 2021 to improve the quality of the asset. The asset has received the following updates:
All Windows Replace
All Plumbing Stacks Re-done
Implement Security System
Added Fencing around the Property
Listing Details
| Price: | $Market Bid |
|---|---|
| Address: | 315 Ballpark |
| City: | Lexington |
| State: | Kentucky |
| Year Built: | 1963/2021 |