Description
PROVEN RENT GROWTH
Rents in the surrounding markets for a 3-bedroom townhome average $1,509. This provides an excellent opportunity for an investor to incorporate a light renovation on units and draft rents staying on average $109 lower than the competition.
VALUE ADD OPPORTUNITY
The new owner can take advantage of the value add opportunity of this property’s prime location. Remodeling these apartments with granite countertops, new light fixtures, and updated paint will provide an incoming investor a $276 premium on rents capturing a 44% ROI on unit upgrades.
LEXINGTON’S OVERFLOW MARKET
Population growth continues to outpace new inventory in the Lexington marketplace. This competitive renting environment attracts tenants to the surrounding markets such as Versailles. Over the past 5 years, there has been a steady increase in Lexington commuters with over half of Lexington workforce commuting from outside the city.
MINIMAL DEFERRED MAINTENANCE
Rosehill townhomes is well-maintained with a number of big-ticket items addressed including HVAC and roof. With the current ownership investing in the future performance of the property, the capital infusion delivers an asset with minimal capex allowing new ownership to focus on an aggressive leasing initiative to further align market rent with market competitors.
Listing Details
| Price: | $Market Bid |
|---|---|
| Address: | 210 Breckenridge Rd |
| City: | Versailles |
| Year Built: | 1995 |