Marcus & Millichap is pleased to present Clay’s Pointe for purchase, a subdivision of 31 duplexes located in the rapidly expanding market of Elizabethtown, KY.
VALUE ADD | INTERIOR RENOVATIONS
Clay’s Pointe is leased significantly below the market with in-place rents on average $x below the competitive set. Substantial rental increases are available through interior upgrades including granite countertops, stainless appliance package, and upgraded flooring and bathrooms. Projected rents after renovation are still over $150 below top of the market rents in Elizabethtown’s growing market providing an achievable strategy to build value and boost NOI.
PROVEN RENT GROWTH | OPERATIONAL UPSIDE
The Elizabethtown-Fort Knox Submarket has seen unprecedented rent growth in recent months with a trailing 12-month rent growth averaging 16.7% YOY. The current property has not kept up with rental increases with an average effective rent of $x per month. This provides significant rental upside by implementing a marketing and lease renewal strategy.
Located off N Dixie, Clay’s Pointe is situated in an ideal location just minutes away from Baptist Health, Elizabethtown’s largest employer. Further, the N Dixie Highway is surrounded by an amenity rich retail corridor. Staple retail trades: Walmart, Target, Lowes, Bed Bath & Beyond, Kroger, Home Depot, Sam’s Club, and Barnes & Noble.
ADDITIONAL DEVELOPMENT OPPORTUNITY
Included in this offering is an additional 2.9 acres of land. This provides an opportunity for an incoming investor to develop additional units on the property.
ATTRACTIVE AMERICAN TRADITIONAL STYLE UNITS
This well-maintained subdivision features attractive style units with beautiful brick and vinyl exteriors, ample square footage, private yard space and patios, providing a competitive advantage to the local market.
SUPERIOR ECONOMIC FUNDAMENTALS
Clay’s Pointe is home to a diverse set of economic drivers which include Baptist Health a primary hospital, a strong manufacturing and industrial sector, and a myriad of retail trades. The Elizabethtown market has also experienced a bustling expansion. BlueOval, Ford’s SK battery manufacturing plant, is slated to bring 5,000 new jobs to Glendale, KY. Furthermore, Elizabethtown has 80+ manufacturing plants with over 9,200 employees, the leading plants are: Akebono Breake (1,300 employees), Metalsa Structural Products (1,700 employees), and Aletec industries (700 employees) according to Costar.
LOUISVILLE’S BEDROOM COMMUNITY
Elizabethtown is Louisville’s bedroom community with a 45 minute drive to KY’s largest city. The i65 corridor between Louisville and Elizabethtown is growing rapidly. Shepherdsville located South of Louisville and between Elizabethtown has experienced explosive growth with an array of new production and manufacturing facilities such as a $165MM Jim Bean visiting center, a $41MM Walmart ecommerce fulfillment center with additional acres available for industrial expansion.
|Address:||102 Clay's Pointe Ct|
|Year Built:||2006 & 2008|