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Northfield Manor Apartments 1001 W 9th St 48 Unit Apartment Building $3,800,000 ($79,167/Unit) 6.77% Cap Rate Russellville, KY 42276
INVESTMENT HIGHLIGHTS
- All units have been updated with vinyl flooring, resurfaced counters and tubs, and fresh paint, reducing immediate capital expenditure needs.
- The property sits on 4.49 acres, offering potential for future enhancements or additional amenities.
- Water and gas are master metered for simplified utility management.
- On-site leasing office and laundry facilities add convenience for residents and support efficient management.
- Electricity is individually metered, allowing tenants to pay their own electric bills and reducing owner expenses.
- Strong value-add potential with room to increase rents and improve overall cash flow.
EXECUTIVE SUMMARY
Link to Deal Room and Financials: https://www.marcusmillichap.com/properties/196598/northfield-manor
Marcus & Millichap has been selected to exclusively market for sale Northfield Manor, located in Russellville, KY. This offering will allow a potential investor to purchase a rare value-add investment opportunity located in Russellville, KY.
Northfield Manor offers a strong value-add opportunity in Russellville, Kentucky. The property consists of one- and two-bedroom units on 4.49 acres, with recent interior upgrades including vinyl flooring, resurfaced counters, and fresh paint. Current rents are below market, providing immediate upside through adjustments. Utilities are structured with individually metered electricity and master-metered water and gas, creating an opportunity to implement a bill-back program to reduce expenses and increase NOI. With on-site amenities, solid construction, and proven operating history, Northfield Manor is well-positioned for long-term income growth.
Offers should be presented in the form of a non-binding Letter of Intent, spelling out the significant terms and conditions of the Purchaser’s offer including, but not limited to: 1) asset pricing, 2) due diligence and closing time frame, 3) earnest money deposit, 4) a description of the debt/equity structure, and 5) qualification to close. The purchase terms shall require all cash to be paid at closing.
At no point should tenants or staff be contacted regarding the sale of Northfield Manor.
Marcus & Millichap has been selected to exclusively market for sale Northfield Manor, located in Russellville, KY. This offering will allow a potential investor to purchase a rare value-add investment opportunity located in Russellville, KY.
Northfield Manor offers a strong value-add opportunity in Russellville, Kentucky. The property consists of one- and two-bedroom units on 4.49 acres, with recent interior upgrades including vinyl flooring, resurfaced counters, and fresh paint. Current rents are below market, providing immediate upside through adjustments. Utilities are structured with individually metered electricity and master-metered water and gas, creating an opportunity to implement a bill-back program to reduce expenses and increase NOI. With on-site amenities, solid construction, and proven operating history, Northfield Manor is well-positioned for long-term income growth.
Offers should be presented in the form of a non-binding Letter of Intent, spelling out the significant terms and conditions of the Purchaser’s offer including, but not limited to: 1) asset pricing, 2) due diligence and closing time frame, 3) earnest money deposit, 4) a description of the debt/equity structure, and 5) qualification to close. The purchase terms shall require all cash to be paid at closing.
At no point should tenants or staff be contacted regarding the sale of Northfield Manor.
PROPERTY FACTS
| Price | $3,800,000 | Building Class | B |
| Price Per Unit | $79,167 | Lot Size | 4.24 AC |
| Sale Type | Investment | Building Size | 40,640 SF |
| Cap Rate | 6.77% | No. Stories | 2 |
| No. Units | 48 | Year Built | 1972 |
| Property Type | Multifamily | Parking Ratio | 1.55/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Garden | ||
| Zoning | Commercial | ||
| Price | $3,800,000 |
| Price Per Unit | $79,167 |
| Sale Type | Investment |
| Cap Rate | 6.77% |
| No. Units | 48 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | B |
| Lot Size | 4.24 AC |
| Building Size | 40,640 SF |
| No. Stories | 2 |
| Year Built | 1972 |
| Parking Ratio | 1.55/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | Commercial |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Heating
- Kitchen
- Refrigerator
- Oven
- Tub/Shower
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 16 | - | 644 |
| 2+1 | 32 | - | 948 |
1 1
PROPERTY TAXES
| Parcel Number | 069-00-00-039-02 | Improvements Assessment | $1,750,000 |
| Land Assessment | $200,000 | Total Assessment | $1,950,000 |
PROPERTY TAXES
Parcel Number
069-00-00-039-02
Land Assessment
$200,000
Improvements Assessment
$1,750,000
Total Assessment
$1,950,000
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Northfield Manor Apartments | 1001 W 9th St
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