Description
107 UNITS | YEAR BUILT 1963/2019
Double Tree is a 107 unit apartment complex featuring studio, 1BR, 2BR, and 3BR units. Located in Lexington, Kentucky, it is a well-maintained investment opportunity in a stable neighborhood that is anchored by the largest shopping center in Kentucky. This property allows a new owner to take advantage of the instant rent growth opportunity in an award-winning community.
Investment Highlights:
-VALUE ADD OPPORTUNITY – Double Tree’s rents are on average $150 below its competitive set. The new owner will be able to take advantage of this disparity and bring rents up to market with minimal capex required.
-UNIT CONVERSIONS – A new owner can take advantage of the two-bedroom layout and convert two-bedroom units into three-bedroom units. The layout is designed so that only seven feet of wall and a bedroom door is needed to convert units. This will provide roughly $15,000 of a value per unit conversion based on an $85 rental premium at a 6.8% cap rate.
-25+ YEAR OWNERSHIP – Rare opportunity to acquire a property from a long-term owner. Award-winning landscaping boasts outstanding curbside appeal attracting tenants that take pride in their community.
-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: | 1544 Meade Court |
| City: | Lexington |
| State: | Kentucky |
| Year Built: | 1963/2019 |
| Floors: | 2 |
| Acres: | 4.58 |