Description
UNITS: 28 | AVERAGE YEAR BUILT: 1985 | RENTABLE SF: 23,352
Marcus & Millichap is pleased to present Beaver Properties. Consisting of 28-units of 7 quadplexes located just minutes away from Lexington’s premier shopping. The subject property sits in an emerging neighborhood with proven rent growth and superb economic activity.
Value Add Opportunity
The new owner can take advantage of the value add opportunity of this property’s prime location. Remodeling these apartments will provide an incoming investor with over $300 premium on rents capturing a 26% ROI on unit upgrades.
Proven Rent Growth
Rents in the submarket boast an average $1,430/mo providing an excellent opportunity for an investor to draft rents from the submarket and improve units for an estimated rental rate of $1,074/mo.
Limited Supply | High Demand Asset
Population growth continues to outpace new inventory in the local market. Lexington needs 1,800 rental units per year to keep up with projected population growth. With 1,200 units slated to be built in Lexington, this leaves a 600 unit deficit within the current pipeline.
Listing Details
| Price: | $Market Bid |
|---|---|
| Address: | South |
| City: | Lexington |
| State: | Kentucky |