Description
Marcus & Millichap is pleased to present Kees Cove, a 24-Unit apartment complex located in Lexington, KY. Kees Cove has undergone extensive renovation with significant capital improvements and is well-positioned for an aggressive marketing initiative to increase rents and improve NOI.
PROPOSED VALUE-ADD
New ownership can take advantage of the recent capital improvements and implement a light renovation on unit interiors.
Kees Cove rents are on average $300 below the submarket average rents. An incoming investor can renovate and still stay below the competition in the market while providing housing that is comparable.
SUBMARKET HIGHLIGHTS
The Lexington Northeast Submarket is highlighted for excellent connectivity with direct access to New Circle, N Broadway Rd, and I-75.
Chic-fil-a was recently developed in this submarket and located off New Circle Rd it is less than a mile away from Kees Cove.
Rental Growth: The Northeast Submarket has seen an 8.8% YOY rental growth in Lexington’s connected submarket.
Nearby employers include: LexMark, USPS Distribution, Jiff Peanut Butter Factory, & Bluegrass Community Technical College.
Listing Details
| Price: | $Market Bid |
|---|---|
| Address: | 1124-1132 Kees Road |
| City: | Lexington |
| State: | Kentucky |
| Year Built: | 1964 |