
Description
THE OPPORTUNITY
Loss-to-lease: Current ownership has raised market rents providing a loss to lease opportunity of $125 per unit per month for in-place rents. This provides over $100,000 of loss-to-lease recapture, a $1.42MM equity increase when factored at a 7 cap.
Value-Add: Rehab down units and increase occupancy.
THE MARKET
The largest employment sector of the Harrodsburg economy is manufacturing. Approximately 30% of workers employed in Mercer County are employed at one of the community’s manufacturing operations. Manufacturing firms located in Mercer County are:
Hitachi Automotive – 1,450 Employees
Essity (Formerly Wausau – 5215 Employees
Corning, Inc. – 420 Employees
Kentucky Utilities Brown Plant – 200 Employees
Toyota Boshoku – 134 Employees
RECENT CAPEX
New Exterior windows in all units (2022)
Unit Turns from 6/2022 forward receive new paint, tub surrounds, flooring.
Plumbing/Structural/Mechanical work as needed
Listing Details
Price: | $Market Bid |
---|---|
Address: | 545 Henrico Road |
City: | Harrodsburg |
State: | KY |
Zip Code: | 40330 |
Year Built: | 1981 |