Description
Marcus & Millichap is pleased to present Frankfort MF, a portfolio of 108-units in Frankfort, KY. Located a few miles from the Jim Bean plant, this is an excellent value-add opportunity for the experienced investor. Currently, 48 / 108 units have been renovated with the remaining units underway. Once complete, an incoming investor can draft rents from the local submarket and recapitalize for strong cashflow and market growth.
Value-Add Opportunity
This is a great value-add opportunity to turn online units and remodel remaining units with an estimated budget of $20,000 / unit.
High Cash Flow and Appreciation
The forced appreciation from renovation will provide an opportunity for recapitalization generating high cash flows in a workforce property that is historically recession-resistant with minimum rental volatility.
Market Proven Rents
Recent trades in the local market signal a strong runway for growth. Currently 3 out of 10 complexes studied are undergoing renovations and pushing rents $150 from current market rents. This will provide excellent opportunity for the Frankfort MF Portfolio to draft rents from the local submarket and provide an affordable option.
Lexington’s Bedroom Community
Over 50% of the Lexington workforce commutes from outside Lexington. Frankfort is approx. 25 minutes to Lexington, attracting the price-sensitive tenant.
Listing Details
| Price: | $Market Bid |
|---|---|
| City: | Frankfort |
| State: | KY |
| Zip Code: | 40601 |
| Year Built: | 1960-70 |