Central Kentucky Multifamily Portfolio

Multi-Family for Sale
Sale Pending/Contingent
Catylist Listing ID: 30357178
Property Subtypes: Low-Rise/Garden
Status: Pending/Contingent
Number of Units: 126 Units
Building Size (RSF): 92,076 SF
Gross Building Area: See Agent
Sale Price: $3,950,000
Unit Price: $31,349.21 Per Unit
Property Use Type: Investment
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 5/4/2019

Overview / Comments

Leawood Square and Leawood Townhomes are adjacent multifamily opportunities in Kentucky’s state capitol city of Frankfort. The two separate properties are well located in high demand areas of the sub-market, and have undergone varying amounts of improvements with meaningful upside still available for a purchaser.

The total portfolio is comprised of 126 total units in two contiguous properties.
Leawood Square is a 78 unit, separately metered property with all new electric
furnaces and other significant upgrades. Leawood Townhomes is a 48 unit asset
with large, 2 bedroom townhomes, and is 1990’s construction with separately
metered utilities and a newer roof.

These assets are well located near quality retail, downtown Frankfort and the State Capitol Buildings. Both properties currently enjoy strong occupancy, but also have below market rental rates. This presents the opportunity for an investor to enjoy economies of scale in a stable sub-market.

Investment Highlights
-126 Total Units between two properties
-Significant upgrades including mechanicals, roofs, interiors
-Almost all units separately metered HVAC
-Priced at $3,950,000; well below replacement cost

Additional Details

Nearest MSA: Frankfort
County: Franklin
Zoning: R6

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 4,560 22,398 43,555
Median Age: 44.1 37.06 39.21
Households: 2,235 9,733 18,376
The information presented herein is provided as is, without warranty of any kind. Neither Kentucky Commercial Real Estate Alliance nor Catylist Real Estate Software, Inc. assume any liability for errors or omissions.