RENOVATED 16-UNIT MULTI-FAMILY PROPERTY IN DOWNTOWN LEXINGTON

by | Dec 19, 2019

HIGHLIGHTS
  • Opportunity to invest in multi-family property in Fayette Co, a market with high barriers to entry
  • Over $120K in renovations including flooring throughout, windows, kitchen appliances, countertops, LED lights, & bathroom fixtures.
  • Rents are currently under-market
  • Potential addition of laundry income & utility pass through
  • 6 parking spots for residents
  • Possible AirBnb and/or VRBO opportunity
  • Front doors either lock or have keypad for extra security
  • Construction underway on adjacent block for Studio180, a $12 million, three-story building which will feature 119 studio apartments starting at $895/month
  • OM contains financial and Rent Roll
DESCRIPTION
SVN Stone Commercial Real Estate is pleased to present this opportunity to purchase two multi-family properties in downtown Lexington. 160 & 164 Constitution include 16 units (15 units + 1 commercial space currently occupied by a barbershop). Seller has done much of the heavy lifting in terms of renovation, including new flooring throughout, windows, bathroom fixtures, countertops, LED lights, and kitchen appliances in all but one unit, leaving the next owner with the opportunity to bump up rents to market levels. The property features downtown walkability, sits close to Transylvania University, and offers plenty of access to boutique shopping & local restaurants.