100% occupied retail investment property presented at a 7% cap rate on in—place income.1.3 acres; zoned B—1.
Busy Nicholasville Rd is a major Lexington retail thoroughfare.
Diverse mix of tenant businesses, with national (Kumon Learning, Wellnessmart), and strong local businesses (Gluten Free Miracles).
All rents collected in 2020!
Property includes 20 total units. Small unit size, proximity to Nicholasville Rd, and price point attract local service businesses to a convenient location. Property will never struggle when it comes to leasing.
16 units have been completely renovated in 2020, with current owner spending $250,000+ on Capital Expenditures to attract tenants and stabilize property.
Upgraded units received new HVAC units, new electric, LED lights, stylish glass doors, new LVT flooring, bathroom fixtures, and general maintenance items taken care of.
Current owner has done the heavy lifting, leaving future increases to the next owner.
Property has a new roof as of 2018 with a 10 year transferable warranty to be shared in Due Diligence.