Marcus and Millichap is pleased to present The Pops, a 96-unit multifamily property located just across the street from Valvoline’s world headquarters in Lexington’s growing submarket. The Pops has undergone extensive renovation in 2019, providing an opportunity for an investor to purchase a hard-to-find asset with minimal deferred maintenance. Residents enjoy a community pool, laundry facilities, package receiving, along with a recent upgrade of clubhouse and pool furniture. Interior upgrades include granite countertops, new appliances, upgraded light and plumbing fixtures, new paint and flooring, and a washer-dryer included in each unit.
WELL-MAINTANED ASSET | TURN KEY OPPORTUNITY
Over $2.4MM of capital expenditures have been invested by current ownership on interior and exterior renovations, providing an excellent turn key opportunity for an incoming investor looking for a high-quality asset with minimal deferred maintenance.
MARKET PROVEN RENTS
The competitive set rents are on average $320 higher than The Pops average effective rent, providing an excellent opportunity for an incoming investor to capitalize on market rent growth. Units have been completely renovated providing an excellent turn-key opportunity with a solid cash-on-cash return potential.
SUBMARKET BUILT ON STRONG FUNDAMENTALS
The current submarket boasts a YOY rental growth of 9.8%, an indicator of exceptional market conditions. As of Q2 2021, the current submarket is anticipating a delivery of a mere 96 units in the next 2 years.
ACCESS TO TOP-NOTCH EMPLOYMENT
Major employers in Lexington include the University of Kentucky, Fayette County Public Schools, Kentucky One Health, Xerox which have over 23,857 employees combined. The largest employer, University of Kentucky, posted a total operating revenue of 1.76 billion in 2019, an increase of over 7.3% from its previous fiscal year.
|Address:||2845 Palumbo Drive|